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The burden of Non Performing Assets is the biggest scam of the United Progressive Alliance led government according to Prime Minister Narendra Modi.
Speaking at the 90th Annual General Meeting of the Federation of Indian Chambers of Commerce and Industry, Modi said, “The NPAs are the biggest liability passed on to the current government by the UPA. The banks were pressurised to give loans to select large entrepreneurs during the previous government.”
“This the biggest scam of the previous government that had overseen the 2G and CWG scams,” he added.
Modi also said that the Industry bodies such as FICCI should have been more vigilant during the tenure of the previous government to highlight discrepancies.
He said, “Has there been any study by FICCI like industry bodies on the mismanagement of banks by the UPA?”
Modi said that the industry bodies should have highlighted the malpractices by real estate companies too. He said, “The RERA laws have been introduced by this government, what was preventing the previous one from doing the same?”
PM Modi also said that it is the responsibility of industry bodies to ensure that benefits of price reduction after the Goods and Services Tax roll out are passed through. He said, “Those on social media may have seen that restaurants are hiking their product rates after the GST rate was lowered. This defeats the purpose of the GST and industry bodies should be more vigilant.”
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