National
Congress slams government, says recapitalisation move too little, too late
New Delhi, Oct 24 (IANS) The Congress on Tuesday termed as “too little, too late” the government’s move to recapitalise public sector banks with Rs 2.11 lakh crore and said that Finance Minister Arun Jaitley’s “shoddy” attempt to defend the government’s performance on the economy front had failed to impress either the people or the industry.
Reacting to the government’s announcements to boost infrastructure, growth and employment, Congress Communications Incharge Randeep Singh Surjewala said the decisions were a “visionless damp squib”.
“Shoddy attempt of a desperate Finance Minister to defend the decimation of economy has failed to impress either the Indian industry or common people…Time has come to travel from empty jumlas to meaningful governance,” Surjewala said.
He said the economic growth projected by the government was only on paper.
Referring to Jaitley’s assertion about macro-economic fundamentals of the economy being very strong, Surjewala said “mindless and unsound decisions like demonetisation and the poor implementation of GST has hurt the core fundamentals.”
“The fall of GDP in the last quarter of 2016-17 indicates that the country is moving towards a low trajectory. The devils called demonetisation and GST destroyed India’s economic growth,” he said.
Surjewala said that bank recapitalization has neither a roadmap nor a timeframe.
“The announcement to recapitalise public sector banks with Rs 2.11 lakh crore is too little too late for the hardships the economy has faced. Let the Government face a reality check and share a targeted framework of bank recapitalization rather than hyperbole and high sounding syllables,” he said.
The Congress leader said the non-performing assets of 39 banks were at an all time high of Rs 8.35 Lakh crore with the government “failing completely to renegotiate the loans, recover public money and address core fundamentals of fiscal discipline”.
“Borrowing money (Rs 1.35 lakh crore bonds + part of Rs 76,000 crore from the market) to recapitalise banks would obviously mean breaching the fiscal deficit target. This is a desperate move by a Finance Minister groping in the dark as demonetisation and GST failed to bring in the promised Rs 4/5 lakh crore,” he said.
Surjewala said the Minister had “no clue” how and when the bonds will be issued and when will the money reach the banks.
“The government has utterly failed to lay down a roadmap of targeted beneficiaries such as MSMEs and the stressed agrarian sector.”
Surjewala said the BJP-led government has already waived loans of wilful defaulters worth Rs 1,88,287 crores in the last three years.
“Is the government risking tax payer’s money for more such loan waivers without commitment to MSMe and agrarian sectors? This is even more worrisome as the MSME loan portfolio of public sector lenders, which grew by an impressive 25 per cent in April 2014, is down to almost nil in April 2016.”
Referring to Bharatmala, the ambitious road construction project approved by the cabinet on Tuesday, Surjewala said the slated investment of Rs 5.35 lakh crore is completely debt driven with people having to share the burden.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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