The Congress on Saturday accused Modi government of writing off Rs 5.5 lakh crore in loans of its “blue-eyed boys” and asked it to reveal the names of those corporate companies in respect of whom the loans were written off. Congress spokesperson Abhishek Singhvi accused the government of crony capitalism.
“This is nothing but one-sided favouritism of your blue-eyed boys, the blue-eyed corporate,” he said.
Referring to a news report, he said the total write off was Rs 7 lakh crore in the last 10 years and Rs 5.5 lakh crore in the last five years.
“So, on an average each year this government has merrily been writing off Rs 1 lakh crores of loans and what are they going to do about recapitalisation, about taking your taxpayers money and trying to re-capitalise the banks,” Singhvi said.
“The right hand will write off loans, left hand will recapitalise. It is a joke, it is a fraud, it is the worst kind of hypocrisy and I think the time is not far when this
government and its double-faced, double-voiced approach will be punished severely,” he added.
Singhvi said there is no chance of the names being revealed because that will reveal the “true extent of the Modi government’s crony capitalism”.
He said if you allow Rs 5.5 lakh crores to be written off, all drive to recover a loan written off vanishes. “The incentive to recover is virtually nil. The reality of
recovery of written off loans is virtually nil and this is because Modi Government rests on the twin pillars of cronyism and loot,” he said.