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Last Updated : Oct 30, 2018 09:39 PM IST | Source:

NPA woes: UPA, banks, RBI pushed truth under the carpet, says FM Arun Jaitley

Speaking about demonetisation, Jaitley said that the move proved that formal economy was the government's goal.

Moneycontrol News @moneycontrolcom

Reiterating the government's stand on RBI's role in the NPA mess, Finance Minister Arun Jaitley once again trained his guns on the central bank for failing to prevent lending excess.

"The central bank looked the other way when banks gave loans indiscriminately during 2008 to 2014," he said.

Speaking at the US-India Strategic Partnership Forum, Jaitley said that PM Modi was criticised even as the Chief Minister of Gujarat.

"If you look at PM Modi's political history... nobody since 1947 onwards has been criticised more than him. Even when he was in Gujarat as the Chief Minister, he set his own agenda and didn't get bogged down by meaningless criticism," Jaitley said.

"There is a certain amount of focus... in leadership. A part of the top leadership doesn't allow you to be distracted," Jaitley said.

Speaking about Modi's style of functioning, Jaitley said: "Even when he was the CM, he spoke directly to the people, and that worked. That's precisely what he is doing here."

Talking about his government's performance since 2014, when the Bharatiya Janata Party-led National Democratic Alliance came to power, the finance minister said that every village has been electrified since 2014.

"Every home will be electrified by December 2019," Jaitley said, adding that the concept of governance has changed ever since the BJP came to power.

"The old concept of an Indian village is no more... now, over 92 percent of rural homes have a toilet. (We are) looking to achieve housing for all by 2022," Jaitley said.

Speaking about demonetisation, Jaitley said that the move proved that formal economy was the government's goal. "India needed the moral quotient of demonetisation... deposits into banks is the success of demonetisation," the finance minister said, adding that "honest taxpayers has nothing to worry about during demonetisation."

Jaitley also said that India will be a huge market in the next 10-20 years. "India can sustain high growth for 5-10 years," he said.

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First Published on Oct 30, 2018 08:27 pm
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