Ahmedabad, 18 September 2023
Lok Sabha elections have come. At the same time, it is also bringing the moment of making India indebted. Lok Sabha elections have come by making everyone a debtor and plunging the country into debt.
Narendra Modi has created a record which 14 Prime Ministers of the country before him could not do. In 67 years, 14 Prime Ministers together took a loan of only Rs 55 lakh crore. Narendra Modi, who always wanted to be ahead in the race, increased India’s debt three and a half times in the last 10 years. He had taken a loan of more than Rs 100 lakh crore in just nine years. By 2024, Modi’s debt will reach Rs 115 lakh crore.
Per capita credit
Every rich and poor person in Gujarat has a debt of Rs 60,428. If the debt of Modi government is added to this, then every Indian has a debt of more than Rs 1 lakh. So everyone in Gujarat has a debt of Rs 1 lakh 60 thousand. If the debt of local self-government institutions is added to this, then every citizen of Gujarat will owe Rs. There is a loan of Rs 2 lakh. You may be thinking that we have become rich because of the Lok Sabha elections, but the reality is that Modi and the saffron BJP government have made people indebted. Not only did they create indebted governments but they also made the public indebted.
Increase in debt
The debt of Modi government has increased by about 70 percent in every five years. If production in the economy does not increase, employment does not increase and the inequality between the rich and the poor does not reduce in our country, then you have to take a loan. It is unfortunate that this government is running on debt.
Fiscal deficit for 2022-23 will be 6.4 percent of GDP. There is a difference of Rs 14 lakh 95 thousand crore between the expenditure and income of the government. Fiscal deficit is the difference between government expenditure and revenue. How will the government fill the gap? The answer would be that the government meets this shortfall by borrowing. Earlier the Modi government used to sell treasury bonds through the Reserve Bank, but now Modi has started selling bonds directly to the public. People do not know that the government takes new loans to pay interest on old loans. The day public confidence will be lost, Modi government will pay off the debt.
In the budget of 2022-23, the central government spent a total of Rs 39 lakh 45 thousand crores. But his income was only Rs 22 lakh 84 thousand crores. Our government is doing such stupidity that the people are having to suffer the punishment in the form of inflation. The main reason for increasing inflation is the indiscriminate expenditure by the government.
Any person or company that spends more than its income will have to pay for it.
People are ready to lend as much money to the Government of India as it needs.
The country is moving towards debt. 6 lakh crore of corporate tax revenue, 6 lakh crore of income tax, 6.4 lakh crore of GST, 2 lakh crore of customs duty and 2.8 lakh crore of excise duty. In comparison, Modi government took a loan of 35 percent i.e. a total of Rs 15 lakh crore. The government borrows more rupees from the combined income tax and GST proceeds.
8 percent is spent on defence, 8 percent on subsidies, 9 percent on central government sponsored schemes, 15 percent on central government’s own schemes, 10 percent on Finance Commission, 17 percent on state share and 9 percent on expenditure. On other expenses.
The total income in 2023-24 is estimated to be Rs 27.2 lakh crore, while Rs 45 lakh crore will be spent. To compensate for this loss, the government will take a loan of Rs 15.4 lakh crore. After paying interest on this loan, the government will get only Rs 11.8 lakh crore to spend.
20 percent or Rs 8 lakh is spent in repaying the interest on the loan taken by the government. The government spends more money on interest than its income tax revenue. More money has to be borrowed to pay the interest. The GST revenue of the central government is Rs 6.4 lakh crore, while the interest expenditure is Rs 8 lakh crore.
India’s GDP is estimated to be Rs 234 lakh crore. What a big game the government is playing at the cost and risk of the people. Don’t realize it.
On the pretext of Corona, the fiscal deficit in 2021-22 became 6.8 percent of GDP instead of 3 percent. Now the Modi government is talking about bringing the fiscal deficit to 4.5 percent by 2025-26 by changing the law.
The government balances the difference between government income and expenditure by printing currency notes.
This is accomplished by borrowing money from people. The government borrows money from the public and spends it on road construction. Sells treasury bonds to the public. On which 7 to 8 percent interest has to be paid. The maturity period of the bonds ranges from 3 years to 40 years.
In the budget, the Union Finance Minister said that out of the current income of the government, maximum 34 paise comes from loans. A Finance Ministry report released in late December said that the total debt of the government increased to Rs 147.19 lakh crore at the end of September 2022. Finance Minister Nirmala Sitharaman said in the budget that the government has raised about Rs 12.93 lakh crore till January 27, 2023.
Gross Domestic Product
GDP has increased because the wealth of some industrialists in the country has increased or the wealth of people below the poverty line has increased. The government talks about GDP but is silent on the issue.
Mr. Modi, this has drowned everyone in India in debt.
According to the document, as on March 31, 2014, the Government of India owed Rs 55.87 lakh crore.
There were liabilities of Rs. Out of this Rs. 54.04 lakh crore was internal debt and Rs. Foreign debt of Rs 1.82 lakh crore.
By the end of 2022-23, the loan amount was estimated to be Rs 152.61 lakh crore. In this, internal debt is about Rs 148 lakh crore and external debt is about Rs 5 lakh crore. Now the foreign debt is estimated to be Rs 7.03 lakh crore (2.6 percent of GDP).
India’s external debt increased to $558.5 billion due to commercial borrowings and deposits. The country’s total external debt increased by 2.8 percent to $558.5 billion at the end of March 2020.
India has taken loans from the World Bank and Asian Development Bank (ADB). The World Bank has announced a loan of US $ 750 million. At the same time, for works related to education reform in India, approximately Rs. Loans worth Rs 3,700 crore were sanctioned.
Similarly, if we talk about foreign debt, India’s foreign debt in 2014-15 was Rs 31 lakh crore. Now India’s foreign debt will increase to Rs 50 lakh crore in 2023.
In 2005, the country’s foreign debt was Rs 10 lakh crore, which increased to Rs 31 lakh crore in 2013. That means foreign debt increased by Rs 21 lakh crore in 9 years. External debt from 2014 to 2022 will be Rs. 33 lakh crore to Rs. 50 lakh crore i.e. foreign debt in these 9 years is Rs. There has been an increase of Rs 19 lakh crore.
Aid to foreign countries
Provided financial assistance of $250 million to Maldives. India gave a loan of 11 billion dollars to various countries in 2013-14, which increased to Rs 7267 crore in the financial year 2018-19. Whereas in 2019-20 this figure increased to Rs 9069 crore.
The government says that we are giving free wheat-rice, free cylinders, Kisan Samman Nidhi to 60 crore people, then the loan money is spent on all these things. Apart from this, government loan was also used in the construction of the new Parliament. So the total debt on India is Rs 155 lakh crore.
Per capita credit
On March 20, 2023, Finance Minister Nirmala Sitharaman gave a written answer to a question by MP Nageshwar Rao that as of March 31, 2023, the Government of India had a debt of Rs 155 lakh crore. By March it may increase to Rs 172 lakh crore. The country’s debt has increased by 181% in the last 9 years.
If the total population of the country is considered to be 130 crore in 2014, then the average loan per Indian was Rs 42 thousand. The total debt of the Government of India has increased to Rs 155 lakh crore in 2023. If the total population of India is considered to be 140 crores, then today every Indian has a debt of more than Rs 1 lakh.
Public debt in Gujarat has increased by Rs 2.97 lakh crore during the Bharatiya Janata Party rule from 1995 to 2021. In 1995, when Shri Khimbaldas Mehta was the Chief Minister, during his reign the debt was Rs 12,999 crore, then during the reign of Late Keshubhai Patel the debt increased to Rs 14,800 crore.
Narendra Modi was the Chief Minister of Gujarat since 2001. At that time the public debt of Gujarat was Rs 42 thousand 700 crore. Which increased to Rs 1 lakh 63 thousand 451 crore in 2014. During the 14-year rule of Narendra Modi, the public debt of the state was Rs 1 lakh 20 thousand 751 crore.
During the seven-year rule of Anandiben Patel and Vijaybhai Rupani, Gujarat’s public debt increased to Rs 1 lakh 46 thousand 403 crore. Now Bhupendra Patel’s BJP government has a debt of Rs 2 crore. 4 lakh crores crossed. Gujarat’s debt will reach Rs 4.23 lakh crore in 2023. Which was 2.98 lakh crore loan in the year 2019. Public debt has increased by Rs 1.5 lakh crore in one year. The public debt has become 1.5 lakh crore more than the government budget.
Per capita debt
Every rich and poor person in Gujarat has a debt of Rs 60,428. If the debt of Modi government is added to this, then every Indian has a debt of more than Rs 1 lakh. So everyone in Gujarat has a debt of Rs 1 lakh 60 thousand. If the debt of local self-government institutions is added to this, then every citizen of Gujarat will owe Rs. There is a loan of Rs 2 lakh.