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PM Modi To Fugitive Economic Offenders: “The Message Is Very Clear” – dot newz

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PM Modi was speaking at a symposium on credit flow and economic growth.

New Delhi:

Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country.

Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest.

“In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels. The message is very clear — return to your country. We are continuing these efforts,” he said.

He, however, did not name or refer to any particular offender.

The Centre has in recent times stepped up efforts to extradite high-profile economic offenders such as Vijay Mallya and Nirav Modi, wanted in connection with bank frauds and money laundering cases.

While Rs 5 lakh crore has been recovered from defaulters through proactive steps, the recently set up National Asset Reconstruction Company (NARCL) would help resolve Rs 2 lakh crore of stressed assets, the Prime Minister said.

He also said the financial health of banks is now in a much-improved condition as his government has since 2014 found ways to address the problems they faced.

“Indian banks are strong enough to play a major role in imparting fresh energy to the country’s economy, for giving a big push and making India self-reliant,” he said.

“This is a time for you to support wealth creators and job creators. It is the need of the hour that now the banks of India work proactively to bolster the wealth sheet of the country along with their balance sheets,” he asserted.

Banks, PM Modi said, need to shed the culture of they being an approver and the customer being an applicant, and adopt the model of partnership.

“When the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens,” he said.

PM Modi further said the reforms initiated by the government in the banking sector in the last six-seven years supported the banking sector in every way, due to which the sector is in a very strong position today.

“We addressed the problem of NPAs, recapitalised banks and increased their strength. We brought reforms like Insolvency and Bankruptcy Code (IBC), reformed many laws and empowered Debt Recovery Tribunal,” he said.

PM Modi also nudged bankers to offer “customised solutions” to businesses and micro, small and medium enterprises (MSMEs).

“Don’t wait for customers to come to banks. You have to go to them,” he said, while assuring bankers that he will “stand by them like a wall” for every honest decision they take.

Asking banks to move ahead with a “big thinking and innovative approach”, PM Modi said “we will become laggards if we delay adopting Fintech.”

Setting a target for banks, he said by August 15, 2022, every bank branch should have at least 100 clients who conduct the entire business digitally.

“Banking sector has to understand this that in India it is time for investing in ideas. It is time to support startups. Startup is an idea, there is no asset, it is just an idea,” he said.

“You (banks) have no dearth of resources, data. The government will continue to do reforms, and you (banks) have moved forward along with the nation’s commitment and target,” he added.

The Prime Minister said steps taken in the recent years have created a strong capital base for the banks.

Banks have sufficient liquidity and no backlog for provisioning of bad loans, while non-performing assets (NPAs) in public sector banks are at the lowest in the last five years. This has led to the upgrading of the outlook for the Indian banks by international agencies, he pointed out.

The Prime Minister emphasised on the need to proactively serve the customers and asked banks to provide customised solutions to customers, companies and MSMEs after analysing their needs.

He also praised the banking sector for its enthusiasm in implementing the Jan Dhan Scheme.

The Prime Minister said banks should proactively get involved in the growth story. He gave the example of the Production Linked Incentive (PLI) scheme where the government is doing the same by giving Indian manufacturers an incentive on production.

Under the PLI scheme, manufacturers have been incentivised to increase their capacity manifold and transform themselves into global companies. Banks can play a big role in making projects viable through their support and expertise, said PM Modi.

“Reforms in last six-seven years have led to the banking sector in a strong position today… We have addressed non-performing assets (NPAs) of banks, recapitalised banks, brought bankruptcy laws and strengthened debt recovery tribunal,” PM Modi added.

He said with consolidation among public sector lenders, they are able to raise funds from market. With the reforms, banks have a huge and strong capital base, good liquidity and no NPA backlog.

“You are the main stakeholder in nation-building… Banks can play a big role in boosting the economy and making India aatmanirbhar,” the Prime Minister added.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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India Is No.1 Food Supplier To Arab Nations After 15 Years – dot newz

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The Arab world is among Brazil’s most important trade partners.

Sao Paulo:

India surpassed Brazil in food exports to the League of Arab States for the first time in 15 years as the COVID-19 pandemic disrupted trade flows in 2020, according to data provided by the Arab-Brazil Chamber of Commerce to Reuters on Tuesday.

The Arab world is among Brazil’s most important trade partners, but its distance from those markets took its toll as the pandemic rattled global logistics.

Brazil accounted for 8.15% of the total agribusiness products imported by the 22 League members last year, whereas India captured 8.25% of that trade, ending Brazil’s 15-year advantage, the data showed.

Despite remaining competitive “from the farm gate in,” Brazil lost ground to India and other exporters such as Turkey, the United States, France and Argentina amid a disruption of traditional shipping routes.

Brazilian shipments to Saudi Arabia that once took 30 days could now take up to 60 days, according to the Chamber, whereas India’s geographic advantages allow it to ship fruits, vegetables, sugar, grains and meat in as little as week.

Brazil’s agricultural exports to the Arab League rose just 1.4% by value to $8.17 billion last year. Between January and October this year, sales totaled $6.78 billion, up 5.5%, as logistics problems subsided, Chamber data showed.

China’s push to boost its own food inventories during the pandemic also diverted some of Brazil’s trade with the Arabs, leading countries such as Saudi Arabia to step up promotion of domestic food production, while seeking alternative suppliers.

“It’s a turning point. The Saudis are still big buyers, but they are also net re-exporters of food,” the Chamber said in a statement.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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“BJP Development? Coconut Breaks A Road Open!” Akhilesh Yadav Sneers – dot newz

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Lucknow:

Samajwadi Party chief Akhilesh Yadav, ally Jayant Choudhary at his side, berated Chief Minister Yogi Adityanath and the BJP on multiple issues today — including development, which the ruling party placed front and centre of the coming election. “What infrastructure has the BJP created,” he questioned, citing a recent headline from Bijnore that has raised many a chuckle in the state.

“The older tradition was — hit the coconut on the road and the coconut breaks. The new tradition they have started is hit the coconut on ground and the ground must break,” he told NDTV, speaking on the sidelines of a rally in Mathura attended by thousands.

Suchi Mausam Chaudhary, the BJP MLA from Bijnor Sadar, was left furious earlier this month at the traditional inauguration when bits of a 7-km road, renovated at a cost of Rs 1.16 crore, came off when struck by a coconut.

Challengers to the BJP government which came to power in the state with a sweeping mandate, the two leaders made a prediction. “Looking at anger among the people, BJP can even lose 400 seats. They will be wiped out in the western UP,” Akhilesh Yadav said.

Their sharpest barbs were reserved for Chief Minister Yogi Adityanath.

In his address, Mr Yadav had spoken of the BJP “misrule” in terms of jobs, education development and farmers’ issues. Asked about his remark that the “Baba (Yogi Adityanath) just sits in Gorakhpur and rings a bell (while all this is happennig),” and how it would be received by the state’s Hindu voters, Rashtriya Lok Dal chief Jayant Chaudhary spoke up.

“Adityanath is not a symbol of Hindu unity, he can be questioned,” Mr Chaudhary said. “This is not an issue about Hindu pride but issues like unemployment. Adityanath said he will give 70 lakh jobs. Today, their own posters say they have given only four lakh jobs,” he added.

Akhilesh Yadav had other questions. “The Chief Minister should answer whether the man sitting in the jeep that mowed down farmers (in Lakhimpur Kheri) was the Union Home Minister’s son or not… Yogi must answer how many cases were against him that he removed himself after becoming the Chief Minister,” he added.



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Women’s Commission Seeks Report On BJP Leader’s Remark About Mumbai Mayor – dot newz

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Kishori Pednekar is the current Mayor of Mumbai. (File)

The Maharashtra State Commission for Women has asked the Mumbai police commissioner to submit a factual report about an alleged objectionable remark passed by BJP leader Ashish Shelar about mayor Kishori Pednekar in connection with the recent cylinder blast in Worli.

Taking to Twitter, the Commission’s chairperson Rupali Chakankar said “insulting” comments made about women by responsible public representatives “will not be tolerated”.

The Commission has, therefore, taken a “serious” note of the comment and asked the Mumbai police chief to submit a factual report in this connection, Ms Chakankar tweeted on Monday night.

In her letter to the police commissioner, Ms Chakankar claimed, “Shelar’s comment ”the Mumbai Mayor visited (those injured in the blast) after 72 hours of the incident, where were you (the mayor) sleeping for these many hours?” is being broadcast in the news media”.

“So, a factual report should be submitted in this connection as per section 12(2) and 12(3) of the Maharashtra State Commission for Women Act, 1993,” she said.

Three members of a family died after a gas cylinder exploded in their home in a chawl in Worli area of central Mumbai.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)



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