Banks Must Ease Stressful Loan Costs To Support Growth, Says FM Sitharaman

At the 11th SBI Banking & Economics Conclave 2024, Finance Minister Nirmala Sitharaman addressed the pressing issues of high interest rates and their impact on India's industrial growth. She highlighted how inflation, often driven by supply chain disruptions in perishable commodities like potatoes, tomatoes, onions, and edible oils, creates volatility that affects both the economy and the common man. The Finance Minister expressed concern over the cost of borrowing, calling it "stressful" and a significant barrier to industrial expansion. At a time when India needs its industries to ramp up production and drive economic progress, FM Sitharaman urged banks to make their lending rates more affordable to align with the nation’s developmental goals. Watch this insightful video on how inflation, supply chain issues, and high borrowing costs are shaping India's economic landscape, and the reforms needed to foster growth.