The Hindutva government led by the BJP under Prime Minister Narendra Modi has revealed the true nature of ‘Hindu Rashtra’ (Hindu State) over the last 12 years of its rule. There is no other government in the world that writes off corporate debts faster than the Modi government is doing in India. Recently, the National Company Law Tribunal (NCLT), under the Modi government, approved a repayment plan of approximately Rs 6.5 crore for the Essel Group of Companies and its chairman, Mr Subhash Chandra—a known Rajya Sabha member of the BJP—against admitted creditor claims of about Rs 22,006.57 crore. This means more than 1,260 creditors stand to lose nearly 99.97 per cent of their money. Major creditors such as Axis Bank, RBL Bank, IndusInd Bank, IDBI Trusteeship (for Franklin Templeton), LIC Housing Finance, Union Bank of India, and HDFC Bank opposed the settlement plan, yet it was imposed on these institutions as binding. The public deposits in LIC Housing Finance alone are going to lose ₹1,322.39 crore. This is private squandering of public money—small savers and depositors whose hard-earned money is wiped out for corporate gain. This is not the first time the Hindutva government has written off corporate debts.
The Modi government has written off corporate loans worth Rs 9.87 lakh crore, out of which Rs 7.21 lakh crore went to large corporations, Rs 2.65 lakh crore to large business houses, and only Rs 1.67 lakh crore to agriculture and allied sectors during the period between 2014 and 2025. Most of the agricultural and allied sector loan write-offs go to millers, large farmers, and fertiliser companies rather than to small and poor farmers. Indian banks have written off more than ₹19 lakh crore in corporate loans over the last 11 years of the Modi government. Agricultural loan write-offs are not only marginal but have also declined in the financial year 2024–25.
These figures from the Modi government reveal the true nature of Hindutva politics led by the BJP and shaped by the RSS. In the name of cultural nationalism, Hindutva is a project of corporate capitalism.
From day one, the Modi government has borrowed heavily from the open market, written off corporate debts, and disinvested from the public sector, making it weak and defunct before selling public sector institutions to private companies at low prices. The Modi government is a profit-accelerating machine for corporates. It is not only providing security to corporations but also providing all suitable conditions for corporate loot. The Hindutva government is acting like Robin Hood for corporates, distributing public money to private individuals. Efficient plundering of public money defines the Modi government. Hindutva is no ideology but a merely a corporate project.
The Hindutva government works like an absolute bourgeois monarchy but operates like a lawless, corrupt casino where corporate criminals rule the roost. This not only reveals the Hindutva crony capitalism of the Modi government but also exposes the true nature of the promised ‘Hindu Rashtra’. As the morning shows the day, the Modi government reveals the future nature of ‘Hindu Rashtra’—which will be nothing more than an absolute bourgeois monarchy controlled by corporations. Every other promise made by Hindutva ideology is mere public eye-washing. It does nothing to change the material conditions of the people or address their everyday issues and challenges.
There is no money for education, health, housing, or public works; there is no money for public investment in roads, transportation, and communication; there is no money for investment in large-scale industrialisation to create mass employment; there is no money for seed, irrigation, and fertiliser subsidies for farmers—but there is money to write off for corporates. The Modi government is doing everything to ensure that corporates flourish in India at the cost of the people.
It is clear that ‘Hindu Rashtra’ is an absolute bourgeois monarchy that undermines the people, their democratic Constitution, and constitutional rights, in order to guide and uphold corporate plunder. It is worse than the crony capitalism at work in the Western world. The Modi government and the Hindutva ideological project are the wet dream of every corporate capitalist, whose interests are secured by the state and government under BJP rule. Public welfare can be looked after by all the gods and goddesses in India, while the BJP government looks after its corporate clients. They remain the lifeblood of Hindutva ideology, which has nothing to do with the Indian people other than creating social, political, cultural, and religious disharmony to hide corporate plunder under Hindutva guidance.
The views expressed in this article are the author’s own and do not necessarily reflect (North London News) editorial policy.
