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Innovative financial products for farmers, small entrepreneurs and SHGs neded: Modi

New Delhi: Prime Minister Narendra Modi on Friday asked the financial sector to create innovative products for farmers, the fishing community, street vendors and Self Help Groups.

He said Aatmanirbhar Bharat will not be made only by big industry and big cities. Aatmnirbhar Bharat will be created in the villages by the hard work of small entrepreneurs and common people.

He said the capability of Self Help Groups from services to manufacturing and their financial discipline make them an ideal channel for investment in the rural infrastructure.

“It is not just a welfare issue but is a great business model,” said the Prime Minister, addressing a webinar on Budget and the financial sector.

Mr Modi also called for increased credit flow to businesses.

He said the government understands the uncertainties of business and recognises that every business decision is not underlined by bad intentions.

In such a scenario, it is the responsibility of the government to stand by business decisions taken with clear conscience.

“We are doing this and will continue to do so,” Mr Modi said, adding that mechanisms like insolvency and bankruptcy code, are assuring the lenders and borrowers.

The Prime Minister said as India’s economy gets bigger it is equally important for credit flow to start growing rapidly.

He lauded the excellent work of fintech startups in creating new and better financial products for new startups and their exploration of every possibility in this sector.

He added the fintechs have a very high participation in the startup deals that have taken place in the Corona era as well.

He cited experts that this year there would be a great momentum for the financial sector in India.

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