Modi hails 8.2 GDP, flays Rahul Gandhi's alleged nexus with loan defaulters

9/1/2018

New Delhi, Prime Minister Narendra Modi on Saturday hailed India's growth rate clocking unprecedented 8.2 per cent saying this does signal emergence of a 'bright future' for India. Launching the India Post Payments Bank (IPPB) here, Mr Modi flayed Congress President Rahul Gandhi for alleged nexus in the past with the 'bank defaulters' and said those who thought they would only have money flowing in to their account are also now being made to payback the loan amount they had taken causing loss to the exchequer. On the GDP growth figures touching 8.2 per cent in the first quarter of the fiscal 2018-19, Prime Minister sought to draw a parallel with the Asian Games and said recovery of India's economy was like winning a medal at the Asiad. "On one side, players have shown their best ever performance.....on the other hand, India's economic figures also won a medal," he remarked. Hinting towards Congress party and the 'family' of Sonia Gandhi and Rahul Gandhi, Mr Modi sought to put the blame of loan default involving business tycoons like Vijay Mallya to the erstwhile Congress-led dispensation. "Those who thought just because they had connections with a 'namdaar (named and famed) family' and their entire amount will remain with them and there will be only money flowing in to their account are compelled today to payback the same". With regard the banking system and issues concerning NPAs, the government has "not only identified the malady, but we diagnosed the factors responsible for same". A number of necessary steps have been also taken, he maintained and claimed that the 'defalcation' of the previous regime too has been 'exposed'. Prime Minister said there are 27 new big time loan defaulters, wherein there is NPA of Rs 1 lakh crore. "We are working to ensure repayment of this money too". Making a veiled attack on the previous Manmohan Singh regime for being allegedly lenient to give loan to select few, he said "These 12 bank defaulters were given loan before 2014...the NPA amount comes to near about Rs 2 lakh crore. Actions have been taken against them and results are visible". Mr Modi said those who indulged in wrong doing during previous regime knew they could be 'exposed one day'. Therefore, he said, by means of a design they did try to 'conceal' the actual figures of bank loans disbursed. "The loan amount given and that the money was not coming back, were kept hidden from the country," Prime Minister said."All these were being done as part of a conspiracy," he maintained. Prime Minister said in last four-and-half years, about 50 crore loan accounts and details have been reviewed and necessary steps are being taken to strengthen the overall banking mechanism."We are trying to ensure that conditions required to disburse loans ought to be followed. Wherever necessary laws are being changed and also banks are undergoing the merger process," he maintained. On the GDP growth figures touching 8.2 per cent in the first quarter of the fiscal 2018-19, Prime Minister sought to draw a parallel with the Asian Games and said recovery of India's economy was like winning a medal at the Asiad. "One one side, players have shown their best ever performance.....on the other hand, India's economic figures also won a medal," he remarked.