New Delhi, Aug 12 : The Congress on Friday slammed the Centre over the rewriting of loans totalling 10 lakh crore, and referred to it”Gajak culture” “Gajak culture”.At a press conference held on Friday, Congress spokesperson Gaurav Valabh claimed that, in accordance with the Food Security Act 2013, the BJP government provided free rations to the 80 crore people affected by the corona outbreak.
Indirectly the National Food Security Act also required the government to purchase foodstuffs from farmers for the minimum support price (MSP).
“So If the distribution of foodgrains to a population of 80 crore people (approximately 60 percent of the population) and purchasing the same foodstuffs from farmers for MSP is an open Rewari culture the result is that in the last five years, Rs 9.92 lakh crore (about 10 lakh crore) was written off by banks.So why is the government still silent about the unofficial Gajak culture? “, he said.
Vallabh stated “Of the amount of Rs 9.92 lakh crore loans written off by banks in the last five years The figure of 7.27 lakh crore was the portion of the public sector banks.In the answer to the question in Parliament the government acknowledged that in the last five years of the 5 years, from of the money written off by banks of the public sector, just 1.03 lakh crore was recovered Public sector banks recouped 14 percent of the money taken away in the last five years.
“If we also believe that the amount of money recovered from the loan that was written off will be increased to 20 percent in the future The public sector banks have not been able to recover the loan of the amount of 5.8 crore.It is crucial to note that when the debt of banks of the public sector sinks then the funds of the nation’s taxpayers also sinkstoo,” he said.
The Congress leader stated, “If MNREGA is a free ‘Rewari’ offered by the government, why the decrease in the rates of corporate tax that the government announced in 2019 is also free Gajak? The net effect of the reduction in the corporate tax rates is 1.45 lakh crore of less tax collection.This is more than the amount of the MGNREGA budget in the current fiscal year.
Vallabh stated, “Why small amounts or assistance to the less fortunate are not ‘freebies’ (Rewari), while the benefits that rich friends enjoy every day by way of lower tax rates, write-offs, and exemptions are necessary incentives (Gajak)?”
miz/dpb
