PM said a nation’s progress and its human development are linked to science and technology. He added that China’s emergence as the second biggest global economy is in parallel to its rise to the second place in science and technology activities. PM said, that a discussion on science and human development, cannot be divorced from the questions of political decisions; social choices; and of equity, ethics and access. He said human development has been the larger purpose and the driving force of India’s scientific pursuits, and science has helped shape modern India. PM appreciated Indian scientists for rising to the occasion “whenever the world shut its door on us.” He said that when the world sought our collaboration, they reached out with the openness that is inherent in our society. He also lauded Indian scientists for putting Mangalyaan in the Mars orbit in the first attempt, and saving thousands of lives through their accurate prediction of Cyclone Hudhud.  PM said that when he speaks of ease of doing business in India, he also wants to pay equal attention to the ease of doing research and development in India. He said funding proposals must not take too long to clear, and scientific departments must have flexibility of funding decisions based on the uncertainties inherent in research activities. He also called for clear regulatory policies for research and development in areas like biotechnology, nanoscience, agriculture and clinical research.

PM said each government department should have an officer focusing on science and technology relating to its area of work; and, allocate a percentage of its budget for such activities. “We have to place the university system at the cutting edge of the research and development activities in the country,” he added. He said universities must be freed from the clutches of excessive regulation and cumbersome procedures.PM called upon Indian industry to step up investments in science and technology in its own interest. He said India’s own pharmaceutical industry has carved out a place for itself in the world, because it invests significantly in research.He welcomed the initiatives of Department of Science and Technology for involving thousands of children and youth in science and technology. PM said India must “restore the pride and prestige of science and scientists in our nation; revive the romance for science in society; rekindle the love for it in our children; and, encourage our scientists – to dream, imagine and explore.”

PM said banks would be run professionally, and there would be no interference. But accountability was essential. He said the Government had no vested interest, and public sector banks can derive strength from this fact. However, the Prime Minister said India is a democracy. He said he is against political interference, but supports political intervention, in the interest of the people. He said political intervention will enable the voice of the common man to reach such institutions.

PM said this also highlighted the issue of poor financial literacy in the country. He said today even the common man needed financial literacy. He called upon banks to take the lead in encouraging competitions on financial literacy in schools, much like mock Parliament competitions. PM said banks should develop dedicated teams to fight cyber crime.PM said that with 81% of branches and 77% of deposits, the net profits should improve from current levels of 45%. PM called for developing common strengths among the 27 public sector banks. He suggested this could be done in areas such as software, and advertising. He gave the example of number portability in the telecom sector in this regard. He said this would improve the customer-centric focus of banks. The Prime Minister said public sector banks, as a team, should also be conscious of the direction in which the country is moving, and work towards simplifying procedures to facilitate the common man. PM also called upon banks to trust the common man. PM said the Swachhta Abhiyan has caught the imagination of the younger generation. He called upon each public sector bank to help develop 20,000 to 25,000 Swachhta entrepreneurs. He also asked banks to prioritize loans to students as this would be a very productive investment for the country. He said the country needs skill development for its youth in a big way, and banks need to take the lead in this.

PM asked public sector banks to set goals for the 75th anniversary of independence in the country in 2022. He said he had resolved to provide housing for all by 2022, and banks had a huge opportunity here, as 11 crore houses were required.  PM said banks should redefine parameters for success. For instance, let them prioritize loans to enterprises which will generate more employment, he said. PM called for an end to lazy banking, and asked banks to take on a proactive role in helping the common man. PM said that as part of Corporate Social Responsibility, banks should take up one sector each year to play a positive role. Governor of Maharashtra Shri Vidyasagar Rao, CM of Maharashtra Devendra Fadnavis, Finance Minister Shri Arun Jaitley, MoS Finance Shri Jayant Sinha, RBI Governor Shri Raghuram Rajan, and Secretary Financial Services Shri Hasmukh Adhia were present on the occasion.