Finance Minister Sitharaman says bad loans soared under Raghuram Rajan

Finance Minister Nirmala Sitharaman on Tuesday pointed out that Public sector banks were reeling under b loans during UPA rule. Speaking at Columbia University's School of International and Public Affairs, she said that former Prime Minister Manmohan Singh- and former RBI goverr Raghuram Rajan was collectively responsible for it. Calling it 'worst phase', finance minister said that banks public sector banks faced worst at that time. She ded that one was aware of it n. 

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"I have reason to doubt that Rajan feels for every word of what he is saying. And I'm here today, giving him his due respect, but also placing fact before you that Indian public sector banks did t have worst phase than when combination of Singh and Rajan, as Prime Minister and Goverr of Reserve Bank of India (RBI), h. At that time, ne of us knew about it," finance minister said. B loans of PSBs rose from Rs. 9,190 crore in 2011-2012 to Rs. 2.16 lakh crore in 2013-2014, according to RBI. 

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Finance Minister seeks expert help in GST

Conceding that GST may have some flaws in its present form, Finance Minister Nirmala Sitharaman asked tax professionals t to curse it and sought ir help to make it better. minister was replying to concerns raised by taxation industry professionals, who said industry was "cursing" government over how GST was implemented. Billed as biggest reform in indirect taxation, goods & services tax, which does away with a host of levies from federal to local government levels, was implemented on July 2017.

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Nirmala Sitharaman supports GST 

On several stakeholders "cursing" GST, Sitharaman even objected to a person who raised question and asked him t to damn law which was passed by Parliament and all state assemblies. "After a long time, many parties in Parliament and in state assemblies worked toger and came up with Act. I kw you are saying this based on your experiences but suddenly we cant call 'what a goddamn structure it is'," minister said.

(inputs from PTI)

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