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Last updated: 21 Sep, 2018  

Chidambaram.9.Thmb.jpg Govt's heavy-handed approach hits exports credit: Chidambaram

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SME Times News Bureau | 21 Sep, 2018

The Indian export sector is suffering from lack of credit due to the BJP government's "heavy-handed" approach to the NPA problem, former Union Finance Minister P. Chidambaram said.

"Export credit declined from Rs 39,000 crore in June 2017 to Rs 22,300 crore in June 2018. Yet government claims that it is taking steps to boost exports," Chidambaram tweeted.

He said despite government's claims of taking steps to boost exports, the export credit had declined sharply to Rs 22,300 crore in June from Rs 39,000 crore in the same month in 2017.

"Export credit declined from Rs 39,000 crore in June 2017 to Rs 22,300 crore in June 2018. Yet government claims that it is taking steps to boost exports," Chidambaram tweeted.

"Thanks to the NDA government's heavy-handed approach to the NPA problem, banks have no money to lend and bankers have no mind to lend," he added.

"In a climate of suspicion and vendetta, the only thing a banker looks forward to is the date of retirement."

Chidambaram's remarks came on the heels of Finance Minister Arun Jaitley's remark that the UPA government is responsible for the non-performing assets (NPA) crisis.

 
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