Finance Minister Nirmala Sitharaman asks Industry leaders to explore ways to strengthen financial sector
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman today asked the industry leaders to explore ways to further strengthen their sector and help in the post-pandemic revival of economy.
Addressing a post-budget interaction with various industry leaders in Mumbai today, the Finance Minister expressed satisfaction about the resilience displayed by the financial markets even during pandemic times.
Smt. Sitharaman urged the market participants to strive for efficiency and transparency to help to channelize the resource for productive investment in the most effective manner.
During her opening remarks, the Finance minister asserted that the government wants a sustained recovery. She highlighted that the budget proposals on infrastructure building are an attempt to create the multiplier effect to help the economy. Stating that technology has helped the government make payments to the affected people during the pandemic, Smt Sitharaman said it is also looking at how digital solutions can be deployed in the education and the farming sectors.
She also said that banks will have to be a lot more customer-friendly not in terms of taking adverse risks, but in how they engage with and serve customers.
During the interaction, various ideas and suggestions related to investor awareness, KYC norms, mutual fund penetration, deepening of corporate bonds, commodity derivatives, and effectiveness of the market system were also discussed in detail.
