Union Minister of Commerce and Industry, Civil Aviation Suresh Prabhu during his interaction at the NewsX NPA Conclave on Tuesday said that until and unless there is a clear alignment in terms of priorities between Central, State and other administrative institutions, there will be problems. Speaking on the operative part of any organisation, Suresh Prabhu said that the management of an institution is important as the outcome will depend on quality of the management.
Mentioning that the ease of doing should be the objective for the country, Union Minister Suresh Prabhu said it is also important to improve business opportunities at the district level. Speaking about GDP growth, Suresh Prabhu said that unless we approve 8-9% growth, we won’t achieve our social objective.
Sharing his thoughts on the trade policy, Suresh Prabhu said our policy will never succeed unless international policies aid in it. We have to modernise the industry to yield better results. Suresh Prabhu also mentioned that Indian marker is entrepreneurship driven.
Speaking about Start-ups, Suresh Prabhu said they are the future of India. Some of the advance businesses in India are in threat due to change in the technology, therefore Start-ups are the future. Growth will come by accepting the use of new technology.
Businesses are bound to result in losses. Previously, the management of the banks were not allowed to function in a manner to take commercial decisions freely, we are trying to change that. Further speaking about the functioning of banks, Suresh Prabhu said they cannot be expert in all the businesses, but they can check whether the company is going right way or not.
Speaking on NPAs, Suresh Prabhu said that loss is different from an intentional fraud. Banking system should be covered with sound business idea because if we won’t have sound banks then we can’t have sound economy.
Suresh Prabhu concluded his remarks by saying that the states are withdrawing and private sector is entering in the economic activity. Previous governments lent money without following the due diligence. The government is taking strong action on fraudulent activity.