Chidambaram slams PM Modi, asks to reveal number of bad loans under NDA rule

New Delhi: Former Finance Minister P Chidambaram on Sunday slammed Prime Minister Narendra Modi for his remarks about bad loans generated during UPA rule, and asked his government to disclose loans given during the NDA rule that turned into Non-performing assets (NPA).

“The real test is, will the NDA-2 match the record of UPA-2 and that of UPA-1? Let’s assume that PM is right when he says that loans given under UPA have turned bad. How many of those loans were renewed or rolled over (that is ‘ever greened’) under NDA?” Chidambaram wrote on Twitter. “Why were those loans not recalled? Why were those loans ever greened? How many loans and how much that was given after May 2014 have become non-performing assets? This question was asked in Parliament but there is no answer so far,” the senior Congress leader added.

Chidambaram also thanked Principal Economic Adviser Sanjeev Sanyal for endorsing his view that the Q1 GDP growth of 8.2 per cent is largely due to the low base effect (5.6).  “Thank you for also agreeing that, going forward, the base effect will not be so favourable and the growth rate will slow down. Let me repeat, I am happy that the growth rate has quickened, but it is too early to celebrate,” he added.

Addressing an event, the Prime Minister on Saturday blamed the Congress-led UPA government for NPAs, saying action has been initiated against 12 large defaulters with a debt of nearly Rs. 1.75 crore, who were given loans before 2014. PM Modi said work has been on to recover around Rs. 1 lakh crore from another 27 large loan accounts. “Loans were given on phone calls made by ‘namdars’ (dynasts),” he had said without taking anyone’s name.

Senior Congress leader Kapil Sibal also hit back at PM Modi, saying the “so-called kamdar” had destroyed India’s economy with no jobs and no solutions to rising unemployment. “Uninformed allegations make for good sound bytes but it is only evidence of Modiji’s frustration. The so-called kamdar has destroyed India’s economy. No jobs and no solutions in sight,” The Congress leader tweeted, taking a jibe at the Prime Minister who prides in calling himself a “kamdar”, or a relentless worker. Sibal said the ruling BJP was the biggest non-performing asset of the country.


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