Govt, RBI taking tough action to recover dues from large corporate defaulters: PM Modi

Zee Media Bureau

New Delhi: Prime Minister Narendra Modi on Monday said that the government and RBI are taking tough action to recover dues from large corporate defaulters.

In a strong rebuttal to those doubting India being the fastest growing major economy, Prime Minister Narendra Modi reeled out statistics on credit growth and record FDI inflows to underscore that the economic success was the hard-won result of prudence, sound policy and effective management.

He said the government programmes are aimed at creating more employment as well as to carry out administrative and policy reforms for sustained growth.

Key Highlights of PM Modi's speech:

-Under new Hydrocarbon Exploration Licensing Policy, there will be pricing & marketing freedom & transparent revenue-sharing methodology.

-Another major policy reform is in the petroleum sector.

-Our record on implementation in general and reduction in corruption in particular is now well understood.

-We have focused on creating durable assets that benefit the population rather than the touts.

-We have drastically reduced leakages in Employment Guarantee scheme & ensured that money reaches those for whom it is intended.

-We are now implementing the Food Security Act nationwide.

-Confident we will achieve targeted doubling of farmers’ income. Happy to note that Dr. M.S. Swaminathan seems to agree.

-We are creating a national agricultural market and removing distortions.

-We have introduced a big focus on irrigation with a large increase in budgets.

-Large share of our population depends on agriculture. Doubling of farmers’ incomes will have strong benefits for other sectors too.

-Manufacturing of furniture has grown by fifty seven per cent, suggesting a pick-up in sales of flats and houses: PM

-The employment-intensive wearing apparel sector has grown at 8.7 percent.

-Motor vehicle production, a strong indicator of consumer purchasing power & economic activity has grown at seven point six percent.

-Make in India policy is having effect in employment intensive sectors.

-Net foreign direct investment in the third quarter of the current financial year was an all-time record.

-Credit off-take between February 2015 and February 2016 increased by 11.5 percent.

-There has been a smart pick-up in credit growth after September 2015.

-Our growth rate is acknowledged as the highest among major economies.

-We have reduced the deficit even while increasing capital expenditure.

-Let me emphasise (on) fiscal consolidation. We have met ambitious fiscal targets in each of the previous two fiscal years.

-India is one of the world economy’s brightest spots. We have low inflation, low balance of payments current account deficit.

-Grateful for valuable advice that we received from Mike Bloomberg in the design of our Smart Cities programme.

-The world expects much from India, in terms of contributing to global growth.