#Conclave16: Government to recover every penny of loan from Mallya, says Jaitley

Speaking at the India Today Conclave 2016 on March 17, finance minister Arun Jaitley said the government will recover every paisa of the loan taken by controversial business tycoon Vijay Mallya. He said the row has brought a bad name both to India and the Indian banking sector.

"I have to answer for sins committed by my predecessors. The Vijay Mallya issue has brought a huge bad name to India's name and banking sector. It is extremely dangerous for the future if we don't remedy this," Jaitley said, while delivering the opening keynote address on "Double Digit Growth: Can You Deliver It?", without naming the Congress directly.

"Wherever Mallya has defaulted, strong action will be taken. Every government agency, taxation and investigative agencies and all the banks - wherever he has violated law - are going all out to recover each paisa of the last rupee that they can from him," the finance minister added.

Mallya owes a group of 17 banks a whopping Rs 9,000 crore. A consortium of banks had moved the Supreme Court last week seeking to restrain the liquor baron from leaving the country. It later emerged that Mallya had already left India for London on March 2.

Talking about economy, the finance minister said double digit growth needs a combination of factors and a supportive global environment is a must for that. "Compared to the world scenario, our growth rate is impressive, but it's still not in sync with our inherent capability," he said.

He said India has more potential mainly in manufacturing. "We are moving in correct direction towards a better growth rate," the minister said.

On Goods and Services Tax (GST), Jaitley said every state government, including Congress-ruled states, are in its favour. He also said the Modi government amended the Land Acquisition Bill because all the chief ministers, including the Congress CMs, advised it to do so.

Watch the full speech here.