Thread by @accountantvarun

Forget about difference between 'Write Off' and 'Waive Off'. Those who want to be blind will never understand it. But this looks like a big conspiracy by Left Ecosystem to destroy the Public trust in Financial System. All this 'Write Off's are done in 2015-2018.
(1/n)

Then why this issue is raised suddenly? Some people with whom I interacted on Twitter (those who are not supporters of any political party) said something like - We have no issue with write off. But then full recovery should be made and strict action should be taken.
(2/n)

I don't blame them. Anyone layman would say the same. Everyone feels that Industrialists are crony capitalists and thieves who are siphoning off their hard earned savings. This is true for willful defaulters. But not true in case of every businessman.
(3/n)

There are genuine business failures too. If we start looking with suspicion at every businessman, then nobody will take loan and how will our financial system work? Infact our present economic slowdown (before Corona) was caused mainly because of this problem.
(4/n)

Banks have lot of money to lend. But Bankers are not ready to lend and entrepreneurs are not ready to buy because of fear of being looked at with Suspicion. This is the reason Animal Spirits of our economy are not yet revived. Our economic slowdown is not due to......
(5/n)

...rising cronyism, but due to falling cronyism. Our economy is not suffering due to lack of honesty from authorities but due to overreach of Financial Regulators to prove their honesty. Bankers are not willing to lend due to fear of retribution.
(6/n)
m.economictimes.com/news/economy/p…

This is what Manmohan Singh also said last year. I don't agree with everything he said as it was politically motivated as well. But I do agree with following statement. This is true. Our credit growth has fallen. FM had to organize Loan Mela for spurring Growth.
(7/n)

So point here is, on one hand MMS say about Fear of Retribution and fear of being looked at with Suspicion as a reason for slowdown and on the other hand, his partymen are the ones who are creating that environment of distrust against Industrialists and Entrepreneurs.
(8/n)

When such falsehood is constantly used by opposition to make a mountain out of a molehill, it creates and environment of distrust against Wealth Creators of the country in the minds of common public. Common Public false prey to it as they dont understand it's implications.
(9/n)

If strict actions are taken against every defaulter, then his business will collapse and so many jobs will be lost at one go. Do we want this? Do we want to discourage the future entrepreneurs who intend to borrow money for their business by doing this?
(10/n)

Everyone accusing Modi govt of Suit Boot ki Sarkar knows all this. And that's why they do it purposely so that economy will take a further hit and they can create unrest among public. Currently, after Corona crisis is over, the need is for adopting Pro-Business Policies.
(11/n)

The govt needs to save the businesses which have taken a hit due to Corona. That means not going hard after defaulters immediately. And by bringing back such old issues for discussion at this moment, the left ecosystem wants to build public pressure to force the govt to...
(12/n)

... go strict against Defaulters and thereby stall the economic recovery due to fear of Public Backlash. Because if Govt goes soft on Defaulters and adopt pro business policies post Corona, then this left lobby is free to call them, Suit Boot ki Sarkar.
(13/14)

So, this is not just politics against BJP. But this is an attempt to make entire economic system collapse by creating an atmosphere of distrust in the minds of general Public. We need to be more cautious against this Venomous campaign.
(14/14)

*entrepreneurs are not ready to borrow*
Autocorrect 😢