Union Steel Minister Birender Singh while speaking at NewsX NPA Conclave said that the central government has taken many steps on NPA crisis in the last 3 years. In conversation with NewsX anchor Gauri Dwivedi, he added that however there is no substantial result, but after the introduction insolvency act, some results are clearly visible. The BJP leader added that government is trying to solve the problem of growing NPA crisis under the insolvency law. He said, “Earlier, there were many steps were taken to solve the NPA crisis, but no major results were visible, the government has to take insolvency law to yield more results.” Asserting that some more steps need to be taken by the government, the BJP leader said we accept that there are some bottlenecks in the system, so we are thinking about some amendments in the current laws.
When asked the about the issues responsible for rising NPA crisis, he said problems are not the creation of the banks and RBI alone. He added that we have to see whether the RBI is in strict control or they have strict control on the banks when they have to advance such loans.
Speaking on his performance as Steel Minister, he said, “As far as competitiveness in the steel industry is concerned, we are not far behind Chima. Praising Narendra Modi last 4 years of government, Birender Singh said the export of steel has increased and imports have decreased if you compare it with the UPA government’s performance.
When asked are NPAs rising because of banks mismanagement, he said some precautionary steps need to be introduced before passing of loans. “The advancement of the loan, this is the stage in its passing process, which is important, the way we are dealing with our banks, the rate of interest is concerned, this kind of banking system where you are charging 12% or around that … it’s not globally competitive, you can never be competitive,” added minister in Modi government.
At a time when the opposition parties are alleging government of destroying the Indian economy, Birender Singh said if the economy has to strengthen, we will have to strengthen agriculture, our economy should be based primarily on agriculture and not only on services and the industry.