They (Fitch) have some concerns on the NPAs with the banks which can also be explained as a matter of concern for us. But, the concern is on account of wanting our banks to do better than the benchmark. However, the NPAs as assessed today are not anywhere above the benchmark and therefore it is not something where there is suddenly a red light for me,” Arvind Mayaram, Secretary, Dept of Economic Affairs told reporters.
The Finance Ministry officials also asserted that investment would increase as Cabinet Committee on Investment and Project Monitoring Group has cleared a number of projects. As many as 287 stalled projects worth Rs 5.5 lakh crore have already been cleared and 250 such projects worth Rs 10 lakh crore are expected to be approved shortly. Indian economy grew by 4.5 per cent in 2012-13 and is expected to grow at less than 5 per cent in the current fiscal. During the first half of the current fiscal, GDP growth was at 4.6 per cent.