UPA govt gave loans blindly, weakened banking sector: Piyush Goyal


New Delhi, Sep 13(PTI): The BJP on Wednesday attacked the Congress-led UPA government for blindly giving loans and weakening the banks due to which their losses increased from Rs 18,000 crore to Rs 53,000 crore, and said the NDA government brought transparency and forced people to repay their loans.

"Swachh 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 conference here.

The Bharatiya Janata Party (BJP) leader said that after assuming the office in 2014, the PM Modi government inherited an extremely fragile banking sector.

"But 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," Mr Goyal said.

Slamming the previous United Progressive Alliance (UPA) government for giving loans without doing the fact-check 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 18,000 crore to Rs 53,000 crore in those years."

"Due to blindly giving of loans overcapacity was created," he said.

Citing example of the Indian Bank, Goyal said: "Same situation of the non-performing assets (NPAs) was prevalent when Atal Bihari Vajpayeeji's government had come to power. And at that time, he brought the transparency and the Indian Bank is running in profit."

"And today, we have also brought transparency in the NPA loans and tried to resolve the entire mess that Congress gave us," he said.

Attacking the Congress-led government, Mr 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 loans."

"In case they couldn't repay the loans, we tried to resolve through Insolvency and Bankruptcy Code," he said.

The 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 it.

"But it is Modi government which has acted tough with these people and forced them to pay back," he said.

Mr Goyal 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 attached.

This is the first government which has taken strict action against the rich people to repay loan, he underlined.

Citing the achievements of his government, Mr Goyal said: "Our government implemented the Benami Act. We brought GST instead of 40 different taxes," the BJP leader added.

  

Top Stories

Comment on this article

  • Chandu, Karkala

    Thu, Sep 13 2018

    Goyal sahab, All that you and the team at the centre has done in the last four and half years of power is to blame, mock and insult the UPA government, Nehru and Gandhi's., which you will continue for rest of your life . People are fed up with this attitude and the lies, false promises, failed experiments. Please come up with some solid and actionable solutions for problems currently faced by the common man.

    DisAgree [1] Agree Reply Report Abuse

  • anthony, Mangalore

    Thu, Sep 13 2018

    Stop blaming the Congress for all the issues. The people gave a humping majority to you not to cry over spilt milk but to ensure checks and balances so that Bad loans are regularised. It is obviuos you have done nothing in the past four and half years except to keep blaming the Congress and allowing all people like Modi, Mallya etc to escape from the country with big depts.

    DisAgree [2] Agree [1] Reply Report Abuse

  • sahil, Mangaluru

    Thu, Sep 13 2018

    Few Statement from Piyush Goyal Sounds good.

    DisAgree Agree [5] Reply Report Abuse

  • Robotkem, Kemmannu

    Thu, Sep 13 2018

    UPA gave BLINDLY!!!
    NDA gave FREELY??? and told/permitted to TAKE AND RUNAWAY!!!

    DisAgree [2] Agree [6] Reply Report Abuse

  • Lionel Dsouza, Mangalore

    Thu, Sep 13 2018

    GOYAL SAHAAB.....GIVING LOAN IS NOT A PROBLEM.....TAKING THE LOAN AND RUNNING IS A PROBLEM.....ENALF OF THIS BLAME GAME.....YOU CAN NOT FOOL PEOPLE EVERYTIME....

    DisAgree [1] Agree [4] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Sep 13 2018

    all money in swiss bank r white. how many bjp people have money in swiss bank.

    DisAgree [1] Agree [7] Reply Report Abuse

  • prem, moodbidri

    Thu, Sep 13 2018

    Mr. Koyal, your Govt had authority to stop borrower from flying out of country. Why did you let them go away???
    You people spread red carpet to big borrowers to fly away and your andh bhakths are saying "Modigu podidu desha bududhu balter"!!!

    DisAgree Agree [7] Reply Report Abuse

  • Pais, Mangalore

    Thu, Sep 13 2018

    Loans are provided by the Banks and not Govt.. RBI is the regulatory that controls the functioning of the banks.. These defaultors used the weak policies (which by the way still exists) to obtain loans.. Now once they were declared diwali and a criminal investigation was issued the Govt comes into picture especially when the amounts concerned is large sums such as these.. Question is what was the Chowkidhaar doing when these defaulters left india right under his vigil which our chowkidhar was screaming and chest beating about his 56" chest... This is when a chowkidar became a Baghidhar...

    DisAgree Agree [5] Reply Report Abuse

  • Robert, Mangalore

    Thu, Sep 13 2018

    And it took four years to understand the BANKING sector. You replaced UPA to bring some norms from day one on the job, looks like failed miserably, now looking for escape routes and defending UTTER FAILURES by NDA.


    Goyal / Jaitely along with FEKU and DAKU not fit to be in any GOVERNANCE, only can find fault with others. Shame on guys.


    Cheers to Manmohan Singh....

    DisAgree Agree [6] Reply Report Abuse

  • N.M, Mangalore

    Thu, Sep 13 2018

    Its almost 5 years and Modi is still blaming others for his failures.

    DisAgree [1] Agree [5] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Sep 13 2018

    These guys will blame Congress even after reaching their Graves ...

    DisAgree [3] Agree [6] Reply Report Abuse

  • Ramsess ll, Egypt

    Thu, Sep 13 2018

    Giving loan is not a crime, u and jaitley made him escape

    DisAgree [3] Agree [12] Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Thu, Sep 13 2018

    And your government allowed him to escape ?
    Do not talk silly like Yogi and other dumb BJP MLA

    DisAgree Agree [11] Reply Report Abuse

  • Mark Dcruz, Mangalore

    Thu, Sep 13 2018

    My question to bhaktas is why BJPee allowed Mallya , Nirav and Choksi to feel the country when they knew the situation.

    DisAgree Agree [9] Reply Report Abuse

  • Ravi C, Mangalore

    Thu, Sep 13 2018

    Weekly medicines to bhakths

    DisAgree Agree [13] Reply Report Abuse

  • Rajesh, UDUPI

    Thu, Sep 13 2018

    Do not cry like babies.... fix it if you are more Intellect than UPA as you all claim always, if you cannot ? step down and give the power back to UPA to fix the same

    DisAgree Agree [16] Reply Report Abuse


Leave a Comment

Title: UPA govt gave loans blindly, weakened banking sector: Piyush Goyal



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.