NDA made progress in solving economic woes, says Prabhu

Panaji, Jan 25 (IANS) The NDA government led by Prime Minister Narendra Modi may not have solved all the problems related to India’s economy, but made significant progress in this regard, Railway Minister Suresh Prabhu said on Monday.

“Looking back, we can say that we may not have solved all the economic problems, but definitely made significant progress in this regard,” Prabhu said.

He was delivering a talk organised by the Goa Chamber of Commerce and Industry in the port town of Vasco.

Prabhu said things had improved considerably ever since the National Democratic Alliance government took office at the Centre in May 2014.

“Foreign exchange was down, inflation rate was high, savings rate was going down. Several sectors were facing serious challenges – power, steel and cement. The lending banks too were facing problems. Their NPAs (non-performing assets) had gone up considerably. Our government began working in such situation,” Prabhu said.

The minister said the BJP-Led government had been able to successfully tackle inflation and “tangled bank assets”.

“We have solved quite a few problems, like inflation is down. We have made sure that banks’ tangled assets beyond Rs.8 lakh crore are partly unwound,” Prabhu said, adding that the NDA government’s actions were inspiring the global community to invest in India.

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