Industries get bigger write-offs than agriculture:Centre writes off ₹16.35 lakh crore, grants huge tax concessions

The Union Government has written off loans worth ₹16.35 lakh crore to industrialists over 11 years. In comparison, only ₹1,88,254 crore in loan waivers have been given to farmers. The loan waiver for industrialists is eight and a half times that of farmers. In the single year 2018-19, the center wrote off the highest amount of ₹1,25,320 crore in ‘loan write-offs’ for companies. In the same year, farmers were given a loan waiver of ₹12,728 crore. 10 times more tax waiver The loan waiver for industrialists in the year 2018-19 is ten times more. Compared to Maharashtra’s annual budget (₹7.8 lakh crore), the loan waiver for industrialists is more than double. Compared to Uttar Pradesh (₹9.12 lakh crore), the loan waiver for industrialists is one and a half times more. Huge revenue lost on tax concessions Revenue of ₹4.53 lakh crore also lost in 5 years due to tax concessions. According to the report of the Central Board of Direct Taxes (CBDT), not only loan waivers but corporates have also been given massive tax concessions every year under various legal provisions. This also includes direct tax exemptions. Due to this, the revenue that should be deposited in the government treasury has also been lost. During 2019-20, a tax concession of ₹94,109 crores was given to corporate taxpayers. During 2021-22, this figure increased to ₹96,892 crores. In 2023-24, the highest tax concession of ₹98,999 crores was given. In the last five financial years from 2019-20 to 2023-24, corporate companies have been given relief of ₹4,53,219 crore through tax concessions. The formula to increase recovery rate by showing lower NPA of banks This formula was used to increase the recovery rate by showing lower NPA of banks. The gross NPA of public sector banks was 9.11% on 31st March 2021. It has declined to 2.58% on 31st March 2025. The recovery rate from write-off accounts of industrial loans was 18.58% in 2021. This rate has increased to reach 46.64% in 2025. That’s why the economy is in trouble Commenting on this, senior economist Dr. Maruti Tegampure says, “That’s why the economy is in trouble. Because of showing favor to industrialists by sinking revenue, the people of the country have to bear the brunt of inflation.” The highest tax concession of 98,999 crores was also given in a single year 1. 2019-20: Companies were given tax exemptions of ₹94,109.83 crores. 2. 2020-21: Tax waiver of ₹81,608.64 crores 3. 2021-22: This year the figure was ₹96,892.39 crores. 4. 2022-23: During this period, taxes worth ₹81,607.58 crores were waived. 5. 2023-24: The highest direct tax waiver of ₹98,999.57 crores was given.
In the 5 years from 2019-20 to 2023-24, companies received tax exemptions of ₹4,53,219 crores Industrialists also given tax concessions of ₹4.53 lakh cr in 5 yrs 1. 2018-19: Banks waived the highest amount of ₹1,25,320 crores in loans for ‘Large Industries’. In the same financial year, only ₹12,728 crores were waived for agriculture and allied agricultural businesses. 2. 2019-20: Loans worth ₹1,22,941 crores of large industries were waived. The agricultural sector was given only ₹12,969 crores in loan waivers. This disparity is visible every year. 3. 2020-21: Industrial houses were given loan waivers of ₹97,304 crores and large service sector companies were given loan waivers of ₹29,746 crores. However, agriculture was given a loan waiver of only ₹14,483 crores. 4. 2022-23: Industries’ loans of ₹73,272 crores were waived, while ₹23,852 crores in agriculture and related sectors were waived. This means industrialists’ loans were waived at two and a half times the rate. 5. 2023-24: Loans of ₹42,210 crores of large industries were waived. For agriculture and other related businesses, this figure was almost half, i.e., ₹24,426 crores.