India’s debt up 49% to Rs 82 lakh crore in Modi’s reign

It’s difficult to hide the reality. One may alter the statistics, iterate the failures as successes, include false claims to strengthen the lie, etc. but the truth somehow emerges on the surface. In Modi’s reign, the Total liabilities of the government has increased 49 percent to Rs 82 lakh crore.

The 8th Edition of the Status Paper on Government Debt was released on Friday. It created more tremors for the Government. Compared to the latest data available till September 2018 when the total debt of the Central government stood at Rs 82,03,253 crore, the corresponding amount till June 2014 was Rs 54,90,763 crore, the Finance Ministry’s data on government borrowings shows.

The huge surge in government’s debt has been propelled by 51.7 percent growth in public debt from Rs 48 lakh crore to Rs 73 lakh crore in the four-and-half year period, which in turn was driven by 54 percent rise in internal debt to about Rs 68 lakh crore.

Dependence on market loans shows a similar rise of 47.5 percent to more than Rs 52 lakh crore during the period. While debt raised through gold bonds was nil at the end of June 2014, it stood at Rs 9,089 crore including the gold monetization scheme.

The Central government, in the status paper on government debt, gave a detailed analysis of the overall debt position of the government of India. It has been bringing out an annual status paper on government debt since 2010-11, the Finance Ministry said.

The truth is out. The dismal ‘Modi-fying’ effects on the economy are showing its true colors through statistics. The question is, why does the Government have to borrow so much amount when, according to them, the tax collection has increased manifolds, the economy is booming, GST is a success, etc.?