Piyush Goyal says, UPA gave loans blindly, weakened banking sector

The BJP on Wednesday attacked the Congressled UPA government for blindly giving loans and weakening the banks due to which their losses increased from Rs 18000 crore to Rs 53000 crore and said the NDA government brought transparency and forced people to repay their loansSwachh Bharat Mission of Prime Minister Narendra Modi is not restricted only to the cleanliness of courtyards but is also about the cleanliness in our economic system Union Minister Piyush Goyal told a press conferenceThe Bharatiya Janata Party BJP leader said that after assuming the office in 2014 the Modi government inherited an extremely fragile banking sectorBut the Prime Minister and Finance Minister Arun Jaitley took a wise decision not to bring any such white paper and they responsibly ran the government and brought sustainable solution to only strengthen the economy Goyal saidSlamming the previous United Progressive Alliance UPA government for giving loans without doing the factcheck of projects Goyal said The UPA government started distributing loans from 2006 and the procedure went on till 2014 The bank losses increased from Rs 18000 crore to Rs 53000 crore in those yearsDue to blindly giving of loans overcapacity was created he saidCiting example of the Indian Bank Goyal said Same situation of the nonperforming assets NPAs was prevalent when Atal Bihari Vajpayeejis government had come to power And at that time he brought the transparency and the Indian Bank is running in profitAnd today we have also brought transparency in the NPA loans and tried to resolve the entire mess that Congress gave us he saidAttacking the Congressled government Goyal said UPA blindly gave out loans and weakened the banks but the Modi government ushered in transparency and forced all the responsible individuals to repay the loansIn case they couldnt repay the loans we tried to resolve through Insolvency and Bankruptcy Code he saidThe Railway and Coal Minister also said that during the UPA government a lot of big people took loans without taking into account the responsibility that comes along with itBut it is Modi government which has acted tough with these people and forced them to pay back he saidGoyal further said that the strictness of the government also led to the implementation of the Fugitive Law under which the properties of the defaulters are attachedThis is the first government which has taken strict action against the rich people to repay loan he underlinedCiting the achievements of his government Goyal said Our government implemented the Benami Act We brought GST instead of 40 different taxes the BJP leader addedCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updatesThis story has been sourced from a third party syndicated feed agencies Except for the change in the headline the story has been provided ASIS AS AVAILABLE without any verification or editing from our side Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever