Nirmala Sitharaman
LM NEWS 24
LM NEWS 24

Nirmala To Oppn: Do Some Homework On Monetisation Pipeline

Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday targeted the opposition over its criticism of the National Monetisation Pipeline (NMP), saying it should have done its homework before questioning the Centre.

Sitharaman accused the opposition of misleading people.

“Congress was the one to monetize Mumbai-Pune corridor and New Delhi railway station. We are not selling anything. The opposition is misleading people by spreading something which is not true. Opposition should have done their homework before questioning the Centre,” Sitharaman told reporters here.

Congress leader Rahul Gandhi had on Tuesday slammed the government over National Monetisation Pipeline, saying that “it is designed to create monopolies”. He had also alleged that the BJP was selling “the crown jewels of this country”. The CPI-M had also slammed the government over NMP, saying it “details the loot of national assets and infrastructure”.

The Finance Minister said she has requested the public sector banks to have interaction with export promotion agencies at various regional levels as well as with chambers of commerce and industry so that “requirements of exporters can be timely well-addressed.”

She said the nature of banking is also changing.

“We see even from industry inputs that people are able to raise finances even outside of the banking system,” she said, adding that industries have recognised that they have avenues outside of the banks.

The minister said banks have also raised revenues from the markets.

Nirmala Sitharaman said the Finance Ministry has asked banks to identify sunrise sectors and extend their services to understand them.” Banks should also look into the FinTech sector, as it requires assistance,” she stated.

The Minister also expressed concern over credit development in eastern states like Orissa, Bihar, Jharkhand, and West Bengal and said it can be made better.

“CASA (Current Account Saving Account) deposits are piling up in the eastern states. Banks should give facility of greater credit expansion in that region. So the credit flow for business development in that region can be better promoted,” Sitharaman said.

She said the government was paying interest for oil bonds issued during the UPA rule and its hands were tied.

“When the economy was doing well in the years 2006, 2007, and 2008 before the global crisis came, the government of that time was issuing oil bonds. We are paying back those bonds now and due to which our hands are tied,” she said.

Terming it “trickery” by the UPA government, Sitharaman said if the economy was doing good at the time as claimed by the then government, “why did they issue oil bonds which they didn’t even have to show in their budgets.”

“If that government had released a white paper before leaving, all trickery would have come to the fore,” she said. (ANI)

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.

These cookies are essential in order to enable you to move around the website and use its features. Without these cookies basic services cannot be provided.

Cookie generated by applications based on the PHP language. This is a general purpose identifier used to maintain user session variables. It is normally a random generated number, how it is used can be specific to the site, but a good example is maintaining a logged-in status for a user between pages.
  • PHPSESSID

Used on sites built with Wordpress. Tests whether or not the browser has cookies enabled
  • wordpress_test_cookie

In order to use this website we use the following technically required cookies
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services
0
Would love your thoughts, please comment.x
()
x