PM Modi asks RBI to be ready for ‘a lot of work’ after Lok Sabha election 2024

The Reserve Bank of India will be inundated with a heavy work load soon after the new government takes oath ast the Centre after Lok Sabha elections 2024, Prime Minister Narendra Modi said on Monday. Addressing the 90th commemoration function of the Reserve Bank of India (RBI) in Mumbaiu, PM Modi instructed the institution to consider methods to assist newly emerging industries like space exploration, renewable energy, digital technology, and tourism.

“Abhi 100 din mai chunav mein busy hoon. Aap ke paas bharpoor samay hai. Aap soch ke rakhiye, kyonki shapath lene ke doosare din hee dhama dham kaam aane wala hai (For the next 100 days, I will be busy in election. There is a lot of time for all of you to plan because the day afte the oath-taking ceremony, there will be lot of work,” the Prime Minister said.

The Prime Minister added that strengthening India’s economic independence is necessary to protect the nation from unfavorable events occurring elsewhere in the world. “We have to make India’s economy self-sufficient in the next ten years. We must work to guarantee that the global crisis has far less of an impact on our economy,” he stated.

India has emerged as the world’s growth engine, accounting for 15% of the increase in GDP worldwide. “Under such circumstances, the focus should be on making the rupee more widely accepted and accessible worldwide,” he stated.

India is also aiming to make the rupee equivalent to the US dollar to ensure that it become global money. To quicken the speed of the rupee’s internationalisation, an Inter-Departmental Group (IDG) created by the RBI in 2023 suggested a number of actions, such as adding the currency to the Special Drawing Rights (SDR) basket and recalibrating the foreign portfolio investor (FPI) regime.

The RBI’s efforts to strengthen the banking industry and the country’s economy have been commended by the prime minister. “When I went to the RBI’s 80th birthday celebration in 2014, things were very different. India’s banking industry faced a variety of difficulties. Everyone was skeptical of the stability and future of the banking industry because of the increased non-performing assets (NPA) of banks,” he said.