AAP National Convenor Arvind Kejriwal has demanded an immediate halt to the central government’s practice of waiving off massive loans for billionaire friends, in a strongly worded letter to Prime Minister Narendra Modi. Instead, he has urged the government to redirect these resources toward easing the financial burden on common citizens, farmers and middle-class families.
Arvind Kejriwal’s letter highlights a stark disparity in the allocation of public funds, cornering the Bharatiya Janata Party-led central government of prioritizing the financial interests of a select few billionaires over the needs of ordinary taxpayers. He emphasized that loan waivers worth ₹10 lakh crore for approximately 400-500 billionaires in the past five years have come at the cost of heavy taxation on the middle class and insufficient support for those genuinely in need.
Presenting an alternative vision, the AAP Chief outlined how stopping these corporate loan waivers could transform the country’s economic landscape. He proposed halving income tax and GST rates, doubling the taxable income limit, and abolishing GST on essential food items—steps that would directly benefit millions of households. Through this letter, Arvind Kejriwal has called on the Prime Minister to act decisively by either passing a law or making a public declaration to end billionaire loan waivers permanently.
Addressing the media, Arvind Kejriwal informed that he has written a very important letter to the Prime Minister today. In the letter, he has requested the Prime Minister to address an issue where the central government led by the Bharatiya Janata Party is openly squandering public funds on a handful of wealthy billionaires. “It seems as though the entire treasury, instead of being spent on the public, is being showered upon a few billionaire friends,” he said.
He explained, “The method is simple: first, the government provides loans to their billionaire friends, and after three or four years, those loans are waived off. Effectively, all the public funds from the treasury are transferred into the accounts of these wealthy billionaires. In the last five years, the central government has written off loans worth ₹10 lakh crore for 400-500 billionaires.”
Noting that ₹10 lakh crore is an enormous amount, Arvind Kejriwal added that on the one hand, the poor and middle-class people of the country are struggling with inflation and unemployment in their daily lives, while on the other hand, the entire public treasury is being thrown open for just 400-500 billionaires.
Bringing out examples of BJP’s irrational ‘generosity for the rich’, he said, “Recently, newspapers reported that one of their friends had a loan of ₹47,000 crore, out of which ₹46,000 crore was waived. Another friend had a loan of ₹6,500 crore, out of which ₹5,000 crore was forgiven. It feels like they are just handing out money indiscriminately.”
Calling on the people of the country to think about it, he said that in Delhi, when he made bus travel free for women, it cost only ₹400 crore. “Meanwhile, they spent ₹46,000 crore on just one person. That’s ten times the amount! We spent ₹400 crore to provide free bus travel for one crore women in Delhi, and they gave ten times that to a single person.”
Having earlier served as a Joint Commissioner in the Income Tax Department, Arvind Kejriwal went to closely examine the tax burden on the common man. He said, “A middle-class individual who earns ₹12 lakh annually is burdened with so many taxes imposed by the central government. They pay income tax, GST, service tax, property tax, education cess, capital gains tax, road tax, and more. When all these taxes are combined, a person earning ₹12 lakh ends up paying at least ₹6 lakh in taxes—half of their income—to the government. And what do they get in return? Nothing. Absolutely nothing.”
With deep anguish he added, “When such a person sees that despite paying ₹6 lakh in taxes every year, this money is being funneled to billionaires, they feel betrayed and deeply hurt. A major scandal is underway, and the nation is being deceived. People are angry and disheartened that the entire public treasury is being handed over to the wealthy.”
He continued, “I calculated that instead of forgiving loans for billionaires, this money could be used to waive the debts of the middle class. A middle-class person who earns ₹1 lakh per month often spends ₹60,000-70,000 on EMIs for home loans, vehicle loans, and other debts. Yet their loans are not forgiven. Why not forgive the loans of middle-class families? Waive everyone’s home loans and vehicle loans. Waive the loans of farmers. But this practice of forgiving loans for billionaires must stop.”
Arvind Kejriwal issued a demand that all EMIs for the middle class and loans for farmers be waived. He added, “Moreover, if the government stops giving away money to billionaires and forgives no more of their loans, several things could be achieved:
- Income tax rates could be halved.
- The taxable income limit could be doubled.
- GST rates could be halved across all goods.
- GST on essential commodities and food items could be completely removed.”
Explaining his rationale he said that these four measures—halving income tax rates, doubling the taxable income limit, reducing GST by half, and removing GST on essential items—are entirely feasible if the government stops forgiving loans for billionaires.
In conclusion he informed that through his letter, he has written to the Prime Minister on behalf of the middle class and the common man, and has made two appeals:
- “Stop waiving loans for billionaires. The government must either pass a law or make a declaration stating that no loans for wealthy billionaires will be waived in this country from now on. If loans must be waived, start with the EMIs of the middle class.”
- “Use the money saved from not waiving billionaire loans to reduce GST and income tax rates, double the taxable income limit, and remove GST on essential goods.”
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