"Crony capitalism's worst example is this. In the last 10 years, the total write off was Rs 7 lakh crore. Out of this Rs 5.5 lakh crore has been written off under Modiji. This means 80 per cent write offs have happened during the Modi government's tenure.
"The excuse given frequently is that writing off loan in the books does not mean that the loan is waived. But, that is a very illusory, a very tactical argument. The reality is that when a bank writes off a loan, the incentive to recover is virtually nil," he said.
Alleging that the Modi government rested on the twin pillars of "cronyism and loot", Singhvi challenged the government to reveal the names of those whose loans have been written off.
"This is nothing but one-sided favouritism of your blue-eyed boys, the blue-eyed corporate and I call upon the government to reveal the names of those in respect of whom Rs. 5.5 lakh crore has been written off. Please do not throw some rule book or guidelines at us.
"I can tell you that there is no chance of the names being revealed because that will reveal the true extent of the Modi government's crony capitalism," he said.
Singhvi then went on to give a breakup of the write offs, claiming that out of the loans written off by the Modi government, Rs 1.56 lakh crore has been written off in the last one year alone, "just as elections are approaching".
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)