Public Banks, HAL, LIC Defied Opposition's Pessimism: PM Modi
We have moved ahead with new vigour after crossing the pile of NPAs that the opposition had left behind, PM Modi said.
Prime Minister Narendra Modi said that institutions including public sector banks, Hindustan Aeronautics Ltd. and Life Insurance Corp. of India registered growth despite the pessimism propagated against them by the opposition parties.
"You would be aware what these people had said for the banking sector – the banking sector will sink, the banking sector will be destroyed...," the PM said in response to opposition's no-confidence motion in Lok Sabha on Thursday. "They intensified the task of spreading various kinds of pessimism and rumors regarding the health of our banks. And while they harboured ill will for the banks... the net profit of our public sector banks has more than doubled."
"Today, we have moved ahead with new vigour after crossing the pile of NPAs that they had left behind," the prime minister said. Earlier, Finance Minister Nirmala Sitharaman presented details of public sector banks' profits before the Parliament.
"Another example — HAL, the government company that manufactures our defense helicopters. They spoke so many bad things about HAL. HAL is destroyed, HAL is finished, India's defense industry is finished. Today HAL is touching new heights of success. HAL has registered its highest ever revenue. HAL has emerged as the pride of the country today, despite their serious allegations and efforts to instigate the workers and employees there," Modi said.
"I give the third example. LIC is ruined, the money of the poor is drowning, where will the poor go, the poor man had put money in LIC with great effort, and what not. But today LIC is continuously getting stronger," he further said.
Those who are interested in share market should invest in government companies people are abusing, Modi said.
