PM Modi addresses credit flow meet: 'Time to strengthen & invest in India's aspirations'

Prime Minister Narendra Modi, while addressing a symposium on credit flow titled 'Build Synergy for Seamless Credit Flow and Economic Growth' in Delhi, stated that India is ready to leap as the base is strong. While slamming the previous government for infusing corruption in the banking platform, PM Modi outlined that the financial health of the banking sector has improved manifold. 

"We are in a situation when the ground is solid for a leap and the target is set. What remains is to just begin," PM Modi assured. 

"There comes a time in the development journey of any nation when it takes a new resolve for a new leap and then the strength of the entire nation comes together for the fulfilment of those resolves," he added while highlighting numerous reforms by the BJP-led government. 

During NDA regime, 'crores of Rupees were stuck': PM Modi

Enumerating various economic reforms and regulations that were introduced under his office, PM Modi said:

"When someone runs away with bank loans, it is discussed widely. But when a daring government brings them back, nobody discusses it. More than Rs 5 lakh crore have been recovered out of the lakhs and crores of rupees that were struck during the previous governments' regime."

Additionally, PM Modi shared that reforms brought about by the Centre in the banking sector and support to the sector in every way in the last 6-7 years strengthened the country's banking sector and ushered it to a solid position. 

'I consider this phase a major milestone in the banking sector of India': PM Modi

PM Modi said that the Government of India had addressed non-performing assets (NPAs) of banks, recapitalised them and even introduced bankruptcy laws under the Insolvency and Bankruptcy Code, 2016. He added that the banking sector must take advantage of significant changes that have taken place in the country, the schemes that have been implemented and the huge pool of data that exists. 

"Banks' financial health is in a much better position now. I consider this phase a major milestone in the banking sector of India," PM Modi said. 

"We found roads to solution for all issues before 2014. We addressed the NPAs issue, recapitalised banks, enhanced their strength, brought reforms like IBC, reformed laws, strengthened Debt Recovery Tribunal," the Indian Prime Minister mentioned. 

While outlining that the public sector banks' NPA is the lowest in fie years, PM Modi said that banks have to support wealth creators and job creators proactively so as to increase the balance sheet of the country. 

"Today, when the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens. Basis research of the banking sector, it has come to the fore that the more Jan Dhan accounts are opened, the less crime rate has come in the states," PM Modi highlighted. 

"Rs 2 lakh crore of stressed assets likely to be resolved through National Asset Reconstruction Co. Banks have adequate liquidity, and there is no overhang of NPAs," he added. 

'Time to strengthen, fund, invest in India's aspirations'

PM Modi emphasised the scale at which corporates and start-ups are emerging. He said the same is 'unprecedented'. Urging Indian manufacturers to increase their capacity, the Prime Minister encouraged them to transform into a global economy and said that "for this, the government is giving them incentives on production."

"In such a situation, what can be a better time to strengthen, fund, invest in India's aspirations?" PM Modi asserted.