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  5. Modi govt gave loans to 'crony friends', but no debt relief for farmers, alleges Congress

Modi govt gave loans to 'crony friends', but no debt relief for farmers, alleges Congress

The Congress on Saturday cited a Credit Suisse report to allege that the Modi government waived loans worth Rs 7,77,800 crore of "crony friends" in five years, and asked why it could not give debt relief to farmers.

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New Delhi Published on: February 22, 2020 16:06 IST
Modi govt gave loans to 'crony friends', but no debt relief for farmers, alleges Congress
Image Source : PTI

Modi govt gave loans to 'crony friends', but no debt relief for farmers, alleges Congress

The Congress on Saturday cited a Credit Suisse report to allege that the Modi government waived loans worth Rs 7,77,800 crore of "crony friends" in five years, and asked why it could not give debt relief to farmers. "Shocking state of bank loan waivers, NPAs & impaired banking assets exposed by Credit Suisse report! Since 2014, Modi government has given super sized bank loans waivers worth Rs 7,77,800 Crore!" Congress chief spokesperson Randeep Surjewala said in a series of tweets.

Why is the Modi government not disclosing the names of the beneficiaries of this "largesse", Surjewala asked. "Gross banking NPAs are a whopping Rs 9,10,800 crore! Impaired banking assets are a colossal Rs 16,88,000 crore! Credit growth of private banks down to 12 per cent, PSU banks down to 4 per cent!" he said.

"Modi government can waive loans of Rs 7,77,800 crore in 5 years of crony friends, why no debt relief to India's farmers? Who is responsible for safety of people's money in banks?" Surjewala asked. 

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