sunderarajan

Madam @nsitharaman, before lecturing Congress on banking scandals and economic mismanagement, perhaps you should examine your own government's record. Your post lists controversies dating back to 1957 to portray Congress as the party of crony banking. But historical allegations against Congress cannot absolve the BJP of accountability for its own decisions, failures and policies. LET US EXAMINE THE FACTS. 1. ₹14.56 LAKH CRORE IN BANK LOANS WRITTEN OFF Between FY2014–15 and FY2022–23, Indian banks wrote off ₹14.56 lakh crore in loans. Of this, ₹7.41 lakh crore related to large industries and services. The government reported aggregate recoveries of approximately ₹2.05 lakh crore against written-off loans during April 2014–March 2023. A write-off is not automatically a loan waiver, and borrowers remain legally liable. Nevertheless, the scale of these figures raises a fundamental question: how effectively are powerful defaulters being pursued, and how much public money has actually been recovered? Source: Business Standard, citing government data. business-standard.com/financ… 2. ₹10.36 LAKH CRORE IN GROSS NPAs UNDER THE NDA Gross non-performing assets of India's scheduled commercial banks peaked at approximately ₹10.36 lakh crore in March 2018, during the BJP-led NDA government's first term. The government argues that its Asset Quality Review exposed previously concealed bad loans. That is relevant, but recognising old problems does not eliminate the responsibility to address them. If Congress alone was responsible for India's banking crisis, why did the crisis reach such extraordinary proportions during the NDA's tenure? The subsequent reduction in NPAs is welcome. But improving bank balance sheets does not, by itself, prove that political influence over lending has ended. Source: Ministry of Finance, Department of Financial Services. financialservices.gov.in/ban… 3. DEMONETISATION: THE BJP'S ECONOMIC MISADVENTURE On 8 November 2016, Prime Minister Narendra Modi abruptly withdrew ₹500 and ₹1,000 notes, representing approximately 86.9% of the value of currency in circulation. The stated objectives included eliminating black money, counterfeit currency, corruption and terror financing. What did the RBI subsequently report? 99.3% OF THE DEMONETISED CURRENCY RETURNED TO THE BANKING SYSTEM. Approximately ₹15.31 lakh crore of the ₹15.41 lakh crore in demonetised notes returned to the RBI. This does not prove that demonetisation had no other effects, but it decisively undermined the expectation that vast amounts of black money would be destroyed simply by invalidating currency. The economic disruption was substantial. Cash-dependent small businesses, informal workers, farmers and daily-wage earners faced severe difficulties. The RBI's March 2017 preliminary assessment attributed 33 basis points of the downward revision in its projected GVA growth for 2016–17 to demonetisation. Currency in circulation subsequently recovered and continued growing. Digital payments have expanded, but India did not become a cashless economy. Was an unprecedented disruption to millions of livelihoods justified by the results? Sources: RBI Annual Report 2017–18 and Economic Survey 2016–17. rbi.org.in/ indiabudget.gov.in/budget201… 4. IDBI BANK: RECAPITALISATION IS NOT A SUBSTITUTE FOR ACCOUNTABILITY You claim that the NDA revived IDBI Bank through professionalism, prudence and recapitalisation exceeding ₹25,000 crore. But that admission also raises questions about how the bank reached a position requiring such substantial support. IDBI Bank was placed under the RBI's Prompt Corrective Action framework in May 2017 following financial stress, including high NPAs and losses. Public capital injections can stabilise a bank, but taxpayers deserve transparency about the causes of its distress, the accountability of those responsible, the recovery of bad loans and the value realised when public assets are sold. The proposed strategic sale of IDBI Bank must therefore be judged on transparent valuation, competitive bidding and protection of public interest—not simply on the government's assertion that due process was followed. Reviving a bank is one thing. Explaining how it got into trouble and ensuring accountability is another. Source: Government of India, Department of Financial Services. financialservices.gov.in/ 5. ELECTORAL BONDS: WHO BENEFITED FROM OPAQUE POLITICAL FUNDING? The Modi government introduced the Electoral Bonds Scheme in 2018. In February 2024, the Supreme Court declared the scheme unconstitutional, holding that the non-disclosure of political funding information violated citizens' right to information. Between 2017–18 and 2022–23, the BJP received approximately ₹6,565 crore through electoral bonds, compared with approximately ₹1,123 crore for Congress. These donations do not, by themselves, prove wrongdoing or an improper exchange of favours. But they make transparency and accountability essential, particularly when large corporate donors and government decision-making intersect. If the era of political connections and corporate influence is truly over, why did your government defend a political funding scheme that the Supreme Court ultimately struck down? Sources: Supreme Court judgment and published electoral-bond data. indiankanoon.org/doc/2440106… indianexpress.com/article/po… 6. YOUR HISTORICAL ALLEGATIONS DO NOT EXONERATE THE NDA We do not defend wrongdoing under Congress governments. The Mundhra scandal and other historical controversies deserve scrutiny. But listing allegations against Congress leaders from decades ago is not evidence that political interference has disappeared under the BJP. The relevant questions are the same for every government: • Were loans granted on sound commercial principles? • Were powerful borrowers treated on equal terms with ordinary citizens? • Were bad loans investigated and recovered effectively? • Were public funds protected? • Was political funding transparent? • Were decisions involving public-sector banks made in the public interest? These standards must apply equally to Congress, BJP and every other political party. 7. THE REAL TEST OF ECONOMIC GOVERNANCE You claim that the era of “connection and setting banking” is over. Then prove it. Explain the enormous loan write-offs under the NDA. Account for the banking crisis that peaked in 2018. Defend demonetisation with evidence of its costs and measurable benefits. Demonstrate that political influence does not determine access to credit. Ensure that public assets are sold transparently and that powerful borrowers face the same accountability as ordinary citizens. A government's success cannot be measured by how effectively it blames its predecessors. It must be measured by the protection of public money, the quality of its economic decisions and the fairness of its institutions. Madam Finance Minister, history cannot be selectively invoked to attack Congress while the BJP's own record is placed beyond scrutiny. We do not ask for immunity for Congress. We demand accountability for every government. India deserves facts, transparency and equal standards—not selective history and political lectures. @INCIndia @RahulGandhi #BankingAccountability #Demonetisation #EconomicMismanagement #ElectoralBonds #CorporateAccountability #PublicMoney #IndianEconomy #CongressKeZamane #Vazhapadi