Why bank loans worth Rs 5.8 lakh crore were written off and Rs 1.45 lakh crore corporate tax cut, Congress asked on Friday, attacking the Prime Minister Narendra Modi On his comment to end freebie culture. Congress spokesperson Gaurav Vallabh asked, ‘When will there be a discussion on bank loan waiver to big corporates and reduction in corporate tax.
“Out of Rs 9.92 lakh crore of loans written off by banks in the last five years, Rs 7.27 lakh crore is the share of public sector banks,” he told reporters.
He said the government in a reply in Parliament has admitted that only Rs 1.03 lakh crore has been recovered from the amount written off by it.
Vallabh said, “Assuming that the recovery from the write-offs will increase to 20 per cent in the times to come, public sector banks have not recovered loans of Rs 5.8 lakh crore.”
“When will there be a discussion on giving Rs 5.8 lakh crore free of cost by public sector banks in the last five years?” Raising several questions, he also wondered when the government would be discussing the loss of Rs 1.45 lakh crore per annum due to reduction in corporate tax rates.
“Why are the poor given small sums or aids, while the rich friends have all the time free ‘necessary incentives’ (gajak) they get through low tax rates, write-offs and rebates?”
He cited schemes like the Food Security Act, MSP to farmers, MGNREGA and mid-day meals, which had provided relief to the poor during difficult times. Vallabh reminded the Modi government about its promises of 2022 in which every Indian will have a house by 2022, farmer’s income will be doubled by 2022, bullet train will be operational by 2022, economy will be 5 trillion USD.
When and how will this culture of false promises end? Is PM going to give new deadline for the year 2022 for promises made using smoke and mirror culture? Vallabh asked.
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