Finance Minister Nirmala Sitharaman on Wednesday hit out at former prime minister Manmohan Singh and former RBI governor Raghuram Rajan by holding them responsible for bad loans in state-run banks. The Union Minister blamed Manmohan Singh and Rajan for putting public sector banks at the worst phase. Addressing at the Columbia University of International and Public Affairs, Sitharaman alleged that the combination of Singh and Rajan responsible for issuing a massive amount of loans in PSUs during the UPA rule.
The recent attack comes just after Raghuram Rajan blamed PM Narendra Modi-led government of vision for framing new policies to keep the economy intact. He had also said the BJP government failed to achieve economic growth.
Sitharaman has been witnessing severe criticism over the economic slowdown in the country. Since taking over as the Finance portfolio, she has announced several policies to boost the economy. Recently, the Union Minister announced the corporate tax cut on companies who have a turnover up to Rs 400 crore to 25 percent. The Finance Minister also announced Rs 1.45 lakh crore fiscal stimulus by slashing corporate tax to 22 percent which was earlier 30 percent.
Earlier, Sitharaman had slammed the millennials for a massive slump in the car sales by saying that they prefer Ola and Uber private services.
The country’s GDP has slowed to 6 -year-low of 5 percent for the June quarter. However, the RBI had also revised India’s projected growth rate of 6.1% in the year 2019-20. Electricity was the only sector which grew 8.6% in the June quarter.
In PMC crises, Mumbai City’s Economic Offences Wing DCP Shrikant Paropkari on Wednesday addressed PMC depositors outside Esplanade Court. He said no guilty person will be spared and ensured the customers that their money will be returned to them.