Its spokesperson Supriya Shrinate told a Press conference here that a child being born at this second, is bearing a debt burden of Rs.1, 20,000. This government is borrowing Rs.4 lakh every second, this government is borrowing almost two and half crore rupees every minute and that has amounted to hundred lakh crore rupees in the last 9 years. That’s the kind of debt burden that we are reeling under and each time you show them the mirror, they will talk about foreign economies, they will talk about other countries.
The big question is as to who is benefitted from this high debt — India’s poor or middle class orpeople like you and me, She said, adding that it also hits the service class and the students.
“No, because 23 crore people in India are reeling under the Below Poverty line. 83 per cent of Indians have seen their Income goes down, 11 thousand MSME have shut in the last one year alone, and that’s a constant trend. But the number of billionaires in India has certainly gone up from hundred and two in 2020, to hundred and sixty six in 2022 and they are the biggest beneficiaries of this debt. But, are they playing their role in the India’s story? Are they servicing, are they paying higher taxes? And you will be shocked to know that the truth is contrary to that,” Shrinate said.
Showing mirror to Prime Minister Bodi, she said: “India’s debt to GDP ratio is at a massive 84 per cent for emerging market economies, for developing economies and average debt to GDP ratio is at 64.5 %. Why is our debt ratio so alarming? And let me also tell you, Rs.11 lakh crores, are being paid as interest to service this debt and according to the CAGs own report, debt burden may become an issue. Going forward, according to the CAG, India’s debt to GDP ratio in 2020 was at 52 per cent that has gone up to 84 per cent in 2020. Our debt servicing capacity has turned negative, so imagine where would it be now.”
“The only thing that we say from this platform is that Mr. Modi as Chief Minister of Gujarat, used to call the Central Government incompetent, inefficient and corrupt and I think those three adjectives fit this government and Mr. Modi no better, than any other because economic mismanagement of this government has resulted in a ruined Indian economy. It has resulted in high prices, high inflation, it high unemployment and a massive debt burden that the country is facing,” she said.
She asserted that the Indian economy cannot be managed, by managing headlines. The Indian economy can also not be managed by whatsapp forwards, the Indian economy will have to be managed by sound economic managers, who don’t want to hog the limelight? Who wants to do the work and fix the Indian economy and ensure that prosperity reaches every part of India?
In the end from this platform, we demand that a white paper be released on the Indian economy by the government because the fault lines are only getting deeper, Shrnate said.
