India needs to become economically self-reliant: PM Modi

Prime Minister Narendra Modi addresses during a ceremony marking 90 years of the Reserve Bank of India, in Mumbai, Monday, April 1, 2024.

Credit: PTI Photo

Mumbai: Prime Minister Narendra Modi on Monday said India needs to become economically self-reliant in the next 10 years so that the nation is not impacted much by global factors.

Speaking on the 90th anniversary of the Reserve Bank of India (RBI), the Prime Minister also said a lot of work will be generated for everyone once the BJP-led NDA assumes office for the third term in June.

"We have to increase India's economic self-reliance," he said.

Modi said the banking sector has become profitable and credit growth has been increasing because of efforts taken by his government and the RBI in the last decade.

He further said the gross NPAs of public sector banks, which was around 11.25 per cent in 2018, dropped to less than 3 per cent by September 2023.

The 'twin-balance sheet' problem is now a thing of the past, Modi said, adding that banks are now registering a credit growth of 15 per cent.

The RBI has played a significant role in all these accomplishments, the Prime Minister added.