Modi govt trying to resurrect economy: Irani

Kolkata: Textiles Minister Smriti Irani said Saturday that Prime Minister Narendra Modi has been trying to “resurrect” the economy from “shambles” which the former UPA-II government left behind in 2014.

“The Modi-government had inherited a nation left behind in a shambles by the UPA-II. But, efforts are being taken to resurrect it,” Irani said at an interactive session organised by the Merchants’ Chamber of Commerce & Industry (MCCI) here.

She said the Centre was investing heavily in infrastructure development and more would be spent over the next few years.

She said the economy had also witnessed a turnaround with agri-sector reporting an 8.2 per cent year-on-year growth in the first three months of FY19.

The manufacturing sector grew by 13.5 per cent in the same period while commercial and passenger vehicle sales also grew by 51 per cent and 18 per cent, respectively, Irani said.

On bad loans, she said mounting non-performing asset (NPA) levels in public sector banks had been a result of lending to “unviable projects” made during the UPA regime.