by Harish Gupta, National Editor, Lokmat Group

The Great Corporate Cleanse at massive Rs 7.7 lakh crores  cost, 

Bad Loans Vanish + massive incentives 

In just five years, if India’s public sector banks have wiped out Rs 3,18,324 crore of toxic loans belonging to large industries off their books, the corporates quietly pocketed another Rs. 4,53,329 crores in tax incentives – a staggering combined bonanza of over Rs 7.7 lakh crore.

According to official data available, the peak of the write-off was in 2020-21 when banks written off a jaw-dropping Rs 90,641 crore in a single year. Year after year, this is happening, Rs 57,541 crore (2021-22), Rs 72,108 crore (2022-23), Rs 58,359 crore (2023-24). Even during the financial year 2024-25, Rs 39,675 crore (provisional) has disappeared from balance sheets.

The Government insists these are mere “technical write-offs” – not waivers. Borrowers remain liable, and banks continue chasing dues through courts, SARFAESI, and IBC. Yet, the data shows that in the best year so far (2024-25), banks managed to recover only 46.64% of the amount written off during that very year. In 2020-21, the recovery rate dropped to a dismal 18.58%, 

Meanwhile, corporate tax breaks flowed like clockwork. Rs 94,110 crore (2019-20), Rs. 75,218 crore (2020-21), Rs 96,892 crore (2021-22), Rs 88,109 crore (2022-23), and a fresh high of 98,999 crore in 2023-24, almost 1 lakh crore in a single year handed back to corporate through various deductions and exemptions.

The Ministry of Finance points to brighter spots, gross NPAs of public sector banks have crashed from 9.11% in March 2021 to a provisional 2.58% in March 2025, and fresh bad loans are at a record low. But the sheer scale of loans vanishing from books, coupled with near Rs 1 lakh crore annual tax gifts, has reignited questions about who ultimately pays the price when large borrowers default in thousands of crores while small farmers and home-loan borrowers face attachment orders for defaults running into lakhs.

The Ministry says write-offs do not benefit the borrower, however, the numbers, , tell a different story on the ground.

Loans written-off by Public Sector Banks
Year	Amount *
2020-21	90,641
2021-22	57,541
2022-23	72,108
2023-24	58,359
2024-25#	39,675
* Amounts in crore Rs.
# Provisional

Major Tax Incentives for Corporate Taxpayers
Year	Amount*
2019-20	94,109.83
2020-21	75,218.02
2021-22	96,892.39
2022-23	88,109.27
2023-24	98,999.57
* Amounts in crore Rs.

by Harish Gupta, National Editor, Lokmat Group

Fly on the wall

The Importance of being Shashi Tharoor

The BJP’s Kerala project has long lacked a catalytic figure—someone with popular appeal, administrative credibility, and cross-community acceptance. In Assam, that role was played by Himanta Biswa Sarma, whose defection from the Congress not only transformed the BJP’s electoral fortunes but also reconfigured the political landscape of the entire Northeast. Increasingly, BJP strategists wonder: Could Shashi Tharoor play a similar role in Kerala?

The question gains traction as the BJP’s Kerala graph shows unmistakable upward movement. From 11.40% in the 2021 Assembly polls to a combined NDA vote share of 19.24% in the 2024 Lok Sabha elections—and a historic win in Thrissur—the party has moved from symbolic presence to meaningful foothold. It emerged a strong second in Thiruvananthapuram with 37.12%, posted impressive numbers in seven seats. With Rajeev Chandrasekhar taking charge as state president in 2025, the party is readying for the next leap. 

This is where Tharoor fits in. Among Kerala’s youth and women, his popularity rivals, and often exceeds, that of local political heavyweights. Unlike most Congress leaders, his appeal cuts across religion and class lines, especially in urban constituencies and among first-time voters. If Sarma gave the BJP ideological flexibility and administrative muscle in Assam, Tharoor could provide intellectual legitimacy, cosmopolitan appeal, and cross-community access in Kerala—a state where cultural sophistication matters as much as political messaging.

For the BJP, Tharoor represents more than a high-profile defection; he is the potential “Assam moment” for Kerala.  And with the state heading into December panchayat polls—where the BJP currently controls just 1,550 of 65,000 panchayats—the party is desperate for a transformative figure. The parallels with Sarma are not perfect—but the political possibilities are too powerful to ignore.

New BJP Chief in the New Year !

When Union Home Minister Amit Shah said the BJP would elect its new national president after the Bihar polls, it was widely assumed the transition would be wrapped up before year-end. That timeline has quietly slipped, so it seems. The party is now working on its own slow, methodical schedule, and the election may take place only in January 2026. Organizational elections in 29 states have already been completed, with UP, Karnataka and a couple of others still pending. These remaining units will be wrapped up in the next four to six weeks, clearing the deck for the national election.

Complicating the calendar is the month-long Kharmas—an inauspicious period from December 14, during which no major appointments are made. As a result, the new president can only be elected after January 14 but before the Budget Session begins January end. The BJP high command is keen not to push the exercise any further. Several names are in circulation for the top post like Dharmendra Pradhan, Bhupender Yadav, Manohar Lal Khattar, and Shivraj Singh Chouhan. But a strong argument is being made that if the BJP wants deeper traction among Dalit voters, the time has come to elevate a leader from the community. In this context, UP Deputy Chief Minister Keshav Prasad Maurya is being viewed as a serious contender. The first person from the Dalit community to serve as party president was Bangaru Laxman and he had to quit unceremoniously. Therefore, the BJP may make an attempt after 25 years.

Bhagwat Steps In to Repair BJP's Dalit Connect

RSS chief Mohan Bhagwat has quietly taken charge of the BJP’s Dalit outreach after the party’s setbacks in the 2024 Lok Sabha elections. For months, Sangh insiders say Bhagwat had been signaling the need to “win back Dalit confidence” and hands-on intervention. Bhagwat spent five days in Varanasi recently, PM Modi’s constituency. He traveled to a Kabir ashram in Lakhimpur, held closed-door interactions with Dalit followers, and met local leaders who have been warning the Sangh about growing alienation among marginalized communities.

At a broader level, Bhagwat has matched visits with pointed speeches, urging Hindu society to rise above caste divisions. He has promoted collective celebration of festivals like Valmiki Jayanti, Ravidas Jayanti, and called for inclusivity in public places—temples, water wells, and crematoriums—often dominated by higher castes. Bhagwat’s annual Vijayadashami address in 2024 emphasized friendship across caste lines. The RSS runs several dedicated programs under its affiliate, Samajik Samrasta Manch, which focus on Dalit empowerment through education, healthcare, and vocational training. Initiatives such as inter-caste meals (Samajik Samrasta Bhoj).

Bhagwat has now issued firm instructions to RSS pracharaks: conduct dedicated outreach camps in Dalit-dominated districts, engage with community leaders. The Sangh is also mapping constituencies where Dalit disenchantment hurt the BJP most, especially in UP, Maharashtra and Rajasthan. Bhagwat’s intervention is being read within the BJP as a clear message—Dalit consolidation cannot be taken for granted, and the road to 2029 in Parliament will require course correction, not complacency.

MHA Faces Its Own Command Crisis After SC Blow

The Ministry of Home Affairs (MHA) faces renewed pressure to implement long-pending cadre reforms in the Central Armed Police Forces (CAPFs) after the Supreme Court rejected its review plea on the contentious issue of IPS deputations. The SC dismissed the MHA’s petition challenging the May 23 verdict that ordered the Centre to complete cadre reviews in all CAPFs—CRPF, BSF, CISF, ITBP, and SSB—within six months. The court said no case was made for reconsideration and refused to grant an open hearing.

The earlier ruling had directed a gradual reduction in IPS deputation posts within two years, citing stagnation and morale issues among CAPF cadre officers who serve under “demanding conditions.” The court also asked the Department of Personnel and Training to act within three months of receiving MHA’s compliance report. With the review plea dismissed, the MHA must now walk a political and administrative tightrope—between IPS dominance and the CAPF cadre’s growing demand for upward mobility. Insiders say Home Minister Amit Shah is not the one to take things lying down and may try to find a way to overcome the SC setback.

by Harish Gupta, National Editor, Lokmat Group

Fly on the wall

Harish Gupta 

Why India Won’t Name Pakistan or JeM — Yet

The Red Fort blast has triggered outrage, high-level meetings and an all-agency dragnet. Yet one element stands out: the government’s unusual silence on Pakistan and Jaish-e-Mohammad — even though recent investigations in Srinagar, including the emergence of the “white coat” module and appearance of JeM posters, have clearly indicated the group’s renewed activity.

Prime Minister Narendra Modi, speaking in Bhutan, called the blast a “conspiracy” and promised that “conspirators will not be spared”. Union Home Minister Amit Shah warned that the culprits would face the “full wrath” of agencies. But India has not named JeM, Pakistan, or cross-border handlers — a striking contrast to the last terror incident in April in Pahalgam. The Pak & JeM links were clearly established in Pahalgam that led to Operation Sindoor.

This raises a few important questions. If JeM networks are resurfacing in Kashmir, why is the Centre avoiding explicit attribution? Are investigators seeing something more complex — perhaps a hybrid module, a cut-out, or a domestic link that requires caution? Or is New Delhi waiting to avoid the diplomatic blow back of a premature accusation?

Officials point to three reasons. First, the government wants a single, airtight evidentiary chain before making a public attribution — especially after past instances where early naming complicated investigations. Second, India’s diplomatic posture now leans on evidence-heavy claims to strengthen its case in FATF and global counter-terror forums. Third, a premature charge would give Islamabad an opportunity to dismiss the blast as “politicized”.  Additionally, the Turkey angle has also surfaced for the first time in the "white coat" terror act. 

The message is deliberate: proceed with facts, not assumptions. The calibrated silence suggests the government wants the investigation to speak first — and speak decisively — before Delhi escalates the matter to a geopolitical stage.

Why did the police fail to track Dr Umar Nabi ?

The probe agencies are saying that the mastermind of the Red Fort blast Dr Umar Nabi panicked and the blast in his car took place at Red Fort by accident. But there are many lurking questions as to why the toll plazas in Haryana were not alerted by the J&K and Haryana Police on November 8-9 night when Al Falah University premises were raided together to catch the doctors involved in the conspiracy.

Accepted that Dr Umar Nabi's name was revealed on November 9 by Dr Muzammil Ganai and search began for him. But Dr Umar had fled on October 30 itself from the Al-Falah institute. He knew Dr Ganai could spill the beans of his involvement in the module soon. He hid at nearby Nuh city in a rented accommodation for more than ten days along with his car. But toll plazas across Haryana were not alerted to check all outbound vehicles immediately. Umar's i20 car was spotted at a toll plaza on November 9 midnight on the way to enter Delhi.

There was no alert in Delhi about Dr Umar or his car HR 26 throughout November 9-10. There were other lapses too. But India was lucky enough that this “Doctors-Terror” module was exposed in time by a senior Cop who himself had earned a degree in medicine in 2010 but chose to become a cop, cleared UPSC exams and later posted in Srinagar as SSP in 2025. Nowgam police station fell under his jurisdiction when JeM posters appeared on Oct 18. Dr GV Sundeep Chakravarthy, SSP did not dismiss them as a routine act of misguided youths and probe ordered. What started on October 18 in the Kashmir Valley, with posters of Jaish-e-Mohammad (JeM), ended on November 10, with a blast near Delhi’s Red Fort. Rest is history.

SMART Policing on Paper, Failures on Ground

It's a classic case as to how the absence of Smart Police Stations let suspects slip. Nearly ten years after the Prime Minister coined the term “SMART Policing”, India still does not have a single operational Smart Police Station. The gap between projections and preparedness is now unmissable — and costly. Investigators admit that Dr Umar, a key suspect in the terror chain, could have been intercepted at a Haryana check post had even the most basic smart policing features been in place: automated ID verification, integrated criminal databases, vehicle flagging, or real-time alert syncing with NCRP.

Instead, India’s check posts are still manual, paper-driven, and disconnected from national grids. Haryana is not an exception — no state has built a station that meets the promised SMART standards: seamless digital workflows, behavioural analytics, cyber-linked command centres, or AI-assisted suspect tracing.

The government lists dozens of initiatives — ASUMP upgrades, CyTrain courses, cyber-forensic labs in 33 states, JCCT teams, and weekly peer-learning sessions. But these remain parallel cyber improvements, not replacements for outdated police station architecture. Without integrated data pipelines, real-time tracking, or automated red-flag mechanisms, suspects in crimes and terror activities will continue to move across districts without leaving a digital footprint.

A decade of “SMART policing” has produced impressive presentations — but not the smart police stations that could have altered the outcome of these investigations.

by Harish Gupta, National Editor, Lokmat Group

Delhi's New Nightmare,

Why security agencies are in a tizzy 

Dr Umar: 3rd suicide bomber  

Harish Gupta

The November 10 attack at Delhi's Red Fort has shaken the security and intelligence agencies. Though a major catastrophe was averted as "Doctor-Terror network" had planned many explosions on December 6, the shoe suicide bomber, Dr Umar Nabi has made agencies extremely worried.

It is not that the suicide bombers have not operated in the country before.The first such known incident took place in Pulwama  (J&K)  in 2019 when a van-borne bomb rammed a military convoy killing 40 soldiers. Three years later, a car filled with potassium nitrate etc. exploded in Tamil Nadu's Coimbatore in October 2022, killing only the driver. He was later identified as Jameesha Mubin, a self-styled operative of the Islamic State (IS) terrorist group. The National Investigation Agency (NIA) probed it and 75 kg of potassium nitrate, aluminum powder, sulfur, etc. was recovered from Mobin's house. The matter ended there.

Now three years later, in November 2025 - ammonium nitrate fuel oil stuffed into the back of a Hyundai i20 detonated atRed Fort. A new weapon - Vehicular-Borne Improvised Explosive Device (VBIEDs) - car bombs, a most dangerous mass-casualty form was fitted by the bomber in his shoe. The suicide bomber Dr Umar had even recorded a video before the incident. The probe has revealed that Dr Umar was not the lone wolf and was part of a core group of 10-12 persons.

The agencies are perplexed that this group was operating for almost two years and no one could even smell anything anywhere. No doubt, this module operated at the instance of Pak-based terror group Jaish-e-Mohammed which also operates from Madrassas and Maulvis. Several Islamic clerics from Haryana, UP to J&K were radicalizing them. The security apparatus is worried about this urban radicalized group operating quietly with the silent support of some community members too.

Fly on the wall Harish Gupta  Amit Shah’s Bihar Mission: One State, One Party, One CM Union Home Minister Amit Shah is on a relentless mission — to paint Bihar completely saffron. For Shah, this is not just another state election; it’s a personal redemption arc and a crucial step in his long-cherished dream of keeping the BJP in power “from panchayat to Parliament” for decades. Shah has not forgotten the sting of 2015, when the formidable duo of Lalu Prasad Yadav and Nitish Kumar united to block the BJP’s rise. While Nitish Kumar remains nominally in alliance with the BJP, Shah’s long game is clear: Bihar must one day have a BJP Chief Minister. Shah is personally micro-managing every move in the polls — from booth committees to campaign strategy — and leading from the front on the ground. This time, the BJP and JD(U) are contesting 101 seats each — but beneath the surface of this numerical parity lies a political asymmetry. In the 2020 elections, the BJP won 74 seats to JD(U)’s 43, while the RJD edged out both with 75 seats, becoming the single largest party. In 2025, Shah’s strategy is simple yet audacious: turn the BJP into Bihar’s dominant force.With the entire Hindi heartland — except Punjab and Himachal — already under BJP belt, Bihar is the only missing piece in Shah’s grand political puzzle. If the BJP becomes a single-largest party, a new script may be written. The BJP has mastered the art of making governments in states. It won’t just be another victory — it will be Amit Shah’s revenge, repackaged as resurgence. Finally; Saffron shake up After Bihar Polls  A big churn is ahead in the BJP after Bihar votes. A new party president could take charge soon — and Amit Shah has dropped the clearest hint yet. He has said the BJP may elect a new national president soon after the Bihar elections. “I don’t decide it — the party does, but after the Bihar polls, this can be done,” he said. One of the reasons for retaining J P Nadda is his old association with Bihar as a student. Insiders say the BJP is working overtime to install its own Chief Minister in the state — and the outcome will shape the party’s national strategy. Nadda has been one of the longest for any BJP president — first appointed working president in June 2019 and taking full charge in January 2020, Nadda has already completed two terms and received extensions. It is said that the selection of next chief has to be with extreme care keeping in mind that he will continue in office until the 2029 Lok Sabha polls and beyond. Party insiders also hint that post-Bihar, there could be a wider shake-up — in the cabinet, states, gubernatorial changes and the organization itself. One of the reasons for delay in holding the Winter session of Parliament is attributed to these impending changes. The BJP insiders say that inauspicious period begins from December 15 and changes, if any, had to be made before the onset of Winter session only. Hence, this delay.  These changes will be far-reaching as 12 states will go to polls in 2026 & 2027.  Rahul’s Claims Fall Flat as No ground work by his team Rahul Gandhi’s latest Hydrogen Bomb, where he accused the Election Commission of massive irregularities in the voter rolls, has backfired spectacularly. Gandhi had made three dramatic claims: that 66 voters were listed at one address; that a Brazilian model’s photograph was used against 22 voter names; and that one woman’s image appeared on 200 voter IDs. The first charge — 66 voters at one house in Godarana village, Bahadurgarh — turned out to involve a sprawling family compound of nearly an acre, where multiple generations live together. Every single voter was genuine. The discovery has left Congress red-faced as a basic ground check by workers was not done. Second claim: the “Brazilian model” case linked to Rai village near Sonipat revealed that all the women whose names supposedly carried the model’s image — Sheetal, Manjeet, and Darshana — were alive, local, and very much real. Darshana even produced her voter ID card with her photo.  Third allegation: A woman’s photo used across 200 names, involved Charanjeet from Ambala. She too was found easily and said she had voted only once. Locals confirmed that for over a decade, her picture has mistakenly appeared beside many names in the electoral list despite repeated complaints to officials. Rahul tried to tone down his remarks later. But Congress insiders say Rahul has his own in-house team dedicated to embarrassing him. Tailpiece: Why Jay Shah’s smiling: With the women’s cricket team lifting the ODI World Cup, the two men are also receiving widespread appreciation. One is the team’s coach Amol Muzumdar; the other is ICC President Jay Shah — who is also the BCCI chief. The praise is pouring in for Jay Shah as he turnaround women’s cricket, focused aggressively on women’s cricket, strengthening coaching & training infrastructure and increasing players payments and world class facilities. The World Cup win has become Jay Shah's defining moment in cricket administration. (Kind attention: The Rudy item is optional if short of space)  Rudy’s Quiet Comeback Once sidelined, BJP MP Rajiv Pratap Rudy is making a strong comeback in Bihar’s political theater. At a rally in Saran, Union Home Minister Amit Shah’s warm reference to Rudy as “my friend” signaled the MP’s quiet return to the party’s inner circle. The seven-term parliamentarian had been on the fringes since losing his ministerial berth, but a key victory turned his fortunes around when he defeated Sanjeev Balyan in the Constitution Club of India polls. The contest, marked by Rajput–Jat undertones, gave Rudy fresh political energy. He led “Jai Sanga” yatras across Bihar, invoking the Rajput hero Rana Sanga to consolidate his community’s support. With Shah’s backing and a renewed Rajput base, Rudy’s steady climb shows that in politics, patience and timing often matter more than power.

Amit Shah’s Message: No More Crutches Amit Shah may have spoken in Mumbai about local body elections the other day, but his real message went far beyond Maharashtra. It was aimed at BJP's every regional ally that still believes it has leverage in the NDA. In typically blunt fashion, Shah declared that the BJP no longer needs any “crutches” in Maharashtra while pitching for a "triple engine" government. The comment, made at a party event, was a signal that the days of dependence on allies are over. The BJP, he said, is ready to fight local elections on its own strength—an unmistakable signal to those who matter. It's a different matter that Mahayuti partners will be fighting together in many municipalities.  Once upon a time, the BJP relied on the Shiv Sena’s support. That era is gone. After the split in the Sena, the Election Commission recognized the Shinde faction which sits comfortably with the BJP. In the last Assembly election, the BJP came close to a solo majority with 132 seats out of 145 needed and a 93 percent strike rate. Even without allies, it could have formed the government. Shah’s remarks come a year later as a pointed reminder: the BJP can manage without its partners. The message from Maharashtra has echoes elsewhere. In Bihar and Jharkhand, the BJP has tried—unsuccessfully so far—to shed its allies. But Shah’s statement confirms that the effort continues. He made it clear once again that the NDA is fighting the elections under Nitish Kumar's leadership. "But a formal decision on the CM's post is determined by all MLAs sitting together after the election." The message is loud and clear. The allies are free to chart their own course. Dhankhar’s Return: Calm After the Storm After months of speculation and silence, it now appears that all is well between Jagdeep Dhankhar and the “Parivar”. The former Vice President, who had abruptly resigned citing “health” reasons, maintained a stony silence for 53 days before resurfacing at Rashtrapati Bhawan for the swearing-in of his successor and went back into hibernation. But all seems to be well. Party sources suggest that Dhankhar has decided to remain calm, with BJP’s organisational general secretary B. L. Santosh and senior RSS functionary Krishan Gopal gave him comfort. They had personally reached out to him while he was vacating his official residence. Dhankhar may shift to his newly allotted Type VIII bungalow at 34, APJ Abdul Kalam Road, in Lutyens’ Delhi soon. The choice of bungalow was his own, though the allotment took some time as is customary. Dhankhar declined government guest accommodation and instead shifted briefly to a farmhouse owned by INLD leader Abhay Singh Chautala in Chattarpur. Dhankhar has been assured staff of his choice and will get a pension of ₹2 lakh per month, along with a personal secretary, an additional secretary, a personal assistant, four attendants, a nursing officer, and a physician. In addition, his past tenures entitle him to multiple pensions: ₹45,000 per month as a one-term Lok Sabha MP, and ₹42,000 as an MLA. He is eligible for reimbursement of ₹25,000 for secretarial assistance as former West Bengal Governor . With his residence secured, entitlements settled, and party channels reopened, Dhankhar seems back within the Parivar. Mayawati Frets as Congress Makes Inroads into Dalits The Bahujan Samaj Party (BSP) is in churn. Its once-solid Dalit vote base is showing cracks, and Mayawati is watching with growing unease as the Congress gains traction among Dalit voters after the BSP failed to win a single Lok Sabha seat in 2024, and its vote share in UP plunged to just 9.39% — less than half of what it secured in 2019. Even its loyal Jatav vote, long considered impregnable, drifted away — partly toward the Samajwadi Party–Congress alliance, and in some areas, the BJP. Adding to the turmoil was Mayawati’s abrupt removal of her nephew Akash Anand as national coordinator. The Congress, smarting from past irrelevance in UP, has seized the moment. In the 2024 polls, it tripled its tally in SC-reserved seats from six to 19, thanks to an aggressive “Save the Constitution” campaign that struck a chord with Dalit voters wary of the BJP’s stance on reservation. Sensing the erosion, Mayawati is fighting to reclaim her legacy. At a massive Lucknow rally in October 2025, she warned supporters against “sell-out individuals” being used to fragment the Dalit vote and vowed to go solo in the 2027 UP polls. Whether Mayawati can revive the party’s lost mojo is uncertain. But one thing is clear: the Congress’s resurgence among Dalits has rattled Mayawati like never before. Nitish keeps Bhojpuri Film Crowd Away In Bihar’s Assembly elections, almost every major political party has fielded at least one Bhojpuri film personality — actor, singer or star performer. Not only have they been given tickets, they are being used extensively in the campaign trail. The BJP leads this charge, but Tejashwi Yadav’s RJD is not far behind and gave a ticket to Khesari Lal Yadav. Chirag Paswan’s LJP fielded Seema Singh, though her nomination later got canceled. Prashant Kishor’s Jan Suraaj too has fielded actress Pankhuri Pandey. Only Chief Minister Nitish Kumar’s party stands out as the exception as it has not fielded a single actor or singer. Traditionally, JD(U) tickets go to grassroots workers and organizational faces. But the BJP has plucked Methili Thakur — known for performing songs-- and fielded her from Alinagar in Darbhanga. The party has also brought Manoj Tiwari, Ravi Kishan and Dinesh Lal ‘Nirahua’ into campaign activity. As these film stars and singers campaign vigorously — drawing crowds not just for themselves but for other candidates too — Nitish Kumar remains conspicuously distant from the Bhojpuri glamour brigade.