PSBs write off Rs 5.82-trn bad loans in 5 yrs
Recovery is around 28 per cent of the total write-off in the previous five financial years. Banks write off NPAs, including those in respect of which full provisioning has been made on completion of four years, as per the Reserve Bank of India (RBI) guidelines and policy approved by banks' Boards, Chaudhary said.
'Such write-off does not result in waiver of liabilities of borrowers and therefore, it does not benefit the borrower. The borrowers continue to be liable for repayment, and banks continue to pursue recovery actions initiated in these accounts,' he said.
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The Print
an hour ago
- The Print
PM Modi announces task force for next-gen reforms in governance. What it will do
The task force will evaluate all current laws, rules, and procedures related to economic activities. It will suggest ways to reduce compliance costs for startups, MSMEs, and entrepreneurs, provide freedom from fear of arbitrary legal actions and ensure laws are streamlined for ease of doing business. 'This task force will work within a set time-frame to align existing laws with the needs of the 21st century and prepare the nation to become 'Viksit Bharat' by 2047,' Modi said while addressing the nation on the 79th Independence Day. New Delhi: Prime Minister Narendra Modi Friday announced the setting up of a task force to suggest next-generation reforms in governance, in a bid to promote India's economic growth and realise the Viksit Bharat dream by 2047. The reforms suggested by the task force will help in creating a supportive ecosystem for innovation, entrepreneurship, and economic growth, Modi said. Slew of reforms initiated since 2014 The Modi government has initiated a slew of reforms since it came to power for the first time in 2014 to ensure ease of doing business. Speaking about it in his 12th consecutive Independence Day address, the PM said his government has abolished over 40,000 unnecessary compliances and repealed more than 1,500 outdated laws. 'Dozens of other laws were simplified in Parliament, always keeping citizens' interests at the forefront.' He also mentioned how in the ongoing monsoon session of Parliament, over 280 provisions were removed from the income tax law, making governance simpler and more accessible for every Indian. 'Reform is not just about economics, it is about transforming the everyday lives of citizens,' he added. From income tax reform to faceless assessment for more transparency and efficiency, to zero tax for annual income up to Rs 12 lakh, the PM spoke about the numerous reforms undertaken by his government. Replacement of outdated criminal laws was another example he cited. The PM said these reforms signal a modern, citizen-centric government where ordinary people can experience ease, fairness, and empowerment. Modi added that India is committed to structural, regulatory, policy, process, and procedural reforms, building a nation where governance works for the people, not the other way around. (Edited by Gitanjali Das) Also Read: Modi's 'Diwali bonanza' for the common man—next-gen GST reforms, lower tax on daily-use items soon
Indian Express
5 hours ago
- Indian Express
From raising ‘conspiring' infiltrators, to lauding RSS, PM Modi sends messages to Opp, own ranks
From highlighting the 'threat' of infiltration or illegal immigration and announcing a mission to check 'demographic change', signaling his intent to stand up like 'a wall' to protect the interests of farmers and fishermen amid contentious trade talks with the US, and announcing that a Diwali bonanza for people was in the offing in the form of GST rate cuts, to declaring that India will put in place a comprehensive defence system in the coming years – Prime Minister Narendra Modi touched economy to security, employment to self-reliance in his Independence Day speech. Crucially, he emphasised the illegal migration aspect, even calling it a 'well-thought-out conspiracy', at a time when the Election Commission's Special Intensive Revision (SIR) of electoral rolls – driven largely with this agenda – has seen Opposition protests from the streets to courts and Parliament. As importantly, Modi's speech included fulsome praise for the RSS – the first time he has arguably done so from the ramparts of the Red Fort, in his 12 Independence Day speeches. With the Sangh set to celebrate its 100 years, the PM lauded its journey. He also attacked the Congress, mentioning the Emergency and claiming that its government's 'Gareebi Hatao' slogan had remained merely a slogan. Modi then went on to talk about the 'priority' his government placed on backward classes and backward regions, in an apparent counter to the Congress's OBC-centric social justice narrative. In what seemed like an attack on another Opposition narrative, of 'Hindi dominance' under the Modi government, the PM talked about the diversity of India's languages. With the US-imposed tariffs expected to lead to economic turmoil, Modi also put a lot of stress on self-reliance, asking traders to display boards at their shops announcing that they sell 'Swadeshi' products. The big takeaways from the Prime Minister's address: Infiltration or alleged illegal immigration from Bangladesh has always been an emotive issue in Assam and West Bengal, which are among the states headed for elections next year. The BJP has made it a hot-button national political issue, with the SIR controversy adding another layer to this and roiling Bihar, which is headed for polls in months. 'Today, I want to warn the country about a concern and challenge. As part of a well-thought-out conspiracy, the country's demography is being changed. Seeds for a new crisis are being sown… Yeh ghuspaithiye (These infiltrators)… they are snatching the livelihoods of my country's youth. Yeh ghuspaithiye are targeting my country's sisters and daughters. This will not be tolerated. They are misleading innocent tribals and occupying their land. The country will not tolerate this,' he said. 'When demographic change happens, especially in border areas, it creates a crisis for national security… a challenge for unity, integrity and progress. It sows the seeds for social tension. No country can hand itself over to infiltrators… How can India do that? Our ancestors sacrificed their lives and got us Independence… It is our responsibility towards them to not tolerate these things… So today, from the ramparts of the Red Fort, I want to say that we have decided to start a high-powered demographic mission… Yeh mission tay samay mein, suvicharit, nischit roop se, apne karya ko karega. Us disha mein hum aage bad rahe hain (This mission will accomplish its task in a fixed time, in a well-planned, decisive way. We are working towards this).' The PM signalled that the much-awaited rationalisation of GST may be rolled out soon, linking it to cutting the tax burden on people. Given the coming Assembly polls to several states, the move could have an electoral dimension apart from countering the Opposition's offensive against the government over an 'ill-planned' GST. 'This Diwali, I am going to make it a double Diwali for you. The people of the country are going to get a big gift… We have made big reforms in GST in the past eight years. We have reduced the tax burden on the entire country. We have simplified the process of tax collection. Now, after eight years, time has come to review it,' Modi said. A high-powered committee has been set up for this, he said. 'We have consulted state governments. We are going to come out with next-generation GST reforms. And this will become a gift for you this Diwali. Saamanya maanvon ki zarooraton ke tax bhari matra mein kam kar diye jaayenge. Bohot suvidha badhegi (The taxes on essentials required by the common man would be reduced substantially. It will be a big relaxation). Our MSMEs will also benefit a lot… It will boost the economy too.' Amid stalled trade talks with the US, Modi declared that his government would never 'compromise' the interests of farmers, livestock rearers and fisherfolk. There has been pressure from Washington on India to open up its market to American farm produce, with duty concessions sought in agriculture and dairy sectors in the bilateral trade agreement being negotiated between the two countries. 'India's farmers, cattle-rearers and fishermen are my biggest priority. Un se judhi kisi bi ahitkaari neeti ke aage Modi diwar banke khada hai (Modi is standing like a wall in front of any policy that can harm them),' he said. However, Modi made no mention of the deadlocked negotiations with the US or of US President Donald Trump's decision to impose a 50% tariff on Indian goods, which is much harsher than that for other countries. Referring several times to Operation Sindoor, despite the Opposition's attack against his government of 'politicising' the conflict with Pakistan, Modi said the country's enemies were 'punished beyond imagination'. He linked the security of the country to its progress, and went on to talk about the gains made against Maoists in states, with Left-wing-extremism affected districts coming down from 150 to 20. His government's next step would be developing 'a defence shield' across the country, Modi said. 'I have taken a resolve and I need your blessings. Because prosperity is of no use if we remain indifferent to security… So, in the coming 10 years, by 2035, all important places in the country – which include strategic and civilian areas, like hospitals, Railways, centres of worship – will be given a defence shield through a new technology platform.' According to him, this defence shield would be 'expanded continuously… so that every citizen feels safe', and said it will 'get the better of any other technology which attacks us'. He linked it to Lord Krishna's mythological weapon Sudarshan Chakra. 'Now the country will launch a Sudarshan Chakra Mission. It will be a powerful weapon system that will not just neutralise the enemy's attack, but will hit back at the enemy several times more.' He said the research, development and manufacturing of this modern defence system will be done in India, using the talent of the country's youth. During Operation Sindoor, China is believed to have helped Pakistan with technological support. Modi also emphasised on 'self-reliance' across sectors, making a particular mention of semi-conductors. 'I don't want to criticise any government from the ramparts of the Red Fort, but you would be surprised to know that the idea of a semiconductor factory came about 50-60 years ago and was killed in the womb… We lost 50-60 years,' he said. The country is now working in 'mission mode' in the semiconductor sector, Modi added, announcing that the first Made in India chips would hit the markets by the end of this year. Self-reliance was the bedrock of national strength and dignity, and would lead to a developed India by 2047, Modi said, calling for achieving this across sectors such as defence, space, energy, semi-conductors and fertiliser production. He called for innovations in Artificial Intelligence, cyber security, deep-tech, and operating systems for global competitiveness. Importantly, he focused on expanding nuclear energy through private sector participation. At their level, Modi said, shopkeepers should display swadeshi boards outside their shops and champion the 'Vocal for Local' initiative. The biggest political message was Modi's praise for the RSS, at a time when the Opposition, especially senior Congress leader Rahul Gandhi, claims that the Sangh is the real force behind the government. More importantly for BJP watchers, it comes ahead of the selection of the new party chief, which is much-delayed. The inability of the BJP top leadership and RSS to agree on a name is believed to be one of the reasons for the delay. 'Today, I want to mention something with pride,' Modi said. 'A hundred years ago, an organisation was born – the Rashtriya Swayamsevak Singh. Its hundred years of service to the nation have been a very proud and glorious page (in history). With the resolve of 'vyakti nirman (character development)' and 'rashtra nirman (nation building)', countless swayamsevaks have dedicated their lives to the welfare of 'matrubhoomi' (motherland)' for the last 100 years. Seva, samarpan, sangathan, apratim anushasan (Service, dedication, organisation and unparalleled discipline) have been its hallmark… The RSS is in a way the biggest NGO in the world,' Modi said. Taking on the Congress over its campaign that his government was a 'threat to the Constitution', Modi said his government considered the Constitution its supreme guiding light and source of inspiration while it was a Congress government that had imposed the Emergency. 'Fifty years ago, India's Constitution was strangled… stabbed in the back. The country was turned into a jail,' he said. 'The country's generations should not forget the sin of murder of the Constitution (by the Congress)… or the sinners who murdered the Constitution,' Modi said.
Economic Times
8 hours ago
- Economic Times
PM Modi announces task force for next-generation reforms to drive India's journey towards ‘Viksit Bharat' by 2047
Synopsis Prime Minister Narendra Modi has announced a task force to drive next-generation reforms, aiming for a developed India by 2047. The initiative seeks to modernize laws, promote self-reliance, and build a robust ecosystem across sectors. Further, the government will introduce a bill to decriminalize minor offenses, enhancing the ease of doing business and reducing judicial backlog. Agencies PM Modi Prime Minister Narendra Modi on Friday announced the formation of a task force to chart out next-generation reforms aimed at accelerating India's economic growth and realising the vision of a developed nation by 2047.'We have decided to constitute a task force for next-generation reforms. This force will work within a set time-frame to align existing laws with the needs of the 21st century and prepare the nation to become 'Viksit Bharat' by 2047,' Modi said in his address to the nation on the 79th Independence Day. Outlining the government's broader strategy, the Prime Minister said that to fulfil the vision of Viksit Bharat, India is building a modern ecosystem in every sector while striving for highlighted that the government has already undertaken a range of reform measures in areas such as foreign direct investment (FDI), reducing compliance burdens, scrapping obsolete laws, and simplifying regulatory frameworks. Additionally, reforms have been introduced in the country's income tax laws to make them more streamlined and efficient. In a further push towards easing the legal environment for businesses and individuals, Modi announced that a bill to decriminalise minor offences will be presented in Parliament next week. The measure is expected to improve the ease of doing business and reduce the judicial backlog.
