News Tamil Nadu

CPI-M MP Su Venkatesan Peddles Lies About Fin Min, Gets Schooled By BJP Leader SG Suryah On Write Offs

October 25, 2023
The Commune

In a post on social media platform X, Madurai MP and State Secretary of the CPIM, Su Venkatesan has peddled lies claiming an RTI query to the Reserve Bank of India disclosed that during the NDA regime loans worth ₹25 lakh crores were written off. He claimed that ₹34,192 crores were written off during Manmohan Singh’s tenure and ₹2.77 lakh crore per annum under the Modi regime.

Dr. SG Suryah, the State Secretary of the Tamil Nadu Bharatiya Janata Party, gave a befitting response to the tweet posted by Su Venkatesan where he busted all the lies and also schooled him on the basics of finance, starting with defining a write-off.

He wrote, “Dear Su Venkatesan, don’t rely on unverified RTI based reporting. Free Press Journal hasn’t shared the RTI which disclosed this amount. So, probably it’s #FakeNews! Also here are few basic tutorials, I’m sure you won’t understand any of it – so seek experts’ help to brief you on this.

Explaining about write-off, the BJP Tamil Nadu State Secretary said “A “write-off” refers to the process of legally removing bad loans from the books of accounts, effectively cleaning the balance sheet. Despite being written off, efforts to recover from these accounts continue.

He further explained why were loans being written off in the first place saying “During the Congress era, the banking sector faced a crisis due to various issues, including the phone banking scam, twin balance sheet problem, and mismanagement of the banking sector. This allowed several industrialists with ties to Congress to secure loans without proper due diligence, many of which were not repaid. Under the Modi government, it was discovered that numerous capitalists had not repaid their loans, leading to these loans becoming non-performing assets (NPAs). In response, the Modi government took action against these defaulters by seizing their assets. To maintain their balance sheets, banks wrote off these loans. Even Raghuram Rajan, who has ties to the Congress, acknowledged that “most of the NPA loans are from the Congress era.”

Suryah also elaborated on the action taken against the defaulters and its results. He said “Under the Modi government’s leadership, a stringent approach has been taken against defaulters, resulting in the recovery of over ₹10 lakh crores in the last nine years. Notably, Public Sector Banks (PSBs) have experienced an exponential surge in growth, as evidenced by their impressive profit of more than ₹1 lakh crore in FY 2023. PM Modi government’s dedicated efforts to revitalize the banking sector have yielded positive results, effectively rectifying the issues created during the Congress era.”

Suryah also lashed out at propagandists masquerading as journalists for misleading people by peddling lies and half-truths.

He said “Low IQ Propaganda Journalists need a refresher course in economics before publishing incorrect & misleading information. It can be seen that the cumulative sum of ₹24.95 lakh crore of the written-off loans has been arrived at by adding the figures for public sector banks (PSBs) & Scheduled Commericial Banks (SCBs), which is incorrect & thoroughly misleading.”

Suryah pointed out that as per RBI data, SCBs, during the last nine financial years, have written off an aggregate loan of ₹14.56 lakh crore, which includes loans of ₹10.42 lakh crore written off by public sector banks.

“Any data of PSBs are just a subset of SCBs data. The Low IQ journalist just did double counting. For instance, it’s like adding Tamil Nadu’s population to India’s population and arriving at a bigger figure. India’s population obviously includes Tamil Nadu’s population. TN is a subset of India. It seems to have been deliberately done to attract attention & create sensationalism. And appalling that our low IQ MPs like you Mr. Su Venkatesan blindly rely on them. What can one do when Pappu is at the helm of affairs. Perhaps one should read more on the classification of the banks in India??“, Dr. Suryah came down heavy on the Communist MP.

Su Venkatesan also received replies from well-meaning and educated X users who schooled him on the issue and called out his bluffs.

Some even questioned him whether he knew and understood the basic difference between a waive-off and a write-off.

 

Time and again members of the I.N.D.I.Alliance spew lies and peddle certain propaganda against the central government, most often without any knowledge of the subject and the issue they are accusing the government of supposedly hoodwinking the nation. Along with the political party members, journalists are also seen peddling a similar agenda. One among them was Karthigaichelvan from News18, who was with the Puthiyathalaimurai channel, repeatedly questioned Finance Minister Nirmala Sitharaman on the write-off without knowing the meaning of the word.

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