Pune (Maharashtra) [India], March 28 (ANI): Defence Minister Rajnath Singh on Tuesday said that management is an important factor in the socio-economic development of the country.

Singh was addressing students of Symbiosis University in Pune on the "Role of Youth in Nation Building."He said that management has been an integral part of the Indian knowledge tradition.

"We all are aware of the role of management in the progress of a nation. Management is a very important factor in the socioeconomic development of the country. Management helps in making the functioning of an organization more effective and in shaping the culture of the organization," Singh said.

He added that in modern organizations, management works like a backbone. Whether it is the efficient use of human, physical, or financial resources, all are part of management.

The country is moving forward in the 'Amrit Kaal', and the role of youths associated with management is going to be huge. The country is moving ahead at an unprecedented pace; it is one of the fastest-growing major economies in the world, he said.

Singh added that be it exports or inflow of FDI, income tax or record collection of GST, the nation is doing great on every front. Over the years, India has emerged as a preferred and trusted investment destination for the world. And the role of management students in this journey is much appreciated, who can play an important role in our economic progress.

The government has created such an ecosystem that by taking advantage of which youth can bring a revolution in the economic sector, he said.

"We have freed the country from rules and regulations, which were no longer relevant. Many rules and laws were being followed for many decades, which were working as obstacles in the path of the youth who wanted to move forward. We have seen many entrepreneurs stop the work they have started because of red tape. And by abolishing and replacing such rules and regulations, we have promoted ease of doing business," he said.

In the year 2014, many banks suffered due to NPA and losses. They were not in a position to give new loans. To deal with such problems, the government made many reforms. The government did an important job of reviving the public sector banks by capitalizing on them. Banks, which till now were running in losses due to NPA or other similar reasons, we revived them and today Banks are doing well in the market and have come in a position to provide loans, he added.

"Youth are playing important role in taking the country to the world stage. Young doctors, engineers, and IT professionals have made their mark all over the world and raised the name of India. Today, more than 90,000 start-ups are running in our country, and most of the youth power is working behind them. There are above 100 unicorns in the country. The reason I compare young energy with Nuclear Energy," he said. (ANI)