New Delhi, March 26: Dr. Shamika Ravi, a member of the Prime Minister’s Economic Advisory Council, emphasized that in today’s rapidly evolving digital economy, financial literacy has become a crucial life skill. It is essential to ensure that this knowledge reaches every individual.
Dr. Ravi noted that with the rise of digitization, most transactions are now conducted via mobile phones. However, this convenience comes with risks that many people are not fully aware of. Therefore, it is vital to train individuals to make informed financial decisions.
Regarding the roles of the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), she stated that while both institutions work to educate and protect investors, their efforts alone are insufficient. She stressed that relying solely on regulators cannot achieve comprehensive financial awareness across society.
According to Dr. Ravi, financial literacy should be integrated into schools, colleges, and skill development programs to ensure it becomes a basic life skill for everyone.
On the current situation in West Asia, she reassured that there is no cause for panic in India. The country possesses sufficient energy reserves, and unlike smaller economies, there is no visible state of alarm here.
However, she also mentioned that India must reduce its dependence on external markets in the long run. This requires diversifying energy sources, enhancing infrastructure, and focusing more on renewable energy, which she described as a crucial step towards self-reliance.
Dr. Ravi highlighted the rapid development of India’s capital markets, noting that over 100 million people are now participating in the equity market. This indicates a growing interest in investments among the populace.
As financial markets become more complex and modern, the associated risks will also rise. Thus, increasing awareness alongside investment is imperative.
She praised the Memorandum of Understanding (MoU) between the National Stock Exchange of India (NSE) and the India Habitat Centre aimed at promoting financial literacy, calling it a significant initiative.
Dr. Ravi pointed out that there is rapid innovation across all sectors, including insurance, savings, pensions, and credit, which will make financial markets even larger and more complex in the future. Therefore, it is crucial to enhance financial literacy in parallel.
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