India Resilient Amid Global Challenges, says FM Sitharaman

Finance Minister Nirmala Sitharaman, stated that India's indomitable Willpower is noticeable on the world stage, even as the planet charting their respective uncertain courses, rooted in sound macroeconomic fundamentals.

While delivering the 91st Foundation Day address of the Bank of Maharashtra, Sitharaman reflected on the volatility of the global environment over the last year, contagious impacts being felt in all the economies. However, she stated that the core strength of the Indian economy continues to come from its sound fundamentals, energetic demographic profile, and a strategy that is focused on domestic demand.

Commenting on the April–June quarter performance, the Finance Minister said that the economic growth of the country went up to 7.8 percent, which is a clear indication of the resilience that the country holds. "This is no chance of occurrence as well," she expressed, linking the positive momentum to fiscal and monetary measures that are preemptive, structural reforms that are bold, large-scale infrastructure creation.

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Department of Financial Services Secretary M. Nagaraju exhorted public sector banks to not only look for opportunities to lend but also be concerned about the MSME sector. He highlighted the importance of increased MSME lending and suggested that education loans be given priority, thus banks should make it a point that students get the necessary financial support to continue their education without doubting access to loans.

Nagaraju is also quoted to have said that the banks should increase their loans in the areas of agriculture and allied sectors, while also being cautious about the quality of loans.