PM Modi: UPA government responsible for banking sector crisis
PM Narendra Modi slammed the UPA government and big industry for the banking sector crisis. He asked "When some in the government pressured banks to give loans to a select few industrialists, where were organizations like FICCI then?" Modi was addressing the who's who of Indian industry at the Annual General Meeting (AGM) of Federation of Indian Chambers of Commerce and Industry (FICCI).
'UPA destroyed banks, created NPAs'
Tearing into UPA, Modi said NPAs is the "biggest liability" from the previous government to the current government. He said UPA's practice of giving bank loans to few industrialists was a scam bigger than 2G and coal scams. He criticized them for creating a system which was harsh to poor Indians. He promised to deliver a "transparent" and "sensitive system."
'Government has created schemes to increase ease of living'
Modi claimed that his igovernment has introduced schemes to improve "ease of living." He elaborated that the "Ujjwala Yojana" was created to free poor women from smoke. "Swacch Bharat has created 5cr bathrooms" and Pradhan Mantri Awas Yojana ensures that poor get houses. The Pradhan Mantri Mudra Loan Yojana has disbursed loans worth Rs. 4Lcr to about 10cr people.
'Don't believe rumors about the FRDI bill'
Modi asked people to ignore the false rumors about the Financial Resolution and Deposit Insurance (FRDI) Bill. The bill tackles bankruptcy and reportedly allows failing banks to use depositors' money to reduce their losses. However, Modi denied that depositors' money will be put at risk.
'In 3yrs, in 21 sectors, government has made 87 reforms'
Modi declared that in the last three years, his government has brought about 87 key reforms in 21 sectors, including aviation, defense, financial services, food processing and real estate. He said they have taken decisions on something as modest as bamboo. One law considered bamboo to be a grass and another to be a tree. They did away with these outdated laws.
'FICCI can contribute to initiatives like Start-up India'
Further, Modi urged that FICCI can contribute to initiatives like 'Start-up India' and e-marketplace, allowing small manufacturers to directly sell to the government. He also requested FICCI to help get more people under the GST net.
