Only Rs 1.7 lakh cr likely from bankruptcy proceedings: Chidambaram
New Delhi, June 6: With Union Minister Arun Jaitley declaring all those who owed money to the banks have been declared insolvent and removed from their companies under the Insolvency and Bankruptcy Code, Congress leader P. Chidamabaram said on Wednesday that only Rs 1.7 lakh crore is expected to be recovered out of Rs 4 lakh crore loans involved in the proceedings.
"Out of Rs 4 lakh crore loans involved in Insolvency & Bankruptcy proceedings, only Rs 1.7 lakh crore is expected to be recovered," Chidambaram said in a tweet.
Congress President Rahul Gandhi had alleged earlier in the day that the Modi government had written off loans worth Rs 2.50 lakh crore of some top industrialists.
Jaitley had responded to Gandhi by stating in an article that the government has not waived of a single rupee due from any industrialist. "Those who owed money to the banks and other creditors have been declared insolvent and removed from their companies by IBC (Insolvency and Bankruptcy Code) enacted by Prime Minister Modi's government. These loans were given largely during the UPA government," he said.
Chidambaram, who made a series of tweets, also took a dig at government over the low growth rate of credit to industry.
"Credit to industry in 2018 grew at a grand rate of 1 per cent ! Yes, 1 per cent!...Banks will need a further Rs 60,000 crore towards recapitalisation," he said.
The former Finance Minister also said that the government's Make in India programme had failed to deliver results in defence production.
"Make in India scheme in defence production has been officially abandoned," he added.
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Eight persons killed 17 injured in knife attack in China
Beijing, Nov 16: Eight persons were killed and 17 injured in a knife attack at a vocational school in east China's Jiangsu Province on Saturday, local police officials said.
The attack took place at around 6:30 pm at the Wuxi Vocational Institute of Arts and Technology in Yixing City.
The 21-year-old suspect, surnamed Xu, was caught at the scene and he confessed to his crime, according to a statement released by the public security bureau of Yixing, the state-run Xinhua news agency reported.
According to the police, Xu, a graduate of the school this year, returned to the school to vent his anger for not receiving his graduation certificate due to failing exams and for dissatisfaction with his internship pay.
Rescue efforts are underway and police are further investigating the case, the report said.
This is the second attack on civilians this week.
On November 12, thirty-five people were killed and 43 injured when a man ploughed his car into a crowd of people at a sports centre in Zhuhai city.
Police who detained a man called Fan said his actions stemmed from his dissatisfaction with the property division outcome of his divorce.
Expressing concern over the incident, Chinese President Xi Jinping urged all-out efforts to treat the injured.
Car ramming incidents, besides knife attacks on civilians, have been taking place periodically in China in recent months. The incidents are routinely blamed on disgruntled elements by security officials.
