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.
