PM Modi stresses on need for green financing

New Delhi, Mar 08: Prime Minister Narendra Modi on Tuesday asked financial institutions to come up with innovative and futuristic financing and risk management ideas to fund the emerging needs of the economy, PTI reported.

Stating that implementation of green financing is the 'need of the hour' to meet the net-zero carbon emissions target by 2070, Mr Modi said financial help should be extended to environment-friendly projects.

"Our financing sector will have to look into new futuristic ideas, initiatives and think of innovative financing and sustainable risk management ideas," the PM said in a post-Budget webinar on 'Financing for growth and aspirational economy'.

He also stressed the need to identify 8-10 sectors in which India can be among the top-3 globally and asked the financial institutions to extend credit support.

Modi also nudged the bureaucrats to develop 'actionable solutions' to implement the 2022-23 Union Budget proposals.

He said the country is investing heavily in health infrastructure and asked banks to consider the possibility of prioritising credit to this sector.

Mr Modi also said that if banks extend funding on a priority basis to exporters, it will strengthen and help in the Atma Nirbhar Bharat programme.

(PTI)