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Opinion

It’s A Self-Goal

Let’s clean up the NPA mess, not play blame games

It’s A Self-Goal
Photograph by Jitender Gupta
It’s A Self-Goal
outlookindia.com
2016-05-27T21:38:47+05:30

he Indian economy is at a delicate stage. While it is true that India is in the global spotlight as the fastest-growing major economy, and our every move is keenly followed and analysed by global investors,  it is also right that mounting levels of stressed ass­ets have almost choked the banks’ ability to lend, thwarting the takeoff of new projects. And yet, ­India Inc is being painted in a poor light and blamed entirely for the NPA mess. Our image is in tatters. The damage is irreparable. No doubt, some sectors of industry are over-leveraged and those like iron and steel, textiles, energy, infrastructure and civil aviation today make up much of the banks’ stressed-asset portfolios. But are all defaulters rea­lly wilful ones? At most, a few. What has started is, to put it bluntly, witch-­hunting. Trial by media of high-profile cases has created a negative public opinion about India Inc. It is unf­air to paint all with the same brush. Thousands of hard-working bus­­iness­men are victims of tough eco­­nomic conditions, which affect other countries too, many of them in recession.

This needs to be said. For any hard-working person, his reputation is eve­rything. Who will knowingly do something to destroy it? As it is, being an entrepreneur in India is a challenging task. On top of that, if a stigma gets attached to it for no fault of theirs, who would dare to tread that path?

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