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Laying the blame for the current bank NPA mess entirely at the doors of the erstwhile UPA Government, the Prime Minister Narendra Modi on Wednesday launched a frontal attack against the previous regime for their handling of the banking system. "This NPA is entirely the creation of your sins. The previous government's (UPA) policies are 100 per cent responsible for this mess," Modi said in his nearly two-hour-long address in the Lok Sabha in reply to the Motion of Thanks to the President's address to the joint houses of Parliament.
Modi highlighted that the previous UPA regime had come to the rescue of several borrowers by allowing their bad loans to be "restructured" and shown as standard loans, thereby, hiding the true position of the health of the banking system. There was a sort of collusion between the bank, the neta (politician in the Government) and the intermediary, he noted.
"This country will not forgive you for such a sin. Not a single loan that has been given after we came to power has turned into a NPA," Modi added. He added that he could have provided the true picture of the banking system to the country immediately after assuming charge, but chose not to do so in the national interest. "Now, whatever we are paying is the interest on the misdeeds of the previous regime. However, We have now strengthened the banking system," he said.
ECONOMIC BENEFITS
Although the initial part of his speech was targeted at the Congress party for not upholding true democratic values, Modi used most part of his address to reel out the economic benefits and savings his Government has realised for the country during its nearly four-year rule.
Renegotiation of the LNG deal with Qatar, better pricing from Australian gas and slashing of domestic prices of LED bulbs, were showcased as benefits for the country and common man.
He highlighted that renegotiation of the 20-year contract for Qatar LNG had saved the country nearly Rs 8,000 crore. Also, the reduction in price of Australian gas had led to a saving of about Rs 4,000 crore. Modi said his Government had ensured that LED bulbs were retailed for about Rs 40 per bulb, when they were being purchased by the previous Government at Rs 350 per unit.
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