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LATEST NEWS UPDATES | Are Loan Waivers Not 'Freebies' to Corporates, Asks DMK In Application Before SC

Are Loan Waivers Not 'Freebies' to Corporates, Asks DMK In Application Before SC

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published Published on Aug 21, 2022   modified Modified on Aug 22, 2022

-TheWire.in

In an application seeking to implead itself in the 'freebies' petition, the party said in its first three years, the Narendra Modi government wrote off loans worth Rs 72,000 crore of the Adani Group.

New Delhi: The Dravida Munnetra Kazhagam (DMK), the ruling party of Tamil Nadu, said the petition on “freebies” is politically motivated and asked if the BJP-led Union government’s move to waive off loans of companies is not freebies for the corporates.

In an application seeking to implead itself in the petition before the Supreme Court, the DMK cites the move to write off loans worth Rs 72,000 crore of the Adani Group in the first three years of the Narendra Modi government. “In [the] last five years, Rs 9.92 lakh crore loans were written off by banks out of which, Rs 7.27 lakh crore is the share of public sector banks alone. Is this not freebies for corporates?” the party asks in the application filed on Saturday, August 20, before the apex court.

The DMK said the petition, filed by BJP leader Ashwini Upadhyay, has focused only on “freebies” promised to marginalised sections of the society but has not taken into account “the massive loan waivers and tax holidays which were granted to corporates”.

The party strongly objected to the usage of the word “freebies” to describe welfare measures flowing from Part IV of the constitution. “If the petitioner is concerned with [the] burden on the public exchequer, the petitioner would have been equally concerned with tax breaks and loan waivers given to affluent corporates and high net worth individuals. However, the petitioner has remained blissfully ignorant of these waivers, which are 3-4 times bigger than the budget spent on welfare measures,” it said.

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TheWire.in, 21 August, 2022, https://thewire.in/law/dmk-freebies-corporate-loans-supreme-court


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