Narendra Modi says bad loans are Congress’ sins
New Delhi: Squarely blaming the previous United Progressive Alliance (UPA) government for the NPAs in banks, Prime Minister Narendra Modi on Wednesday said his government was wrongly criticised for the “sins” of the Congress which even hid the exact value of these stressed assets.
Replying in the Lok Sabha to the motion of thanks on President’s address, Modi claimed if he had revealed the staggering figure of the Non Performing Assets (NPAs) earlier, it would have deeply hurt the economy but now he was doing so with evidence as banks were getting back into good health.
He said the Congress gave wrong figures as NPAs were 82% and not 36%. Modi said that the total advance made by banks rose from Rs18 lakh crore to Rs52 lakh crore.
“People should now know the truth.... It is the interest on what you squandered away. These are your sins,” Modi said targeting the Congress, and alleged that loans were given away to the people who were close to those in power.
After the National Democratic Alliance (NDA) took over, not a single loan was passed which could turn into an NPA, Modi claimed.
“The workings of our previous government are responsible for the NPA mess. They are 100% responsible and nobody else,” the prime minister said.
Modi said his government has taken a series of steps like recapitalisation of banks to revive the sector, and his government’s “cleanliness drive”, an apparent reference to measures against corruption and black money, was to secure rights of the common man.
He contended that the banking policies of the previous governments were not proper and while the middlemen were happy, the country was suffering.
“Earlier calls used to be made for facilitating loans to their people (close to those in power). Crores of money was given (through loans).... Had I kept the facts before the nation earlier, it would have hurt the economy,” the prime minister said.
Lashing out at the opposition, he said they were spreading falsehood on the NPAs. “The opposition believes that by speaking lies all the time in a loud voice, it will sound true.... The people will not forgive you for your sins,” he said.