New Delhi: Prime Minister Narendra Modi today asked financial institutions to come up with innovative and futuristic financing and risk management ideas to fund the economy's emerging needs. Modi stated that green financing is the "need of the hour" in order to meet the target of net-zero carbon emissions by 2070. He also stated that financial assistance should be extended to environmentally friendly projects.
"Our financing sector will have to look into new futuristic ideas, initiatives, and think of innovative financing and sustainable risk management ideas," Modi said during a post-Budget webinar on "Financing for Growth and Aspirational Economy."
The PM also emphasised the importance of identifying 8-10 sectors in which India can rank among the top three globally, and he asked financial institutions to provide credit support. Modi also urged bureaucrats to come up with "actionable solutions" to implement the Union Budget proposals for 2022-23.
He stated that the country is heavily investing in health infrastructure and requested that banks investigate the possibility of prioritising credit to this sector. The Prime Minster also stated that if banks provide priority funding to exporters, it will strengthen them and aid the Atmanirbhar Bharat programme.
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