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Updated November 27th, 2019 at 11:20 IST

PM Modi highlights success of IBC in tackling NPAs, reveals return of Rs 3 lakh cr

Delivering the keynote address at the Republic Summit 2019, PM Modi talked about the government’s success in tackling the problem of Non-Performing Assets.

Reported by: Akhil Oka
PM Modi
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Delivering the keynote address at the Republic Summit 2019 on Tuesday, November 26, Prime Minister Narendra Modi talked about the government’s success in tackling the problem of Non-Performing Assets (NPAs). He recalled how the previous governments had tried to hide the NPAs accumulated during their regime. Moreover, he highlighted how the Insolvency and Bankruptcy Code (IBC) had ensured a return of nearly Rs 3 lakh crore into the system.

Read: FULL SPEECH: At Republic Summit, PM Modi Makes Powerful Case For Putting 'Nation First'

The PM remarked, “Our government has not only accepted challenges but has worked towards solutions seriously. I remember, after the government was formed in 2014, we discovered the NPAs which were accumulated during the previous government and the irregularities committed to hide them. What condition was this? By bringing this scam in the public domain, we devised a way to deal with them. Now because of Insolvency and Bankruptcy Code, the return of nearly Rs 3 lakh crore into the system has been assured.” 

Read: PM Modi: 99% Of Essential Goods Are Being Taxed At Nearly Half As Compared To Pre-GST Era

Read: WATCH: PM Modi Cites Arnab's Debates To Explain 'Nothing Can Be Solved Without Challenges'

Impact of GST

On this occasion, the PM also revealed that 99% of the goods associated with the common man were being taxed at nearly half the tax rate after the implementation of the Goods and Services Tax (GST). Pointing out that the governments of many countries had lost power after embarking on GST, he mentioned that his regime went ahead with it for the national interest. Moreover, the PM stated that the tax on key goods had either been slashed substantially or removed altogether.

PM Modi said, “Today, because of GST, honest business culture is being strengthened in India. And there is control over inflation. Perhaps this is not highlighted in media- 99% of the goods associated with the common man are being taxed nearly half as compared to earlier times before implementation of GST. There was a time when more than 31% tax was imposed on the refrigerator, vacuum cleaner, juicer, mixer, washing machine, mobile phone, watches. Today, there is only 10-12% of tax on these very items. Only 10-12%. Earlier, there would be tax also on grains, yogurt, lassi, etc. Today, after GST, they have become tax-free.”  

Read: PM Modi: 'When Nation Is Put First, Our Efforts To Fulfil Aspirations Are Also Effective'

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Published November 27th, 2019 at 09:23 IST

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