Something big coming in? PM Modi to RBI, "After swearing-in, lot of work coming your way"

Mumbai, April 2: Prime Minister Narendra Modi told the Reserve Bank of India to think of ways to support new sectors such as space, green energy, digital technology and tourism in the coming days, because a lot of work will come its way once the new government takes oath.

“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 (I am busy in elections for the next 100 days. You have enough time in your hands to think. After taking oath, a lot of work will come your way,” PM Modi said addressing the 90th commemoration function of the Reserve Bank of India (RBI) on Monday.

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Asking the bankers and regulators to be ready for the needs of new and traditional sectors like space and tourism, PM Modi said economic growth should be the Reserve Bank of India’s top priority over the next decade as he praised its management of the economy and the transformation of the banking system over the years.

Further, he credited the work done by the government for financial inclusion and digital payments which has created transparency in the financial capacity of small businesses and street vendors. “This information must be used to financially empower them”, PM Modi stressed.

PM Modi also stressed increasing the economic self-reliance of India in the next 10 years so that the impact of global issues is mitigated. “Today, India is becoming the engine of global growth with 15 percent share in global GDP growth”, Modi remarked

PM Modi is seeking a third consecutive term in office in elections due to kick off in three weeks time, with the economy’s performance helping to bolster his support among voters. Growth of almost 8% in the fiscal year that ended in March makes India the fastest-expanding major economy in the world.

The RBI has kept interest rates unchanged for six consecutive policy meetings as it tries to bring inflation down to the 4% target. Many economists predict a rate cut in the second half of the year.