India’s banking sector among world’s best: PM Modi in Independence Day speech

In his address to the nation from the Red Fort on the occasion of the 78th Independence Day, Prime Minister Narendra Modi highlighted the transformative reforms in India's banking sector and stressed on the role of women-led development in the country’s growth.

"Because of the significant reforms in India's banking sector, today, India stands among the world's best nations in terms of a strong banking system," stated Prime Minister Modi. He underscored that a robust banking infrastructure not only strengthens the nation's economic foundation but also ensures the overall strength of the economy.

For decades, Indian citizens faced a “Mai-baap” system of governance, where people had to seek basic amenities and services, often through prolonged bureaucratic processes. However, the Prime Minister highlighted the shift in governance with the implementation of comprehensive reforms. "Today, due to reforms across the board, we see an India where every Indian is getting a bank account, every home is getting electricity and water connections, and gas cylinders are reaching every doorstep," PM Modi said.

The Prime Minister stressed that India's adoption of global best practices and digitisation initiatives has made banking and other government services more accessible to the citizens. "Their banking needs are at their fingertips," he said, adding that the government is committed to integrating the best practices in every field to propel India towards global leadership.

Stressing on women empowerment, PM Modi noted that the country is witnessing a surge in women-led development initiatives. "Today, there are over 10 crore women who are part of women self-help groups. Women are getting land and homes registered in their names, making them 'lakhpati didis'," he said, referring to women who have become financially independent through various government schemes such as Mudra loans.

These women are not only becoming self-sufficient but are also setting up businesses and startups, thereby contributing to the nation’s economic growth. "When we see over 10 crore women becoming self-sufficient and independent, when women from humble backgrounds break new ground to take the nation forward, it is a proud moment for every Indian," Modi emphasized.

The Prime Minister also highlighted the progress in various sectors, including the space industry, where hundreds of startups have emerged, and the modernization of infrastructure, which has significantly improved the ease of living for Indian citizens.

In conclusion, PM Modi reiterated that the path of reforms chosen by his government has become a blueprint for growth and not just a subject for debate. "The words 'Mera Bharat Mahan' are the soul behind every initiative, every effort," he said, urging citizens to continue working towards a prosperous and developed India by 2047.

Source: Republicbiz