There is a debt of so many lakh crores on every citizen of India, many will not be able to earn even in a year

There is a debt of so many lakh crores on every citizen of India, many will not be able to earn even in a year

Photo:PTI There is a debt of so many lakh crores on every citizen of India

India: Industries of Telangana and Information Technology Minister, KT Rama Rao on Sunday said that India’s debt has increased by Rs 100 lakh crore during the last eight years. He claimed that every Indian has a debt of Rs 1.25 lakh. His tweet on Sunday was apparently in response to Union Finance Minister Nirmala Sitharaman’s statement that every child born in Telangana has a debt of Rs 1.25 lakh.

Debt does not increase only in Modi government

The Union minister had criticized the state government for raising loans under the BJP’s ‘Sansad Pravas Yojana’ during his three-day visit to the Zaheerabad Lok Sabha constituency. Rama Rao who is also the working president of Telangana Rashtra Samithi (TRS). He tweeted that Madam FM expresses eloquence on fiscal prudence. In 67 years till 2014, 14 Prime Ministers of India have raised a debt of Rs 56 lakh crore. Debt has not increased only under Modi government.

The minister said that the debt-GSDP ratio of Telangana is 23.5 per cent, which is ranked 23rd among 28 Indian states. The country’s debt-to-GDP ratio is 59 percent.

RBI report cited

Quoting Reserve Bank of India (RBI) October 2021 report, KTR said Telangana with 2.5 per cent Indian population contributes 5.0 per cent to India’s GDP. He remarked that the country needs dual-effect governance and not a useless dual engine. He said that if only BJP states had performed at par with Telangana, India would now be a $4.6 trillion economy.

Rs 1.25 lakh loan on each child

Sitharaman came down heavily on the TRS government for raising loans over and above the FRBM limit, claiming that every child born in the state has a debt of Rs 1.25 lakh. She said that due to heavy debt, the revenue surplus budget of Telangana had slipped into the revenue deficit budget. He said that the state was raising more loans than what was sanctioned in the budget. He claimed that the assembly was being kept in the dark over loans taken from outside. Not all loans are being included in the budget, he said.

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