As banks work overtime to resolve dud loans worth over Rs 8 trillion, Union minister Nitin Gadkari today claimed proactive steps taken by the government in the road sector have helped save Rs 3 trillion of loans from slipping into bad assets. “With the cooperation of the finance minister and the prime minister, we took 22 Cabinet decisions, and conducted meetings day and night. Because of that, today there is a situation where we’ve saved banks from Rs 3 trillion of NPAs,” Gadkari told reporters here. The minister, who was here to attend the listing ceremony of Cochin Shipyard, said infrastructure was a “challenge” when the NDA government came to power in May 2014, when 403 stalled road projects, with a banking system exposure of Rs 3.85 trillion, were on the verge of becoming non- performing assets.
But due to the measures taken by the present government, Gadkari claimed there is not a single stalled road project now though ventures worth over Rs 50,000 crore have been “terminated” since then. Gadkari, who handles key infrastructure-related portfolios, said there is no problem with the road sector at present and money is not an issue anymore. The minister, who had earlier this week blamed the bureaucracy and judicial interventions for laxity in progress on infrastructure projects, said “the system not running fast is the problem” now. Read More…
Credit By : The Finacial Express
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