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Bank recapitalization is amnesty to corporate loan defaulters: CPI-M

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7 years ago

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New Delhi, Oct 25 (IANS) The government decision to recapitalize the public sector banks by infusing Rs. 2.11 lakh crore amounts to virtually pardoning corporates who have not returned loans now totalling Rs 11.5 lakh crore, the CPI-M said on Wednesday.

A statement from the Communist Party of India-Marxist said the government moves came at a time when the banks were burdened by humongous non-performing assets.

“Instead of pursing the corporates not returning the loans they have taken from the banks…, the government has virtually pardoned the loan defaulters,” it said.

It said that in the last three years, the Modi government had written off corporate loans to the tune of Rs 2 lakh crore.

“This mega concession for the corporates is now being met through public funding of this recapitalization. This is tantamount to the Indian people bailing out the banks that are being looted by the corporates,” the CPI-M said.

“There cannot be any worse expression of crony capitalism than this.

“While loan waivers for the farmers committing suicides due to agrarian distress is refused, the corporates are being encouraged to run away with the loans that they have taken from the monies deposited in banks by crores of Indians.”

The CPI-M challenged the logic advanced by Finance Minister Arun Jaitley that recapitalization would allow the banks to give further loans to the corporates, leading to higher investments and more employment and economic growth.

“This is a flawed logic. Increase in investments per se cannot increase employment and growth rates. What is produced through these investments has to be sold for this to happen.

“In a world of shrinking trade, with Indian exports registering a 20-year rock bottom and the significantly reduced purchasing power in the hands of the Indian people, thanks to demonetization and GST, has drastically shrinking domestic demand, the Finance Minister’s logic is simply unrealisable.”

The CPI-M asked the government to immediately confiscate the properties of the corporates “who are defaulting on returning their loans. The people cannot be asked to pay to protect corporate loot of public money”.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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2 months ago

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September 19, 2024

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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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