Reforming Banking Sector

To Resolve MSMEs Issues, Government Should Reform Banking Sector Function

Sambit Patra, the BJP National Spokesperson, was in a live webinar called Governance Now, with Kailashnath Adhikari, Managing Director, during the Visionary Talk series held by the public policy and governance analysis platform. He affirmed that Indian banking sector requires more development and said that government needs to monitor the functioning of banking sector.

He assured that “As far as Indian banking system is concerned a lot is still to be done and rest assured work is under progress. The government is monitoring the nitty-gritties.”

Patra added that "the recent merger of public sector banks and the Insolvency and Bankruptcy Code (IBC) 2016 are some very important banking reforms and more reforms are being brought to the fore gradually."

The BJP leader, while explaining how the Atmanirbhar package of the prime minister is going to help the MSME sector, on which the pandemic has badly affected, stated that "the Atmanirbhar package is diligently dealing with MSME sector affected by the pandemic. Through the Governance Now webinar I would request all the participating audience that just be patient. We are moving in the right direction under the right leadership.”

The BJP leader said that there are a lot of manufacturing companies in the world, looking forward to moving out of China; they are coming to India where is the worlds’ chosen green pasture destination. “We now need to facilitate this welcome change. Particularly in the rural areas, the 20 lakh crore Atmanirbhar package will prove to be a big impetus for infrastructure in rural and semi urban areas and will in turn will bring in huge employment.”

Patra, who is also a general surgeon, acknowledged that India needs to increase its health budgets, as a respond to this question that how India can ensure better health facilities to its people.

"Like the developed world, allocation of a good chunk of GDP to health infrastructure on the ground level, only can improve health facilities in the country” he stated.

He hailed prime minister, Modis’s Ayushman Bharat Yojana and said that "the scheme has insured 50 crore people across the country with free health treatment of upto Rs 5lakh." He added that "the no. of medical seats and medical colleges, tertiary care centre’s like AIIMS and Jan Aushidi Kendras also have been increased. Some of the most essential medicines are being available at the village level through Jan Aushidi Kendras. Costs of heart and knee transplants have come down by 90% as compared earlier and prices of diabetes, cancer, hypertension and essential medicines have been drastically cut down."

According to Patra, if India’s harsh lockdown could have been implemented systematically, initially the 21 day cycle of pandemic have to be passed, and then preparing for the resources; because India is a resource dearth country. He added that “When the country which never manufactured a single ventilator started manufacturing ventilators and became self sufficient, when the country did not have a single Covid -19 testing laboratory, it is now doing 15 lakh tests daily, manufacturing 7-8 lakh N-95 masks per day and become self sufficient and manufacturing and even exporting PPE kits now when it did not have any earlier. All this was done during the lockdown. It was well thought out and pondered. The lockdown was not planned by a single man but team of 11-12 experts groups consisting of medical, resources, manufacturing and others were part of the lockdown and unlock strategy. For that reason, despite the population density, India has the lowest mortality rate across the world.’’



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