PM Modi attacks UPA government, big industry for banking sector crisis

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Prime Minister of India Narendra Modi waves following a joint statement to the press with Mexican President Enrique Pena Nieto, in Los Pinos presidential residence in Mexico City, Wednesday, June 8, 2016. Modi met with the Mexican President Wednesday evening during a short working visit to the country.(AP Photo/Rebecca Blackwell)

NEW DELHI: Prime Minister Narendra Modi on Wednesday accused the Congress-led UPA government and big industry for the banking sector crisis, even as he demanded to know if institutions like FICCI had raised their voice against the wrong-doings of the previous regime.

“When some in the government pressured the banks to give loans to a select few industrialists, where were organisations like FICCI then? Everybody knew what was happening was wrong,” PM Modi said in his address at FICCI’s 90th Annual General meeting in New Delhi.

“Bank loans to select industrialists was loot of public money under UPA; it is a scam bigger than Commonwealth, 2G, coal scams,” he charged.

PM Modi also hit out at the Congress government for the problem of Non Performing Assets, calling them the “biggest liability” handed over to his government.



He also attacked the previous Congress governments of the country for creating a system that was biased against the poor, while promising to rehaul the structure and make it “transparent” and “sensitive.”

“70 years after Independence, the system was such that the poor had to fight it. This government is working to end such a fight with the system. We are working to establish a system which is not only transparent, but sensitive as well and that understands the needs of the people,” he said.

PM Modi said that his government’s policies “are in line with the expectations of the country’s youth, which is in complete contrast from the last government.”

In his address, the PM called on industry leaders and political parties to meet the aspiration of a corruption and black money-free India.



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