Addressing the joint sitting of Parliament, she said “Today, these reforms have made India’s banking sector one of the strongest banking sectors in the world.”
Photo: ANI
President Draupadi Murmu on Thursday highlighted the achievements of the banking sector and said 10 years ago, to save India’s banking sector from collapsing, the government brought banking reforms and made laws like IBC.
Addressing the joint sitting of Parliament, she said “Today, these reforms have made India’s banking sector one of the strongest banking sectors in the world.”
Country’s public sector banks are robust and profitable today, she stressed.
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”Profits of public sector banks have crossed Rs 1.4 lakh crore in 2023-24 which is 35 per cent higher than last year. The strength of our banks enables them to expand their credit base and contribute to the economic development of the nation,” President Murmu added.
In her first Presidential address since the formation of the third National Democratic Alliance (NDA) government, she further highlighted that the NPAs of Public Sector banks were also continuously decreasing.
Highlighting the PSUs performances, she said today, SBI is earning record profits, LIC is stronger than ever, and HAL is also giving strength to the country’s defence industry.
Further, talking on GST, she said the tax system has become a medium to formalise India’s economy and was helping make business and trade easier than before.
“For the first time, in the month of April, GST collection has crossed Rs 2 lakh crore. This has also strengthened the states economically,” she said.
She also highlighted that today, the entire world is excited about Digital India and Digital Payments.
The President further said that India has become the fastest growing major economy in the world and has gone from the 11th spot in 2014 to the 5th in terms of the size of economy.
She said the government was now focused on its goal of making India the third-largest economy.
“The government is giving equal priority to all three arms: manufacturing, services and agriculture. India is becoming Atmanirbhar in every field at a rapid pace.”
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