Congress MP Randeep Surjewala Criticizes Modi Government Over Loan Write-Offs
New Delhi [India], August 6: Congress MP Randeep Surjewala has raised concerns about the Modi government’s handling of loan write-offs. According to Surjewala, loans worth more than Rs 9.9 lakh crore have been written off in the past five years, with only Rs 1.8 lakh crore recovered.
In a post on X, Surjewala stated, “Modi ji’s ‘tempo service’ to select crony friends has no bounds! The loan write-offs to selected cronies is an annual affair of the Modi Government, with little recovery.”
He added, “In the past 5 years alone, loans more than Rs 9.9 Lakh Cr have been written off, with a recovery of a pittance of just 1.8 Lakh Cr — this means out of every Rs 100, the Govt could recover only Rs 18 from the loan defaulters and Rs 82 is lost down the drain!”
Surjewala also questioned the government in the Rajya Sabha about the rise in Non-Performing Assets (NPAs) held by Scheduled Commercial Banks over the past five years and the actions taken to recover these funds.
Union Minister of State for Finance, Pankaj Choudhary, provided data showing that in 2019-20, written-off loans were Rs 2,34,170 crores with a recovery of Rs 30,016 crores. In 2023-24, written-off loans were Rs 1,70,260 crores with a recovery of Rs 44,893 crores.
Doubts Revealed
Congress MP -: A Congress MP is a Member of Parliament from the Congress party, which is one of the major political parties in India.
Randeep Surjewala -: Randeep Surjewala is a politician from the Congress party in India. He represents the party in the Parliament and speaks on various issues.
Modi government -: The Modi government refers to the current government of India led by Prime Minister Narendra Modi, who is from the Bharatiya Janata Party (BJP).
Loan Write-Offs -: Loan write-offs happen when banks decide that a loan cannot be recovered and remove it from their books. It means the bank accepts that the money lent will not be paid back.
Rs 9.9 lakh crore -: Rs 9.9 lakh crore is a very large amount of money. In Indian numbering, ‘lakh’ means 100,000 and ‘crore’ means 10 million. So, Rs 9.9 lakh crore is 9.9 trillion rupees.
Recovery -: Recovery in this context means getting back the money that was lent out as loans. If a bank recovers a loan, it means the borrower has paid back the money.
Rajya Sabha -: The Rajya Sabha is the upper house of India’s Parliament. It is similar to the Senate in other countries and has members who represent the states.
Non-Performing Assets (NPAs) -: Non-Performing Assets (NPAs) are loans or advances that are not being repaid by the borrower. When a loan becomes an NPA, it means the borrower has stopped making payments for a certain period.
Union Minister of State for Finance -: The Union Minister of State for Finance is a government official who helps manage the country’s finances. Pankaj Choudhary is the current person holding this position.
