Prime Minister Narendra Modi on Friday stressed on increasing credit flow to businesses to meet the needs of a fast reflating economy and said financial products will have to be tailor-made for fintech and startups.

He said that although the government's endeavour is to promote the private sector, public sector presence in banking and insurance is also required.

"As our economy is growing, and growing fast, credit flow has also become equally important. You have to see how credit reaches new sectors, new entrepreneurs. Now you will have to focus on the creation of new and better financial products for Startups and Fintech," Modi said, addressing a webinar on Budget proposals relating to the financial sector.

Modi further said, "the government is taking steps to make the financial services sector vibrant, proactive and strong".

He added that the government would stand by all business decisions taken with the right intent.