This refers to the report "UPA decade was economy's best, says Chidambaram" (May 2). Finance Minister P Chidambaram quoted, inter alia, two figures (the disbursement of Rs 57,700 crore of education loans and Rs 36,900 crore of credit to women's self-help groups) as the United Progressive Alliance (UPA)'s achievements. He compared the National Democratic Alliance regime's performance on the two counts - which was only Rs 4,600 crore and Rs 3,500 crore, respectively. All these loans were disbursed by state-owned banks. Education loans and women's self-help group loans form a big chunk of non-performing assets (NPAs) pertaining to earlier years. Going by the past, the loans disbursed in 2013-14 will be added to the NPA list in subsequent years. Unbridled fiscal deficit, a massive farm loan write-off and directed retail lending during the UPA regime are classic examples of "bad economics and good politics". It is now clear to that the finance ministry indulged in "vote-bank politics", which is, of course, "good politics" for retaining power.
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K V Rao Bangalore
Letters can be mailed, faxed or e-mailed to:
The Editor, Business Standard
Nehru House, 4 Bahadur Shah Zafar Marg
New Delhi 110 002
Fax: (011) 23720201
E-mail: letters@bsmail.in
All letters must have a postal address and telephone number