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The Prime Minister Shri Narendra Modi addressed the Karyakar Suvarna Mahotsav in Ahmedabad via video conferencing today. Addressing the gathering, he welcomed the Param Pujya Guru Hari Mahant Swami Maharaj, revered saints and members of the Satsangi family and other dignitaries and delegates. Shri Modi bowed to the feet of Lord Swami Narayan on the occasion of the Karyakar Suvarna Mahotsav and remarked that today was also the 103rd birth anniversary of Pramukh Swami Maharaj. He added that the teachings of Lord Swami Narayan, the resolutions of Pramukh Swami Maharaj are bearing the fruit today with the hard work and dedication of Param Pujya Guru Hari Mahant Swami Maharaj. Shri Modi was pleased to witness such a mammoth programme including around one lakh workers along with cultural programmes by youth and children and added that though he is not present physically at the venue, he could feel the energy of this event. He congratulated the Param Pujya Guru Hari Mahant Swami Maharaj, all the saints for the grand divine function.

Emphasising that Karyakar Suvarna Mahotsav was an important milestone in the journey of 50 years of service, Shri Modi remarked that 50 years ago, the process of registering volunteers and connecting them to service work began which he said was a novel initiative. The Prime Minister said it was pleasing to see that lakhs of BAPS workers were engaged in service with utmost devotion and dedication. Lauding it as a huge achievement for the organization, Shri Modi congratulated and extended his best wishes to BAPS.

“Karyakar Suvarna Mahotsav is a celebration of the humanitarian teachings of Bhagwan Swami Narayan”, said Shri Modi. He added that it is the glory of those decades of service, which changed the lives of millions of people. Expressing happiness over his good fortune to have witnessed the service campaigns of BAPS at close quarters, Shri Modi said that he has had the opportunity to join them on multiple times like after the devastation caused by the earthquake in Bhuj, the reconstruction of Naranarayan Nagar village, the floods in Kerala, the pain of landslides in Uttarakhand and even during the recent disaster of a global pandemic Corona. Lauding the Karyakars for standing besides people as a family and serving everyone with compassion, Shri Modi said that everyone had witnessed how the BAPS temples were transformed into service centres during the Covid period. The Prime Minister also narrated how the BAPS workers helped the Government and people who were evacuated from Ukraine to Poland when the hostilities of war increased in Ukraine. He lauded them for their swift organization of bringing together thousands of BAPS workers from all over Europe overnight and helping the large number of Indians who were reaching Poland. Highlighting this power of organization of BAPS, Shri Modi said their contribution in the interest of humanity at the global level was commendable.Expressing his gratitude to all the BAPS workers on the occasion of Karyakar Suvarna Mahotsav, the Prime Minister remarked that today BAPS workers were bringing about a change in the lives of crores of people through their tireless service across the world. He added that they were touching crores of souls with their service and empowering every single person of the society be it at the remotest places. Shri Modi expressed that they were an inspiration and were worthy of worship and respect.

Highlighting that the work of BAPS was strengthening India's potential and influence in the world, Shri Modi said that there were 1800 temples of Lord Swami Narayan across 28 countries of the world and more than 21 thousand spiritual centers across the world. He added that they were undertaking multiple projects of services across all the centers and this bore a witness to the world as India’s spiritual heritage and identity. Adding that the BAPS temples were the cultural reflection of India, Shri Modi remarked that they were the centers of the world's oldest living culture. Shri Modi said that he was fortunate to participate in the consecration ceremony of Lord Swami Narayan temple in Abu Dhabi, a few months ago and it was discussed world wide. He added that the entire world witnessed India's spiritual heritage and cultural diversity. Shri Modi remarked that it was through such efforts the world came to know about India's cultural glory and human generosity and he congratulated all the BAPS workers for their efforts.

The Prime Minister remarked that it was the result of the penance of Lord Swami Narayan which had helped in fulfilling the resolutions of the workers with ease. He added that Lord Swami Narayan cared for every living being, every suffering person and dedicated every moment of his life to human welfare. He further said that the values established by Lord Swami Narayan were being spread across the world by BAPS. Shri Modi recited a few lines of a poem to express the work of BAPS.

Acknowledging that it was his good fortune to be associated with BAPS and Bhagwan Swami Narayan since his childhood, Shri Modi said that the love and affection he received from Pramukh Swami Maharaj was the capital of his life. He added that there were many personal incidents with Pramukh Swamiji which has become an integral part of his life. Shri Modi said that Pramukh Swamiji guided him every moment through his journey before becoming the Chief Minister of Gujarat and later the Prime Minister of India. Shri Modi recollected the historic occasion when Param Pujya Pramukh Swami Ji himself came down when the water of Narmada came to Sabarmati. He also recollected the unforgettable moments of organisation of Swaminarayan Mahamantra Mahotsav and Swami Narayan Mantra Lekhan Mahotsav under the guidance of Swami Ji. He added that the Spiritual affection of Swamiji towards him gave him the warm feeling of a son. Shri Modi said that he always got the blessings of Pramukh Swami Maharaj in the works of public welfare.

Reciting the Sanskrit saying, ‘Seva Param Dharma’, meaning service is considered as the greatest religion, the Prime Minister remarked that these were not just words, but our life values and Service was placed much higher than devotion, faith and worship. Noting that public service was equal to Service to God, Shri Modi said that Service is that in which there is no sense of self and it gives direction to one’s spiritual journey and strengthens it over time. He added that when this service was done in an organized form with lakhs of workers as an institution, then amazing results were achieved. He noted that such kind of institutional service had the potential to solve the major problems and eradicate many evils of the society and the country. He added that when lakhs of workers were connected with a common purpose, it would transform as a great strength of the country and society. Shri Modi remarked that today when the country is moving ahead with the goal of a developed India, then naturally the people are coming together and the spirit of doing something big is being seen in every field. Citing the examples of Swachh Bharat Mission, natural farming, awareness about the environment, education of daughters, the issue of tribal welfare, Shri Modi was pleased that the people of the country were coming forward and leading the journey of nation building. He urged all the Karyakars to take up a resolution and work with dedication. He urged them to work across a plethora of options like natural farming, spreading the feeling of unity in diversity, fight against drug abuse to protect the youth, reviving the rivers, or sustainable lifestyle to save the future of the earth. Shri Modi urged the Karyakars to prove the authenticity and impact of the vision of Mission LiFE that India had given to the whole world. He added they could also actively promote the campaigns like Ek Ped Maa Ke Naam, Fit India, Vocal for Local, Millets that accelerate India's development.

Shri Modi said the youth of India will give their ideas and prepare the outline of their contribution to fulfill the resolve of developed India during the 'Viksit Bharat Young Leaders Dialogue' to be organised in January 2025. He urged all the young Karyakars to participate in it.

Highlighting that the Revered Pramukh Swami Maharaj had a special emphasis on the family culture of India, the Prime Minister underlined that he strengthened the concept of joint family in the society through 'Ghar Sabha'. Shri Modi urged the Karyakars to take these campaigns forward. Adding that today India was working towards the goal of development by 2047, he said that the journey of the country for the next 25 years was as important for India as it is for every BAPS worker. Concluding the speech, Shri Modi expressed confidence that with the blessings of Lord Swami Narayan, this service campaign of BAPS workers would continue to move forward at this uninterrupted pace.

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Why India’s Public Sector Banks Are Thriving Like Never Before - Inside the Modi Era Banking Success Story
December 18, 2024

A competitive advantage that sets the Modi era apart from its predecessors has not only been sustaining successful policies but also amplifying and expanding upon them for the national good at the right time.

Such an approach has driven Indian banks to enhance their performance—whether spurred by pressure or competition to sustain public trust.

The MODI ERA-BANKING PERFORMANCE- ON A UPSWING

The Modi era is defined by strong cohesiveness and clarity in governance, fostering upward pressure on banks to perform better in their areas of public accountability.

• The Centre introduced a comprehensive 4Rs strategy—comprising transparent recognition of non-performing assets (NPAs), resolution and recovery measures, recapitalisation of public sector banks (PSBs), and financial system reforms—to address the challenges (PSBs)face.

• An Asset Quality Review, which was completed in 2015 enabled the start of the Swacch Balance Sheet Abhiyaan of Banking Sector.

• The PM in a strong message to the nation and the banking sector mentioned the following:
o “ना खाऊंगा ना खाने दूंगा” (August 12, 2014)
o “It is important to report NPA for even a day rather than sweeping it under the carpet or fudging entries to escape” (Feb 26, 2021)

• The rules have been rewritten for the better. Such advancements were made to ensure better service deliveries and inclusive growth.

• Better monitoring of doubtful accounts, better recovery, and reduced non-performing assets followed consequently.

• Gross NPAs of PSBs 

As banking accountability soared to new heights, a conducive environment for manufacturing and investment was set in place, as they thrived, further it set off an off-an cycle of immense opportunities for banks to capitalise on the investment and manufacturing growth. In consequence,

• India’s growth is no longer episodic (a phenomenon during pre-2014) discounting COVID-19 years.

• Structural reforms spearheaded by the Centre have ensured stability and resilience despite global disruptions like geopolitical wars and recession.

• Overall, the capital adequacy ratio of PSBs improved significantly to 15.43% in September 2024, compared to 11.45% in March 2015, as shown below.

• Indian banks remained well insulated from the fallout of global banking contagion.

• Instead, due to the vibrant domestic market, the public sector bank branches rose from 1.17 lakhs in March 2014 to 1.60 lakhs in September 2024 as shown in the picture below.

• The profitability of PSBs rose from Rs. 36, 270 crore in FY 14 to 1.41 lakh crore in 2023-24 as shown below

• Public trust in the PSBs has strengthened during the Modi era, re-enforcing improved liquidity and financial health of PSBs. The gross advances and deposits of PSBs jumped by 87% and 64% respectively for the decade ending March 2024 as shown below.

On December 9th, 2024, RBI released its Handbook of Statistics on Indian States (2023-24) which shares insights into the performance metrics of banks. It includes the shaping of credit demand in India and the strengthening of bank fundamentals.

PRIORITISED LENDING DISCARDS RIGIDITY, IS INCLUSIVE & PROMISING

The structural reforms undertaken during the Modi era led to a revamp of prioritised lending, shifting focus towards the long-overlooked rural economy. A new approach to priority lending, which had been historically capped at 40% to align banks' actions with national interests, generated more attention and interest from bankers.

Before 2014, the targeted sectors for priortised lending were restricted to only agriculture, small-scale enterprises, and export credit. Due to mismanagement and a lack of accountability, most lending targets remained only on paper with banks riddled with NPAs and poor risk management practices.

After 2014, the lending targets were made more flexible. Some banks were allowed to handle additional appetite for prioritised lending, and permitted to lend finances for other segments such as MSMEs, housing, education, etc.

• The banking ecosystem was nursed and nurtured back from the ills that pulled it back during pre-2014 times. It was supplemented with new schemes that boosted financial inclusion.

• Assessing the market uptick, banks too prioritised personal loans over corporate lending to mitigate risks associated with large NPAs. Smaller, diversified loans reduced volatility and enhanced the financial sector's stability. Digital platforms aided lending with faster approvals and flexible terms, fueling demand.

• The All India rising credit-deposit (CD) ratio of Regional Rural Banks (RRBs) during this phase reflects active utilisation of deposits for lending, reflecting vibrant economic conditions.

• High ratios signal vibrant lending and rural development, while low ratios hint at financial hurdles, directly impacting agriculture, infrastructure, and living standards in RRB-driven regions.

• The southern states have excelled in this area benefitting the most from banking reforms, reflecting a quick movement up the learning curve.

The Centre’s proactiveness has propelled India's development narrative, with more depth. The above trends confirm that the last decade witnessed sustained credit flow to priority sectors, be it agriculture, MSMEs, education, or housing that were crucial for regional economic growth. Southern states have effectively leveraged reforms in priority sector lending, embracing it both in policy and practice.

The Centre has ushered a real change by incentivising banks to innovate and prioritise people-centric policies. In such a manner, the spirit of competitiveness and cooperation has helped banking goals be aligned with national objectives, ensuring benefits reach citizens directly.

Based on the above factors, the national leadership has seen a majestic rise in support base across India in the last three terms, which contrasts with that of the Opposition which has seen a significant dip in its vote bank(indicative of erosion of public trust).