Fugitives and bank defaulters will not be spared, says Modi

mumbai — Prime Minister Narendra Modi on Tuesday said the government is aiming to bring 99 per cent of items below the 18 per cent GST slab and warned of stringent action against defaulters of bank loan and fugitives.

“Before GST, registered enterprises numbered 6.5 million, which has now increased by 5.5 million. Today, the GST system has been established to a large extent and we are working towards a position where 99 per cent items can be brought in the sub-18 per cent slab,” said Modi.

In a stern warning, he said economic fugitives and defaulters of bank loans would not be spared, and referred to the Insolvency and Bankruptcy Code, 2016 (IBC), the Fugitive Economic Offenders Act, 2018 and other changes that were

helping prosecute those who earlier escaped the law.

“Who would have thought four years ago that the main suspect of the (AgustaWestland) helicopter scam, Christian Michel, would be brought to India?

“Earlier, when companies used to be unable to repay loans, nothing used to happen... they had a suraksha kavach (protective shield) from the khaas parivar (privileged family)... This has ended with the IBC,” Modi asserted in his address to the

Republic TV’s Surging India Economic Summit here.

Modi also highlighted in detail India’s achievements in the past nearly five years and said the nation has taken the first steps towards joining the $5 trillion economy club. He discussed the strides made in the economy across major sectors, ranging from waterways to aviation, in its path to development that catapulted India to compete at the global level.

“Surging India — the two words are the expression of 1.3 billion Indians. These are the feelings, vibrations which the world is witnessing. In the global society, India’s growth is moving ahead in a very fast manner. India’s image before the world is getting better with each passing day,” he said. —