NEW DELHI: India needs to have an appropriate policy intervention as well as process to resolve non-performing assets (NPAs) of companies that are genuinely not able to repay their loans, Minister of State for Finance Jayant Sinha said on Sunday, while reiterating that the government is committed to punish the willful defaulters.
Speaking at the IMF’s Advancing Asia Conference, Sinha said the “full force of the law is being applied and all the investigative agencies are working to ensure that willful defaulters are brought to justice”.
The minister said some corporate groups are facing financial distress because of the slowdown in global economy or because of policy failures of the previous government.
“We have to have appropriate …
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