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GST Bill will benefit economy: Pranab Mukherjee

DECCAN CHRONICLE.
Published Sep 11, 2016, 6:53 am IST
Updated Sep 11, 2016, 6:56 am IST
He also added that net profits of the banks have come down from Rs 79,465 crore in March 2015 to Rs 32,285 crore in March 2016, he said.
President Pranab Mukherjee with K. Pandiarajan, school education, sports and youth welfare minister of Tamil Nadu, during the centenary celebrations of Karur Vysya Bank. Governor of  Tamil Nadu, Vidyasagar Rao also seen. (Photo: DC)
 President Pranab Mukherjee with K. Pandiarajan, school education, sports and youth welfare minister of Tamil Nadu, during the centenary celebrations of Karur Vysya Bank. Governor of Tamil Nadu, Vidyasagar Rao also seen. (Photo: DC)

Chennai: Stressing on non-performing assets being an increased concern in the banking sector, President Pranab Mukherjee on Saturday said that the stressed advances to the gross advances of scheduled commercial banks have increased from 10.90 per cent in March 2015 to 11.40 per cent in March 2016.

“The aggregate provisions made by all scheduled commercial banks have increased from Rs 73,877 crore FY 2015 to Rs 1,70,630 crore in FY ending March 2016,” he said speaking at centenary celebrations of the Karur Vysya bank on Saturday.

 

He also added that net profits of the banks have come down from Rs 79,465 crore in March 2015 to Rs 32,285 crore in March 2016, he said. He also said that in the overall forecast of the world economy, India is doing well.  “In 2015, our economy grew at the rate of 7.3 per cent and it is expected to grow by 7.5 per cent by 2016 and 2017.”

He also lauded the steps taken former RBI Governor, Raghuram Rajan, to put the system in place. “Current account deficit (CAD) came to a manageable level of 1.1 per cent of GDP compared to 1.3 per cent in the previous year,” he continued.

He said that with the Goods and Services Taxes bill being ratified by about 19 states, the introduction of a uniform rate of taxes as well as single point taxation will benefit the economy.

“For KVB, it has been possible because of the two visionaries and the founders, M.A. Venkatarama Chettiar and Athi Krishna Chettiar, who had established the bank in Karur 100 years ago,” he said on the bank completing 100 years.

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