India Inc needs to think big and bold and drive investments: Vivek Joshi, Finance Ministry
“What is needed now is to think big and be bold while ensuring that implementation remains timely and strong. It is not easy, but it can be done and India is now seeing this more often,” Joshi said at a conclave organized by the state bank. “I’m doing it,” he said. India on Wednesday.
Emphasizing the government’s focus on fostering capital expenditure and new investments in the economy, Joshi called on the three key players in capital expenditure and investment – private sector entrepreneurs, bankers and the government – to move in “one direction”. .
The SBI Chairman said, “The bank performed very well in FY23 as well as in the first half of FY24, strengthening its capital and other key ratios and ensuring it has scale to finance several large projects/capital investments and moves towards clean/green energy and mobility. “We are preparing for an ambitious transformation,” he said. Dinesh Kara said.
India’s GDP growth rose at a surprising 7.6 per cent in the July-September period compared to the Reserve Bank of India’s estimate of 6.5 per cent. But while strong growth has been driven by increases in government spending and manufacturing, private investment has been relatively subdued.
Joshi said microcredit needs to grow faster, emphasizing the key need for job creation. He also urged private sector banks to contribute more in implementing the government’s welfare schemes.
“Schemes like PMJDY, PMSGY, PMJJBY, PM Vishwakarma etc have contributed significantly. However, these schemes have been mainly undertaken by public sector banks. We certainly expect leadership and initiative from private banks in this direction too.” Amid rising cyber fraud and ‘deepfake’ incidents, Indian financial institutions, especially banks, need to raise the bar on cybersecurity and improve stress testing for cyber risks, Joshi said.
“Banks in Europe and Singapore have already started taking such steps in this direction and banks in India must also take appropriate steps,” he said, noting that repeated instances of cyber fraud could erode customer trust.
A senior Treasury official also said convention lenders have had to reassess their roles and collaborate with fintechs, but said there is room for further improvement in banking, financial products and differentiated banking requirements.
