Startups must get financial sector's help: PM Modi

New Delhi, March 8

Prime Minister Narendra Modi said on Tuesday that the economy was once again picking up momentum after once-in-a-century pandemic and this was the reflection of the government’s economic decisions and economy’s strong foundation.

“The finance sector will have to consider innovative financing and sustainable risk management of new futuristic ideas and initiatives,” he noted.

The PM talked at length about finding sectors where India can figure in top three countries. He asked whether India could emerge among top three countries in construction, startups, and recently opened sectors such as drones, space and geo-spatial data.

For this, he said, it was imperative that the industry and startups got the support of the financial sector. “The expansion of entrepreneurship, innovation and search for new markets among the startups will happen only when there is deep understanding of these ideas of future among those who finance them,” he said.

“By encouraging foreign capital flows, reducing tax on infrastructure investment, creating institutions like NIIF, Gift City, new DFIs, we have tried to accelerate financial and economic growth,” he said at a post-Budget webinar on “Financing for growth and aspirational economy” here.

“The country’s commitment to the widespread use of digital technology in finance is now reaching the next level. Be it 75 digital banking units or Central Bank Digital Currency in 75 districts, they reflect our vision,” he added. —