Press Information Bureau

Union Home Minister and Minister of Cooperation, Shri Amit Shah, addressed the Financial Express’s India’s Best Banks Award ceremony in Mumbai as the chief guest. The event was attended by several dignitaries, including Chief Minister of Maharashtra Shri Devendra Fadnavis and Deputy Chief Minister Shri Eknath Shinde.

In his address, Union Home Minister and Minister of Cooperation Shri Amit Shah said that the work done by the Express Group, from Shri Ramnath Goenka to Shri Vivek Goenka, in maintaining the integrity of the country’s public life should be acknowledged by the entire nation.

Union Home Minister Shri Amit Shah said that Prime Minister Shri Narendra Modi has set a goal for India, especially its youth, to become a fully developed nation by 2047 and to lead in every field globally. This goal has become the resolve of every citizen, particularly the youth. Shri Shah added that Prime Minister Modi’s vision will be achieved before 2047 because we have full faith in the country’s young generation.

Shri Amit Shah remarked that amidst various global crises, the emergence of the Indian economy as a bright spot is a matter of great pride for all of us. He said that India has established political stability, credible leadership, robust economic performance, and a strong foundation of democracy. Leveraging long-term policies based on these four pillars, our economy has delivered remarkable performance over the past 11 years. Shri Shah emphasized that these four pillars are India’s true strength.

Union Home Minister and Minister of Cooperation said that while many developed countries are progressing at a growth rate of 1 to 2 percent, India has sustained a growth rate of 7 to 8 percent. India has also maintained a 14 percent growth rate in the Foreign Direct Investment (FDI). He also said that India is the only country that has sustained its growth story through 100% implementation of structural reforms, process reforms, digital governance, and welfare schemes. Shri Shah added that global economic analysts have been compelled to acknowledge India’s growth story. He said that today, there is unwavering investor confidence in India’s economy, energy among consumers, and a clear reflection of inclusive development. Shri Shah emphasized that this atmosphere of trust and confidence is visible in every corner of the country today.

Shri Amit Shah said that in 2014, the condition of our country’s banking sector was poor. Between 2008 and 2014, loans worth a total of ₹52 lakh crore were disbursed, which led to a major problem of bad loans. He said that India’s banking sector was plagued by negligence in record-keeping, lack of transparency, and corruption. Shri Shah stated that in 2014, Prime Minister Shri Narendra Modi initiated reforms in the banking sector. He further said that the foundation of our Constitution is financial inclusion, but there were 60 crore people in the country whose families did not have even a single bank account. In the last 10 years, the Modi government has opened 53 crore bank accounts, thereby connecting even the poorest individuals to the banking system.

Union Home Minister and Minister of Cooperation said that in 1999, the country’s Gross Non-Performing Assets (NPA) stood at 16 per cent. In 2004, during Atal Ji’s government, it came down to 7.8 per cent, but in the following ten years under the opposition’s rule, it rose to 19 per cent. He said that during Prime Minister Modi’s 10 years of governance, bad loans have reduced from 19 per cent to 2.5 per cent. This is an example of how transparent governance brings about change. Shri Shah said that we formulated a 4-R policy for the banking sector – Recognize, Recover, Recapitalize, and Reforms – and based on this, the country’s economy underwent a major transformation. He further mentioned that through Mission Indradhanush, our government infused nearly ₹3.10 lakh crore of capital into banks. Shri Shah said that in just the last 10 years, the Modi government has carried out 86 major reforms in the banking sector alone.

Union Home Minister said that Prime Minister Modi, through Make in India, has brought about policy changes and succeeded in making India a global hub of manufacturing. Our exports are increasing, and under Make in India 2.0, we are focusing on emerging sectors. He also said that through PLI incentives, industrial corridors, logistics parks, and Startup India, we are moving forward. These emerging sectors will strengthen India’s growth story in the coming days. Shri Shah said that it is not only the banking sector, but the Modi government has carried out several reforms across every sector. He added that in the previous government there was policy paralysis, but we have changed that and transformed India into a policy-driven state.

Later, in an interview with Financial Express, Union Home Minister and Minister of Cooperation Shri Amit Shah said that the opposition claims GST was their initiative, but then why was it never implemented? He said that GST was implemented only when Prime Minister Modi gave state governments the assurance of 14 per cent growth. He further stated that after GST collections crossed ₹2 lakh crore, the government decided that people should be given relief through GST. He added that since Independence, no one has carried out such a major tax reduction as Prime Minister Modi has.

Shri Amit Shah said that in the National Education Policy 2020, the Modi government not only integrated skill development into the study of science and engineering but also created space for skilling in every field of study. He said that India has no shortage of talent or hardworking people. He further added that to bridge the skill gap, the Government of India has introduced very effective policies. He said that soon, in the fields of skilling, research, and innovation, India will secure its place on the global stage.

****

RK/VV/PS/PR