India ready to leap, base strong: PM Modi at seamless credit flow meet


He said reforms made in the last six-seven years have put the banking sector in a strong position today and the financial health of banks has improved.

Prime Minister Narendra Modi on Thursday said there comes a time in the development journey of any nation when it takes a new resolve for a new leap and then the strength of the entire nation comes together for the fulfillment of those resolutions.

“India is ready to leap, base strong,” the PM said at the concluding session of a symposium to ‘Build Synergy for Seamless Credit Flow and Economic Growth’.

He said reforms made in the last six-seven years have put the banking sector in a strong position today and the financial health of banks has improved.

“More than 5 lakh crore recovery has been made by banks from stressed loans,” he said.

‘We have addressed NPAs of banks, recapitalised banks, brought bankruptcy laws, strengthened debt recovery tribunal,” the PM said, adding another 2 lakh crore of stressed assets is likely to be resolved through the National Asset Reconstruction Company.

The conference is being organised by the financial services department of the Union finance ministry. Union finance minister Nirmala Sitharaman is also attending the event.

(With inputs from agencies)

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Jitendra Kumar

Jitendra Kumar Born on October 10, 1990 an Indian author and activist from Hathras in Uttar Pradesh.