New Delhi, Aug 27 (IBNS): Union Finance Minister Arun Jaitley on Monday said Indian economy is facing challenges and the attempt to recover funds from defaulters would continue.
Addressing a conference of bankers held by the Indian Banks’ Association, Jaitley said, "India has achieved financial inclusion at a pace which is higher than any other economy."
"We lived in a society where the creditor indefinitely chased the debtor, today the roles have reversed," said Jaitley.
He said the need of the hour is to expedite the process.
"We need to augment our capacity as far as NCLT and NCALT are concerned. This change of relationship has had a salutary effect," said he.
In an indirect attack to the Congress party, which has been claiming credit for about 10 percent growth after the back series of the GDP data were released, Jaitley said that the adverse effects of such a strong growth is more dangerous.
"If we have growth on the basis of 31% or 21% credit offtake, history will record it as growth on the back of indiscriminate lending," said Jaitley.
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