PM Modi highlights financial inclusion schemes in India

While taking cognizance of the rapidly-changing situation in India, Prime Minister Narendra Modi said that "a New India is taking shape" and also highlighted the financial inclusion schemes in India.

Addressing the event at Marina Bay convention center, he drew attention towards the sector-specific modernisation and productivity being introduced in the country.

Further while hailing the upcoming startup sector in the country, Prime Minister Modi said, " Indian startup is flourishing and is now the third largest in the world."

He added that there has been a sharp rise in the Foreign Direct Investment (FDI) in three years with a special emphasis on the micro, small, and medium sector enterprise.

Prime Minister Modi then called ruling Bhartiya Janata Party's Micro Units Development and Refinance Agency (MUDRA) scheme as his favorite which focuses on financial inclusion.

"128 million loans worth more than 90 billion US dollars have been extended, 74percent have gone to women, yes 74percent", Prime Minister Modi said.

While noting that financial Inclusion is growing at an unprecedented scale and speed Prime Minister Modi said, " In the course of past five years we have opened 316 million bank accounts for those who never had a bank account as 99percent of Indians have a bank account as he called it as a remarkable story of inclusion and empowerment."

Further, more than 12 billion dollars have been deposited in the bank accounts, he noted.

Focusing the financial benefits extended by the Union government, Prime Minister Modi said, "Government benefits worth more than 12 billion US dollars have been transferred directly to bank accounts and further been given access to affordable pensions and insurances."

Prime Minister Modi will now attend the Chief Executive conference at the center.