When the Narendra Modi government came into power, one of the primary promises was to curb black money transactions along with transparency in monetary transactions. Unfortunately, after four years of the Modi government, the common people are yet to witness anything of that sort.
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The government first urged people to open zero balance accounts and then fooled the people by asking them to pay the penalty for not having a minimum balance. The demonetization drive did more harm to the country than anything else. The startups and small-scale industries starved to unemployment whereas many people lost their jobs all across the country.
The last two years have exposed the Narendra Modi government regarding the faulty economic policy and corruption within the corridors of power. Be it Vijay Mallya, Nirav Modi or Mehul Choksi – the government has failed considerably to bring them back to India.
The curious case of increasing loan defaulters has been an ulcer to the economic progress of the country. Very recently, an RTI inquiry has revealed a staggering truth regarding the Modi era which will surprise many.
The Reserve Bank of India (RBI) has admitted while responding to an RTI application that number of and the amount involved in bank frauds have increased in the last 4 years. The RBI authorities have categorically mentioned that the rate of increase is much more than the two tenures of Manmohan Singh era.
In other words, loan frauds have amounted to Rs 55,000 crore. No doubt, the Union Finance Ministry is accountable for such organized loot of public money. It won’t be an exaggeration to say that such mismanagement has actually weakened the public sector banks in such a way that most of them are making losses.
The amount involved in loan frauds has trebled which shocking for a rising economy like India. The public sector banks account for 88% of the amount involved in loan fraud cases. After all, having 9193 cases of loan frauds across public sector banks is not a matter of joke. From Rs 2670 crore to Rs 19113 crore – the increase in the number of loan frauds is meteoric.
There is no denying the fact that the Narendra Modi government is accountable for such gross malfunction and that too in something associated with the national economy. As far as the economy is considered, the Arun Jaitley led finance department has failed the nation. Corruption is also another aspect which has maximized in this concerned era.
