situation and to stimulate economic activity. However, they increase the fiscal deficit and
government debt, reducing the money available for social welfare and development
programmes. The burden is borne by taxpayers and we now also have to make do with
fewer public services. Large loan waivers also distort the market by handing corporate
houses an unfair advantage – they not only access cheap credit, but avoid
accountability. Smaller businesses, meanwhile, get no such relaxations and have to pay
higher interest rates to make up for the loss caused by the write-offs. It’s a process that
reeks of corruption and has no moral root. Please listen to the latest episode of All Indians
Matter.
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