Congress Accuses Modi Government of Rs 12 Lakh Crore Loan 'Freebies'
The Congress accused the Modi government of favoring billionaires by writing off Rs 12 lakh crore in loans, claiming it exemplifies economic inequality. They allege that this policy leads to 'robbing the poor to benefit the rich.' The government maintains that such write-offs don't relieve the borrowers of their liabilities.
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In a fiery critique, the Congress party has accused the current administration under Prime Minister Narendra Modi of distributing 'freebies' worth Rs 12 lakh crore to the country's wealthiest, courtesy of extensive loan write-offs.
The Congress drew attention to a government disclosure in the Rajya Sabha regarding public sector banks writing off more than Rs 12 lakh crore in loans over the past nine years. The opposition insists that such actions have exacerbated economic inequality, labeling it 'the core mantra of the Modi government's economic policy.
While the government justifies these write-offs as adherence to Reserve Bank of India guidelines and insists these do not absolve borrowers of their debt responsibilities, Congress maintains that the move favors the elite, leaving ordinary citizens at a disadvantage.
(With inputs from agencies.)
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