Home > News > India News > Article > Lets talk about freebies to big corporates Congress

Let’s talk about freebies to big corporates: Congress

Updated on: 13 August,2022 09:46 AM IST  |  New Delhi
Agencies |

“When will there be a discussion on bank loan waivers to big corporates and the decrease in corporate taxes?,” asked Congress spokesperson Gaurav Vallabh

Let’s talk about freebies to big corporates: Congress

Prime Minister Narendra Modi


The “government’s rich friends” are getting ‘gajak’ through tax reliefs, write-offs and exemptions worth crores while the poor are getting only small assistance as ‘revris’, the Congress alleged on Friday targeting Prime Minister Narendra Modi. “When will there be a discussion on bank loan waivers to big corporates and the decrease in corporate taxes?,” asked Congress spokesperson Gaurav Vallabh.


Of the Rs 9.92 lakh crore loan written off by banks in the past five years, Rs 7.27 lakh crore is the share of public sector banks, he told reporters. The government, he added, has admitted in Parliament that only Rs 1.03 lakh crore was recovered of the amount written off by it. Assuming that the recovery from the written-off loan will increase to 20 percent in the coming time, public sector banks have not recovered the loan of Rs 5.8 lakh crore, Vallabh said.

“When will there be a discussion on freebies given by the public sector banks of Rs 5.8 lakh crore in the past five years?” Posing a series of questions, he also wondered when will there be a discussion on the loss of Rs 1.45 lakh crore per year to the government due to the reduction in corporate tax rates. “Why are small amounts or assistance given to the poor and oppressed classes to tide in tough times freebies (rewri), while the freebies that the rich friends get all the time through low tax rates, write offs and exemptions are ‘necessary incentives’ (gajak)?”


This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK