New Delhi : The Congress on Tuesday dubbed announcement of recapitalisation of the public-sector banks with Rs 2.11 lakh crore as “too little, too late” without a roadmap or timeframe.
Pointing out that the NPA (non-productive assets) jumped from 36% in March 2014 to 82% in June 2017, from Rs 36,000 crore to Rs 8.35 lakh crore, it said the so-called “big and bold” decision of the government is a “visionless damp squib.”
Its chief spokesman Randeep Singh Surjewala said the Modi government has already waived loans of willful defaulters worth Rs 1,88,287 crore in the last three years, the highest Rs 81,683 crore in 2016-17 and wondered if the government is risking the taxpayer’s money for more such loan waivers without commitment to MSME and agriculture.
Ridiculing Finance Minister Arun Jaitley’s claim that the macro-economic fundamentals of the economy are very strong, he said “Modinomics” has already destroyed India’s “growth story” while” mindless and unsound decisions like Demonetisation and the poor implementation of GST have hurt the core of the fundamentals of both Macro and Micro Economic fundamentals.”
He said even the “Bharatmala” project stated to bring Rs 5.35 lakh crore is completely debt driven with total burden on people of India as its breakup is: Rs 2.09 lakh crore in market borrowings, Rs 2.19 lakh crore in Tolls and Rs 1.06 lakh crore in private investment.
Time has come to travel from empty Jumlas to meaningful governance, he added.
