Union Corporate Affairs Minister M.Veerappa Moily today urged for strengthening Economic and Financial Institutions to foster higher economic growth. He said this while addressing a meeting of the Banking Sector organized by the Indian Institute of Corporate Affairs (IICA), at Manesar in Gurgaon.

The minister said, the ability of these institutions to harness the potential of inclusive markets, encourage technological innovation, invest in people, and mobilize talents and skills of a large number of individuals is critical for economic growth.

He said the 1.25 trillion US Dollars Indian Banking industry is poised to grow exponentially as the sector reflects the health of an economy. Mr. Moily said, measures such as adopting the culture of good corporate governance which includes sustainable reporting are necessary steps towards this direction.

He said, to achieve inclusive development, it is essential to move towards the system of creative capitalism where incentives for both profit and recognition motivate both self interest and caring for others.