PM Modi to hold meeting with top bank and NBFC chiefs to discuss economic roadmap

Prime Minister Narendra Modi on Wednesday will discuss and deliberate the economic vision and roadmap for the future, in a brainstorming session with stakeholders from banks and non-banking financial companies (NBFCs).

The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, and prudential practices for stability and sustainability of the financial sector, the Prime Minister's Office said on Tuesday.

The session comes in view of banking sector's role in contributing to India's economic growth through financing infrastructure, agriculture, and local manufacturing, including Micro, Small and Medium Enterprises (MSMEs).

As per the PMO, financial inclusion can play a big role in financial empowerment through technology.

Senior officers from the government will also be a part of the interaction that will most likely be held through video conferencing in view of the novel coronavirus pandemic which has badly hit the country, due to the over 68-day nationwide lockdown.

On May 12, Modi announced a Rs 20 lakh crore economic package, equivalent to 10 per cent of India's gross domestic product or Gross Domestic Product (GDP) to boost the economy.

The Central government has also pushed several key reforms in the "factor markets", which roughly denote five economic determinants: land, labour, capital, technology and infrastructure.

The Prime Minister's meeting with banks and NBFCs assumes significance in efforts to boost the economy which was already tumbling before Covid-19 struck on January 30. The GDP grew just 4.71 per cent in the October-December 2019 period, the slowest pace in six years.

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