Amidst global uncertainty, India's resilience is remarkable: Finance Minister

New Delhi [India], September 26 (ANI): Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, emphasized that India is well-positioned to withstand global economic shifts. "Amidst global uncertainty, India's resilience is remarkable. With strong macroeconomic fundamentals, a young demographic profile, and increased reliance on domestic demand, India is well-positioned to withstand global shocks and maintain a high-growth trajectory," the Finance Minister said.

She stressed that in today's globally uncertain environment, the role of banks becomes even more significant; not just as custodians of savings, but as engines of growth, enabling businesses and entrepreneurs to navigate volatility, seize opportunities, and drive innovation.

Addressing the 91st Foundation Day celebration of Bank of Maharashtra in Pune, she stated that customer trust is the cornerstone of banking. "Every customer complaint should be seen as an opportunity to improve, innovate, and reinforce trust. Banks must ensure that the same complaint does not arise again," she noted.

Delivering the keynote address as Chief Guest, Sitharaman highlighted the vital role of public sector banks in the country's economic development. "Financial institutions are central to infrastructure development and economic growth. Strong balance sheets are essential to support investments in infrastructure, industry, and innovation," she stated.

Post-COVID, India rebounded robustly, recording an average annual growth rate of approximately 8 per cent between 2021-22 and 2024-25, making it the fastest-growing major economy in the world. The momentum continues, with GDP expanding by 7.8 per cent in the April-June quarter.

"This resilience is no accident," she said. "It is the result of proactive fiscal and monetary policies, bold structural reforms, massive physical and digital infrastructure creation, improved governance, and enhanced competitiveness over the past decade. All of this stems from the Government of India's 'Nagrik Devo Bhava' approach, which is guiding the country towards the vision of Viksit Bharat 2047," the FM said.

She also cited the success of UPI (Unified Payments Interface) as a global model of interoperability. "A recent IMF note praised UPI's interoperable design. But while digitalisation is transformative, it is not sufficient on its own. Integrity, empathy, and human judgment remain irreplaceable," she added.

As of March 31, 1.21 crore Jan Dhan accounts have been opened, over 55 lakh enrolments under PM Jeevan Jyoti Bima Yojana, 1.16 crore enrolments under PM Suraksha Bima Yojana, 17.7 lakh subscribers of Atal Pension Yojana, nearly Rs. 33,000 crore disbursed to 46 lakh accounts under PM MUDRA Yojana, over Rs. 1,200 crore disbursed to 5,300 accounts under Stand-Up India, credit support extended to 1.67 lakh street vendors under PM SVANidhi, this is truly appreciable, she said.

Also present at the event were M. Nagaraju, Secretary, Department of Financial Services, and Nidhu Saxena, Managing Director & Chief Executive Officer of Bank of Maharashtra.

Nidhu Saxena delivered the welcome address, sharing insights into the bank's journey and its future vision. On this occasion, the bank also virtually inaugurated its new Corporate Office.

M. Nagaraju also addressed the gathering, sharing valuable insights. He highlighted that Public Sector Banks (PSBs) posted a combined profit of Rs. 1.78 lakh crore in the last financial year. He noted that PSBs are now surpassing private banks in terms of credit disbursement, a highly encouraging trend for the sector.

He emphasized that PSBs must continue to evolve into more customer-centric institutions, aiming to deliver a world-class banking experience, while also expanding credit flow to key sectors such as MSMEs, education, and agriculture. (ANI)

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