In her first address to the 18th Lok Sabha members, the President of India, Smt. Droupadi Murmu, highlighted the transformative journey and achievements of the Banking, Financial Services, and Insurance (BFSI) sector over the past decade.
The President noted that the reforms initiated a decade ago have fortified India’s banking sector, making it one of the strongest globally.
“Ten years ago, to save India’s banking sector from collapsing, the Government brought banking reforms and made laws like IBC. Today, these reforms have made India’s banking sector one of the strongest banking sectors in the world.”
The public sector banks (PSBs) have shown remarkable resilience, with profits soaring to over ₹1.4 lakh crore in the financial year 2023-24, marking a 35% increase from the previous year. This profitability has empowered banks to expand their credit base, further fueling economic development.
Additionally, the continuous decrease in Non-Performing Assets (NPAs) has underscored the sector’s improved efficiency and stability.
The State Bank of India (SBI) has been a standout performer, achieving record profits. The Life Insurance Corporation (LIC) and Hindustan Aeronautics Limited (HAL) have also emerged stronger, contributing significantly to their respective domains. These successes reflect the effectiveness of the government’s reforms and their long-term benefits.
The implementation of the Goods and Services Tax (GST) has been an achievement in formalising India’s economy and simplifying business and trade processes.
“For the first time, in the month of April, GST collection has crossed Rupees 2 lakh crore. This has also strengthened the states economically,” the President added.
India’s digital revolution has garnered global attention, with the Digital India initiative and digital payments system becoming a model for other nations. This transformation has not only enhanced financial inclusion but also streamlined financial transactions, making them more accessible and efficient for all citizens.
