New Delhi: Addressing the 70th annual function of the Institute of Chartered Accountants of India (ICAI), Union Minister Anurag Thakur said that Narendra Modi government’s effort to bring down non-performing assets (NPAs) in banks and financial institutions, it has helped to recover Rs 4 lakh crore through insolvency and bankruptcy proceedings since 2014.
He stated it as a ” major achievement” of the Modi government.
Thakur recalled that when PM Modi assumed office in 2014, NPA stood Rs 52 lakh crore. Further due to the strong action, the NPAs were brought down to Rs 18 lakh crore. The legal proceedings further continued wherein Rs 4 lakh crore was recovered, he said.
“It is our collective responsibility to help in further boosting the country’s economy,” Thakur said.
Anurag Thakur appealed to the chartered accountants to cooperate with the government and ask clients to end litigation and ensure that such financial institutions got back their dues.