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Rs 10.6 Lakh Crore Loan Waiver Raises Questions About Government Priorities

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In the midst of recent debates surrounding the pro-business stance of the NDA government, the revelation of a staggering Rs 10.6 lakh crore loan waiver has sparked controversy. While government representatives deny any political motivation behind their policies, recent developments in the Lok Sabha shed light on a significant shift in priorities.

Loan worth over Rs 10 lakh crore written off by Indian banks, says finance  ministry | Details | Business News -

Source: News9live

Full Story: 

Despite previous refusals to entertain pleas for crop loan waivers from the agricultural community, the government has now implemented a massive relief package, leaving many questioning the decision-making process. Union Minister of State for Finance, Bhagwat Karad, revealed this substantial waiver in response to queries during Lok Sabha proceedings.

Agricultural Community Discontent:

The government’s refusal to acknowledge the pleas of the agricultural community for crop loan waivers, citing reasons such as crop damage and the impact of COVID, has left a bitter taste. Despite facing adversity, farmers were required to repay their loans with interest. This disparity in treatment raises questions about the government’s commitment to addressing the concerns of the backbone of our economy.

The Enigmatic Waiver:

The startling revelation of a Rs 10.6 lakh crore loan waiver has left citizens puzzled. The waiver, primarily benefiting around 2,300 entrepreneurs with loans exceeding Rs 5 crore, reflects a significant departure from previous government policies. The lack of transparency regarding the names of these beneficiaries raises concerns about accountability and leaves room for speculation on the government’s connections with influential business figures.

Indian Banks Write Off Rs 10.6 Lakh Crore in 5 Years, Mostly Linked to  Large Corporates: Govt Data

Source: The Wire

Small and Large Enterprises:

The broad spectrum of beneficiaries, ranging from small to large enterprises, further complicates the narrative. While the government justifies the waiver by citing approved bank board policies based on Reserve Bank guidelines, the absence of detailed information about the criteria for selecting these beneficiaries leaves the public in the dark. As questions linger, there is a growing need for transparency and a clearer understanding of the decision-making process.

Bad Debts and Policy Implications:

Union Minister Bhagwat Karad disclosed that the colossal amount waived off has been categorized as bad debts in accordance with approved bank board policies. The use of public funds to relieve businesses of such significant debts prompts scrutiny of the government’s financial management. Understanding the implications of such decisions on the economy, particularly at a time of global uncertainty, becomes crucial for citizens and policymakers alike.

Political Motivation or Economic Necessity:

The ongoing denial of political motivation behind the loan waiver by government representatives stands in stark contrast to the evidence presented in the Lok Sabha. The timing of this decision, coupled with its stark deviation from previous agricultural policies, fuels skepticism about the true motives behind the move. 

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