Enterprise information: Prime Minister Narendra Modi on Monday (Might 20) stated that India’s banking sector web revenue crossed Rs 3 lakh crore for the primary time ever in FY 2024, and termed it a “outstanding turnaround within the final 10 years”. The PM stated that the advance within the well being of the banks will enhance the supply of credit score to the poor. His remarks got here on a Instances of India report which stated that the banking sector’s web revenue crossed Rs 3 lakh crore in FY24 for the primary time. It additionally reported that the online revenue of listed private and non-private sector banks rose 39 per cent to Rs 3.1 lakh crore from Rs 2.2 lakh crore in FY23.
What did PM Modi say?
The Prime Minister cited the UPA regime from 2004 to 2014 and stated that the banks had been reeling below “losses and excessive NPAs” (non-performing property) because of the insurance policies of the then Congress-led authorities.
“In a outstanding turnaround within the final 10 years, India’s banking sector web revenue crosses Rs 3 lakh crore for the primary time ever. After we got here to energy, our banks had been reeling with losses and excessive NPAs because of the phone-banking coverage of UPA. The doorways of the banks had been closed for the poor. This enchancment within the well being of banks will assist enhance credit score availability to our poor, farmers and MSMEs,” PM Modi posted on X.
UN raises India’s progress fee in 2024 to just about 7 per cent
The United Nations has revised India’s upwards progress projections for 2024 and predicted that the nation’s economic system will now broaden by almost seven per cent this 12 months, “primarily pushed by sturdy public funding and resilient personal consumption”. The information was out on Might 16 within the World Financial State of affairs and Prospects as of mid-2024.
“India’s economic system is forecast to broaden by 6.9 per cent in 2024 and 6.6 per cent in 2025, primarily pushed by sturdy public funding and resilient personal consumption. Though subdued exterior demand will proceed to weigh on merchandise export progress, prescription drugs and chemical substances exports are anticipated to broaden strongly,” it stated.
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