Prime Minister Narendra Modi on Friday urged people to invest their money in banks instead of buying gold and keeping it safely, which is generally considered as an unproductive investment.
?The challenge is not to rely on gold. People buy gold and they have that psychological feeling that gold is safe, secure and good for the future.
They should trust bank and put their money in bank branches,? Modi said while dedicating the ICICI Digital Village to the nation.
Gold imports have been a big strain on the country?s external finances with the current account deficit rising to 2.1 per cent of the GDP during the July-September period of 2014.
As a follow-up to the ?Swachh Bharat? campaign year, Modi also exhorted for the creation of one lakh young entrepreneurs to handle solid and water waste management in the country. ?Only then can the Swachh Bharat campaign will be sustainable. Rural development is an area of lot possibilities. It can be a power of economic development,? Modi said.
Finance minister Arun Jaitley said the government will pursue the roadmap of reforms initiated by it. ?We will never take a step which is contrarion. The challenge is to bring in investments and improve the infrastructure for the overall development,? he said. ?We will enter into the next phase of reforms which is essential for the economy.?
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