Thursday, May 29, 2003
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By Our Special Correspondent
In a statement issued here, Mr. Janarthanan said that it might be true that interest rates in China, for its exporters, were cheaper than the Indian banking rates, but the NPAs created by Indian industries was a "huge burden" on the banking system and a danger to the economy.
"It is time for FICCI to fix a time-limit, say within two Five-year plans, to completely eradicate or at least reduce by 50 per cent, the existing NPAs, reimbursing the loans to the banks", he added.
He also drew attention to the labour situation in the country and said, "our organised labour, which is only 10 per cent of the labour strength, is demanding their democratic rights at the cost of the 90 per cent unorganised labourers. We cannot be a successful competitor in the world unless we rectify our labour system and repayment system by the industries."
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