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A National Summit on “Financial Services – A key driver for economic growth

The need to make the financial sector inclusive in the Nation’s development story and give prominence to human resource development for the creation of a vibrant economy was the focus of Shri Narendra Modi’s address at the plenary session of the National Summit on “Financial Services – A key driver for economic growth” at GIFT city in Gandhinagar.

Addressing the august gathering, on the afternoon of 19th February, Shri Modi spoke of the fundamental role of financial institutions in driving the economy and highlighted how no industry can progress without the development of the financial sector. “We need to give importance to inclusive financial sector for growth,” said Shri Modi, while underscoring how this inclusion will contribute immensely to the growth and success story.

Shri Modi stressed on the need to involve ICT into taking the financial sector to great heights, and said that for this the focus should be on providing ICT security, offering real time service, creating next-generation ICT utility and ensuring high-end solutions. He said that development of financial institutions was not about development of real estate, but was about service-providing.

Shri Modi shared his idea of giving importance to human resource development, as much as infrastructure and technology, and thereby create a vibrant economy. “The importance we are giving to infrastructure and technology, we are giving the same importance to human resource development. We have to export both our labour and talent. Till we do not do that, we cannot compete,” said Shri Modi, while underscoring the need to focus on skill development and value-addition.

While speaking on job creation, Shri Modi emphasized on giving due prominence to human resource development. He said, “Job creation is a priority for us. Our development model is leaning towards low-end activities. We want to upgrade that into high-end activity,” while adding that the sooner we did this, the better we could position our country on the global platform.

Speaking on the tremendous potential of tourism, Shri Modi called for a paradigm shift to tap this potential, and called for the need to create required facilities and modern infrastructure. He put forth the idea of introducing a modern urban concept by creating new world-class cities with special characters, like knowledge city, finance city, sports city and medicity. “Let us create most modern urban infrastructure and let us create world-class cities. We also need to focus on skilled manpower,” said Shri Modi, while adding that the creation of world-class cities, with the most modern infrastructure, would propel the growth for the country.

In his trademark style of wit and humour, Shri Modi brought out the recent directive to levy service tax on his large rallies across the nation. Shri Modi said, “The nation has seen the true picture during the vote-on-account. The Finance Minister says he is working hard. But about what is he working hard…last evening I learnt that there will be service tax on my rallies. Now I have come to know what this hard work was all about! Even my speeches are contributing to the nation and I am happy to know this.”

On the occasion, Shri Modi also gave away allotment letters to the Managing Directors and CEOs of companies who have established their presence at GIFT city. Dignitaries to grace the occasion included Dr. Varesh Sinha, Chief Secretary, Government of Gujarat, Dr. Hasmukh Adhia, Additional Chief Secretary – Finance, Government of Gujarat and Shri Hari Sankaran, VC & MD, IL&FS.

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