Bank loan

Bank Loan Exemption, Example of “Gift” Culture: Congress

Why were bank loans worth ₹5.8 lakh crore written off and corporate tax worth ₹1.45 lakh crore reduced, asks the door -Congress speaker Gourav Vallabh

Why were bank loans worth ₹5.8 lakh crore written off and corporate tax worth ₹1.45 lakh crore reduced, asks the door -Congress speaker Gourav Vallabh

The cancellation of bank loans is an example of a culture of free and not providing food to the economically weaker sections, Congress said on August 12 to target Prime Minister Narendra Modi over his remarks on the end of the culture of gratuity.

Why were bank loans worth ₹5.8 lakh crore written off and why was corporate tax worth ₹1.45 lakh crore reduced, the Congress spokesman Gourav Vallabh at a press conference.

Explaining the ₹5.8 lakh crore figure, Mr. Vallabh said that loans worth ₹9.92 lakh crore have been written off by banks in the last five years and of this amount, 7 ₹.27 lakh crore is the share of public sector banks.

The government, he said, in a response to a parliamentary question, had admitted that only ₹1.03 crore lakh had been recovered from the amount it had written off. Assuming that the recovery of the written off loan will increase to 20% in the coming time, Mr Vallabh claimed that public sector banks would not have recovered the ₹5.8 lakh crore loan.

“When will there be a discussion of public sector bank giveaways of ₹5.8 lakh crore in the past five years?” Mr. Vallabh asked.

Asking a series of questions during the press conference, he also wondered if there would be any discussion about the loss of ₹1.45 lakh crore per year for the government due to reduction in tax rates companies.

“Why are small sums or aid given to the poor free of charge ( rewrite), while the freebies rich friends get all the time from low tax rates, write-offs, and exemptions are “necessary incentives” ( gajak)?” Mr Vallabh added.

The congressional spokesperson cited programs such as the Food Security Act, MSP for Farmers, MGNREGA and Midday Meal that had provided relief to the poor during hard times. He also reminded the Modi government of its promises for 2022 – a home for every Indian family, doubling farmers’ incomes, bringing the high-speed train into service and growing India’s economy to $5 trillion.

“How and when will this culture of false promises end? Will the Prime Minister give new deadlines to the promises made for the year 2022 using the culture of smoke and mirrors? ” He asked.