The Prime Minister, Narendra Modi, today launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi. The function was witnessed at over 3000 locations across the country, which were connected to the main event in Delhi.Speaking on the occasion, the Prime Minister said that through the India Post Payments Bank, banking services will conveniently reach the remotest places in the country, and the people living there.He recalled that the Union Government had earlier rolled out the Jan Dhan Yojana to establish financial inclusion. He said that today’s launch of IPPB is one more step to achieve this objective. He said IPPB branches have opened across 650 districts today.The Prime Minister said that the postman has long been a respected and accepted person in the villages. He said the trust on the postman remains, despite the advent of modern technology. He said that the Government’s approach is to reform existing frameworks and structures, and hence, transform them in accordance with the changing times. He said that there are over 1.5 lakh post offices and over three lakh postmen or “grameen dak sevaks” who are connected to the people of the country. Now they shall be empowered with smartphones and digital devices to provide financial services.Enumerating the benefits of IPPB, he said it will enable money transfer, transfer of government benefits, bill payments and other services such as investment and insurance. He added that postmen would deliver these services at the doorstep. He said that IPPB will also facilitate digital transactions, and help deliver the benefits of schemes such as Pradhan Mantri Fasal Bima Yojana, which provide assistance to farmers.
The Prime Minister said that since 2014, the Union Government has been dealing firmly with the distortions and problems that had arisen in India’s banking sector due to indiscriminate loan advances. He said existing loans have been reviewed and a professional approach has been taken with regard to the banking sector. He mentioned other measures such as the Fugitive Economic Offenders Bill, which have been taken to ensure that the guilty are punished.The Prime Minister said that now Mudra loans worth over 13 lakh crore rupees have been given to the poor and middle class, for creating self-employment opportunities. He said that today, as India achieves its best ever Asian Games performance, and the economy shows excellent growth numbers, the entire country is full of new self-confidence. He said this is the result of the collective efforts of the people. He said today India is not just the fastest growing economy in the world, but also the country that is eradicating poverty the fastest.The Prime Minister said that 3 lakh “dak sevaks” would be the key to provide financial services to every home, every farmer and every small enterprise in the villages. He mentioned that in recent months, several steps have been taken for the welfare of “dak sevaks” and to meet their long pending demand. These have led to a substantial increase in their salary, he added. He expressed confidence that IPPB shall reach over 1.5 lakh post offices across the country within the next few months.6th East Asia Summit and 15th India-ASEAN Economic Ministers Meeting held in Singapore Commerce & Industry Minister Suresh Prabhu attended the 6th East Asia Summit- Economic Ministers’ Meeting (EAS-EMM) and 15th India-ASEAN Economic Ministers’ Meeting (AEM) in Singapore today. Singapore is currently holding the Chair of ASEAN.
The 6th East-Asia Economic Ministers’ Meeting was chaired by Chan Chun Sing, Minister for Trade and Industry, Singapore, and was attended by Economic Ministers from 10 ASEAN countries and their eight dialogue partners, Australia, China, India, Japan, Republic of Korea, New Zealand, the Russian Federation and the United States of America. The Ministers welcomed the higher global economic growth forecast for 2018 and took note of the increasing importance of trade and investment relations among the EAS economies. Acknowledging the potential for disruptions in the macro-economy that could affect overall market sentiments and global growth, the EAS-EMM forum expressed the hope that the economic linkages among the EAS members will enable them to address these challenges.The Ministers agreed to the importance of keeping markets open and fair as well as improving transparency and predictability of the business environment. The meeting recognized the importance of ongoing work to maximize the opportunities of, and address the challenges presented by, the digital economy and the rise of regional and global value chains, as part of their efforts to promote economic growth and integration in the region.The 6th EAS–EMM was followed by the 15th ASEAN Economic Ministers - India Consultation. It was co-chaired by Chan Chun Sing, Minister for Trade and Industry, Singapore, and Suresh Prabhu, Minister of Commerce and Industry, India. The meeting attended by Economic Ministers from 10 ASEAN countries took stock of the current level of trade and economic engagement between India and ASEAN and reaffirmed the commitment to further strengthen ASEAN-India economic relations.
ASEAN has emerged as the second largest trade partner of India in 2017-18 with bilateral trade valued at USD 81.33 billion, comprising 10.58% of India’s total trade with the world.ASEAN Ministers also appreciated the outcomes of the ASEAN-India Business and Investment Meet and Expo held on 22–23 January 2018 in New Delhi, that was organised soon after the 31st ASEAN-India Commemorative Summit and its role in providing a platform for both government and industry leaders to exchange views and provide ideas and solutions towards sustaining the momentum of trade and investment in the region. It was also announced in the Singapore meeting that the next ASEAN-India Business Summit will be held in Kuala Lumpur, Malaysia, in November 2018 with the theme “Towards Building Strategic Partnership between ASEAN and India in the Era of the 4th IR and Digital Economy” which will be followed by the 4th India-ASEAN Dialogue Partner Expo and Summit scheduled for 21-23 February 2019, in New Delhi.The ASEAN-India Business Council (AIBC) presented their recommendations to the forum to sustain the momentum of trade and investment in the region. Issues related to promoting connectivity, collaboration on Small and Medium Enterprises (SME) development, blue economy, healthcare, and tourism as well as women and youth economic empowerment were discussed. The Ministers emphasized on the importance of promoting private sector activities and strengthening business-to-business relations, including through the AIBC, to further broaden and deepen ASEAN-India economic linkages.