BrahMos WORLD INDIA MADHYA PRADESH BHOPAL WTN SPECIAL GOSSIP CORNER RELIGION SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA OPINION & INTERVIEW RECIPES DRINKS BIG MEMSAAB 2017 BUDGET 2017 FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES Mahakal Ke Darshan
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
N
W
T
logo
Breaking News

Analysis: Has the Modi government failed on the economic front?

Tuesday - October 2, 2018 3:28 pm , Category : WTN SPECIAL
Question mark on Modi's economic policies
Question mark on Modi's economic policies

Four years, 21 banks and 3.16 lakh crores debt written off

OCT 01 (WTN) - The biggest question is whether the country's economy is going through the worst phase in the Modi government, after the demonetization, GST and then the growing NPA of the banks and recently the weak rupee against the dollar constantly, did Prime Minister Narendra Modi and finance minister Arun Jaitley fail to give new direction and condition to the country's economy? Not only that, the condition of banks in the Modi regime is in the worst position in the recent period. We are saying that because SBI’s being in loss in Modi reign and the increasing NPAs of banks from day to day is an indication of this fact. 

Congress President Rahul Gandhi, who constantly targets the country's economy situation during the Modi government, has targeted the Modi government after the Reserve Bank report on banks debt. From the departing of Bank defaulter to the Rafale deal, Rahul Gandhi is raising questions on every activity of the Modi government. Rahul Gandhi tweeted on Modi's government, "In Modi's India, the common man has to stand in queues to keep his money in banks. Our complete details are deposited in the form of Aadhaar. You can’t use your own money. "

Not only this, Rahul Gandhi targeted on the Modi government, saying that Modi government is in sync with the capitalists. Rahul Gandhi further wrote in his tweet, "The capitalists working together convert their black money in to white. Using the money of the common man, debt of 3.16 lakh crores write off."

Here, Finance Minister Arun Jaitley has fiercely defended the action taken by the public sector banks to write off the debt after getting the RBI report. Responding to the allegations on his government, Jaitley said, "Writing off the debt of banks does not mean that the recovery of debt has been waived."

Jaitley further said, "Writing off the debt is a normal process in the banking business and this makes the bank's book account clean and helps them maintain their tax liability well."

Giving data on growing NPAs of banks, Jaitley said, "Public sector banks have recovered a debt of Rs 36,551 crore in the April-June quarter of the current financial year. The total recovery during the entire tenure of 2017-18 was Rs 74,562 crore."

Finance Minister Jaitley has reacted on the news in his article on Facebook that 21 banks in the public sector have written off debt Rs 3.16 lakh crore during the four-year tenure of the BJP government, while The recovery of the writing off deposit in the account is worth only 44, 900 crores. Referring to this, Jaitley has written, "The writing off action taken by the banks is done according to the guidelines of the Reserve Bank of India."

Arun Jaitley, while addressing Rahul Gandhi, said, "Writing off is not meant to forgive a debt.Banks continue to work on debt repayments with full readiness. In most cases, the management of the defaulting companies has been dropped under the Bankruptcy and Refinement Code of Incompetence (IBC). "

The Finance Minister Arun Jaitley is right that writing off is a common practice in the banking business to make the bank's book account clean. But there is a big question, what is the reason that banks are unable to recover debts from big industrialists?  The message is going on before the general public that in the Modi regime, industrialists aren’t doing repayment to the banks, which is NPA, is being increased. Well, how much clearance Finance Minister Arun Jaitley can give, but in the coming Lok Sabha elections, Modi government will have to answer.
Leave a Comment
* Name
* Email (will not be published)
*
* - Required fields