Be nimble, agile, adaptive, it is a must for attaining 1 trillion dollar export target for 2030 : Nirmala Sitharaman

The Finance Minister reminded bankers of the need to adapt in line with fast changes in technology. “What we think is latest today will be outdated in a year or so, we have to thus acquire resources to constantly update ourselves.”

Such nimbleness and agility are especially important in India’s being able to achieve the ambitious export targets we have set for ourselves, she said. “We have given ourselves an export target of $ 2 trillion by 2030, $ 1 trillion in merchandise exports and $ 1 trillion in service exports. In an age of rapid change post the pandemic, there are going to be a lot of challenges in how we look at customers. These challenges cannot be addressed unless banks are going to be nimble, with sound understanding of various businesses and sectors. Hence, the banking industry needs specialists to understand the unique business requirements of diverse sectors and the many businesses who are rapidly relocating to India.”

The Finance Minister also  spoke of the benefits of the recently formed Account Aggregator Framework. “If the framework is put to good use, we would not need specialized credit outreach. Govt. together with RBI has been helping with protocols and frameworks, helping banks attain more through the digital systems in the industry.”

The Finance Minister also spoke of the high potential for banking outreach in the eastern region of the country. “The eastern region of this country has more than adequate CASA (Current Account Saving Account), but there are no takers for credit; you need to address this issue and see how you can lend in those regions, in states such as Bihar.”