Loans given to Adani & Ambani during UPA

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Responding to the charge that the government has benefitted corporates and Rahul Gandhi's allegations that Modi received money from Sahara and Birla groups as Gujarat CM, BJP said it was NDA that actually initiated recoveries of UPA-era loans to major business entities.

"During the UPA regime, Adani was granted loan of Rs 72,000 crore and Ambani group was given loans worth Rs 1,13,000 crore. The process of recovering loans from several corporates, including these two, was initiated only after PM Narendra Modi took over in 2014," said BJP spokesperson Shrikant Sharma.

The BJP spokesperson shared a long list of bank statements and other documents with media to prove his point that Congress was more into distributing "khairat" (doles) and it was the Modi government that has been in the "wasooli" (recovery) mode.

Documents provided suggest that loans worth Rs 36.5 lakh crore, granted to various corporates between 2005 and 2013, were waived off during the two successive terms of the Congress-led UPA government under Manmohan Singh.

The details are aimed at turning the tables on Congress and other opposition parties which claim the "Adanis and Ambanis" have been favoured since Modi became PM. BJP has also attacked the allegation that the NDA government was lenient to liquor baron Vijay Mallya, currently ensconced in UK, when banks were about to initiate recovery of loans.

"SBI had frozen Vijay Mallya group's accounts after he failed to repay loans of over Rs 1,450 crore in 2012. However, Mallya was given loans of Rs 1,500 crore. Again it was the BJP government, which started the process of recovery after forming government in 2014," Sharma claimed. He said properties of Mallya valued at over Rs 700 crore are being auctioned to recover the loans granted to the defaulter group.

"Adani, Ambani and Malya were not born in the past two-and-half years....these are as old as the Congress party and have been flourishing when Rahul Gandhi was not even born. Therefore Congress owes more explanations about how these groups flourished if they had tainted background?" questioned Sharma.

BJP cited the statement of former PM Manmohan Singh and subsequent efforts by the UPA government to bail out the Kingfisher Group even as options had been exhausted and the group collapsed. "There are ample reports suggesting UPA's leniency towards Mallya and Kingfisher Group. Rahul Gandhi should answer these questions before seeking from others," the BJP leader said.

Refuting the recent allegations of waiving "bad loans" to a few corporates, BJP claimed that ratio of "bad loans" had increased by 132% from 2005-06 to 2013-14 but Congress had no explanation about how the ratio increased so rapidly. "Rahul Gandhi should explain who were beneficiaries of the bad loans," Sharma said.
http://timesofindia.indiatimes.com/india/bjp-reels-out-documents-to-accuse-upa-of-favouring-big-corporates/articleshow/56149620.cms