FM Nirmala Sitharaman Praises India's Economic Resilience
Finance and Corporate Affairs Minister Nirmala Sitharaman highlighted India's strong capacity to weather international economic changes."Amidst global uncertainty, India's resilience is remarkable. With strong macroeconomic fundamentals, a young demographic profile, and increased reliance on domestic demand, India is well-positioned to withstand global shocks and maintain a high-growth trajectory," the Finance Minister says.
She underscored that amid current global uncertainties, banks play an increasingly crucial role - serving not merely as guardians of deposits, but as catalysts for economic expansion, empowering businesses and entrepreneurs to manage instability, capitalize on prospects, and foster innovation.
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Speaking at the 91st Foundation Day event of Bank of Maharashtra held in Pune, she declared that customer confidence forms the foundation of the banking sector. "Every customer complaint should be seen as an opportunity to improve, innovate, and reinforce trust. Banks must ensure that the same complaint does not arise again," she noted.
Delivering the keynote address as Chief Guest, Sitharaman highlighted the vital role of public sector banks in the country's economic development. "Financial institutions are central to infrastructure development and economic growth. Strong balance sheets are essential to support investments in infrastructure, industry, and innovation," she states.
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Following the COVID-19 pandemic, India experienced a strong recovery, achieving an average yearly growth rate of around 8 percent from 2021-22 through 2024-25, establishing itself as the world's fastest-expanding major economy. This positive trend persists, with the GDP growing by 7.8 percent during the April-June period.
By March 31, 1.21 crore Jan Dhan accounts were established, more than 55 lakh people enrolled in PM Jeevan Jyoti Bima Yojana, 1.16 crore individuals registered under PM Suraksha Bima Yojana, 17.7 lakh people subscribed to Atal Pension Yojana, nearly Rs. 33,000 crore distributed to 46 lakh accounts through PM MUDRA Yojana, over Rs. 1,200 crore provided to more than 5,300 accounts via Stand-Up India, and credit assistance given to 1.67 lakh street vendors through PM SVANidhi, which is genuinely commendable, she stated.
The event was also attended by M. Nagaraju, Secretary of the Department of Financial Services, and Nidhu Saxena, Managing Director and Chief Executive Officer of Bank of Maharashtra.
Nidhu Saxena presented the welcome speech, offering perspectives on the bank's progress and its upcoming objectives. During this event, the bank also conducted a virtual opening ceremony for its new Corporate Office.
M. Nagaraju spoke to the audience as well, offering important perspectives. He pointed out that Public Sector Banks (PSBs) achieved a total profit of Rs. 1.78 lakh crore during the previous financial year. He observed that PSBs are now outperforming private banks in credit distribution, which represents a very positive development for the industry.
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He stressed that PSBs need to keep transforming into institutions that prioritize customers more effectively, working to provide exceptional banking services while simultaneously increasing lending to critical areas including MSMEs, education, and agriculture.