Prime Minister Narendra Modi blamed
the previous UPA government for the massive Nonperforming assets that exist in
the public sector banks and said his government is working to strengthen the
banking system. The Prime Minister was addressing the inaugural session of the
90th Annual General Meeting of Federation of Indian Chamber of Commerce and
Industry in the national capital on December 13.
The Prime minister said the policy driven decisions taken in sectors like
Urea, Civil Aviation, textiles and health are certainly going to benefit the
industry. Reforms undertaken in sectors like defense, construction industry and
food processing have helped the country to reach one hundredth position in the
committee nations in ease of doing business as against the rank of 142 last
He said the issue of NPAs is a legacy received by the current Government.
Rumours are now being spread about the Financial Regulation and Deposit
Insurance (FRDI) Bill which his government proposed to enact in the ensuring
winter session of parliament.
The Government is working to protect the interests of the account holders,
but rumours that are being spread are the exact opposite. He said organizations
such as FICCI have a responsibility to generate awareness about such issues.
Similarly, FICCI has a role to play in making GST more effective. He said
the Government's effort is to ensure that maximum businesses register for GST.
He said the more formal the system becomes, the more it will benefit the poor.
It will enable easier availability of credit from the banks, and reduce cost of
logistics, thereby enhancing competitiveness of businesses. I hope FICCI has
some plan to generate large-scale awareness among small traders, he added. He
also said that FICCI must also voice concerns, when necessary, on issues such
as builders exploiting the common man
Prime Minister said that a similar
atmosphere exists today when people of the country are coming forward to
fulfill their responsibilities towards the nation. He said the hopes and
aspirations of people are to rid the country from internal problems like
corruption, and black money. He said political parties and chambers of industry
should keep in mind the country's requirements and the feelings of the people,
and work accordingly.
The Prime Minister said that a lot has been achieved since independence,
but several challenges have arisen as well. He said the poor seemed to be
struggling against the system that came to be established, for things such as
bank accounts, gas connections, scholarships, pensions etc.
He said the Union Government is working to end this struggle, and to create
a system that is transparent and sensitive. He said the Jan Dhan Yojana is one
example of this, and increasing "ease of living" has been the focus
of the Union Government. He also mentioned the Ujjwala Yojana, construction of
toilets under the Swachh Bharat Mission, and Pradhan Mantri Awas Yojana. He
said that he has come through poverty, and understands the need to work for the
requirements of the poor and the nation. He also mentioned the Mudra Yojana,
for collateral-free loans to entrepreneurs.
He also mentioned other indicators which point to the robust health of the
economy. He said that the steps taken by the Government are also playing a key
role in job creation.
The Prime Minister said FICCI has a key role to play in sectors such as
food processing, start-ups, artificial intelligence, solar power, healthcare
etc. He urged FICCI to play the role of a think-tank for the MSME sector.