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Bad Loans to Banks by UPA Regime a Big Scam:Modi

Dec. 13 Economy Comments

[New Delhi] Bad Loans to Banks by UPA Regime a Big Scam:Modi
Prime Minister Narendra Modi today launched a blistering attack on the previous Congress- led UPA regime, saying that banks were pressured to give loans worth thousands of crores of rupees to select industrialists in a scam bigger than 2G, coal and Commonwealth Games scams.
Speaking at the 90th AGM of industry association Ficci, Modi said the non performing asset (NPA) or bad loans problem is a “liability” handed over by “economists” in the previous regime.
Modi said loans extended to select industrialists by pressuring banks was a loot of public money.
Calling it a “scam”, he said this was bigger than the Commonwealth Games, 2G telecom spectrum allocation and coal block allocation scams.
Modi said his government is formulating policies keeping in mind the need of businesses, abolishing archaic and obsolete laws.
Industry, he said, had been long demanding Goods and Services Tax (GST) and the BJP-led government implemented it and introduced measures like anti-profiteering to see that industry passes on the benefit of lower taxes to the people.

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