A senior minister on Monday said every loan defaulter must not be as termed as “thief”, commenting at a time when Indian agencies are working to extradite industrialist Vijay Mallya and recover much of the Rs. 9,000 crore his companies allegedly owe banks.
“Judicial proceedings are going on about the default of Vijaya Mallya. Steps will be taken on whatever will be right,” said Road Transport, Highway and Shipping Minister Nitin Gadkari in an interview to ETV News Network, the transcript of which was provided by the channel.
“Earlier, his companies were giving interest to banks regularly. At that time, people were rating him good. Consultants were considered good, their managers were considered good. When one company faced difficulty, then all are termed as thief,” he said.
“We are also accepting that everything is not in good position. But we are trying to improve the situation. Banks’ positions are also not in good terms. But we cannot term every defaulter as thief. We have to see if default is bonafide mistake or malafide mistake,” he said.
“Government is taking action as per law.”
Giving a macro picture, Gadkari said, when there was an overall global slowdown, especially in the Chinese economy, a host of industries have not been performing well in India. But the government’s interventions have helped areas such as inrastructure, steel and cement industries.
“Overall, we have to take a positive, development-oriented approach. We should help the bonafide defaulters. Actions should be taken against malafide defaulters.”