Arvind Kejriwal demands end to loan waivers for billionaires

NEW DELHI: AAP National Convenor Arvind Kejriwal has written to Prime Minister Narendra Modi, demanding an immediate stop to the central government’s practice of waiving loans for billionaires. He urged the government to prioritize the financial well-being of farmers and the middle class by reducing taxes and waiving their loans instead.

Kejriwal accused the BJP-led central government of favouring a handful of wealthy individuals while neglecting the needs of common citizens. “In the last five years, ₹10 lakh crore worth of loans for 400-500 billionaires have been waived, while the middle class struggles with heavy taxation and inflation,” he stated.

Highlighting the disparity, Kejriwal criticised the government’s “irrational generosity.” He said, “One billionaire had a loan of ₹47,000 crore, out of which ₹46,000 crore was waived. Meanwhile, we spent ₹400 crore to provide free bus travel for one crore women in Delhi. They gave ten times that amount to a single person.”

He proposed that halting billionaire loan waivers could bring transformative changes.

“If corporate loan waivers are stopped, income tax and GST rates can be halved, the taxable income limit can be doubled, and GST on essential food items can be abolished,” he said.

Kejriwal called for loan waivers for the middle class and farmers, highlighting their heavy tax burden. He demanded halting billionaire loan waivers and using the savings to reduce taxes, double the taxable income limit, and remove GST on essentials.