NEW DELHI – The Congress on Sunday said that debt per Indian has increased from Rs 43,124 to Rs 1,09,373 in the last nine years, and has become 2.53 times more than what it was in 2014.
Addressing a press conference here, Congress spokesperson Gaurav Vallabh pointed out that the total outstanding debt of the Government of India, which was 55.87 lakh crore as on March 31, 2014, would be estimated to go up to Rs 155.31 lakh crore by March 31, 2023.
“By the end of the financial year 2023, each Indian will owe Rs 1,09,373/- a loan they have never taken. From 1947 till March 31, 2014, debt per Indian was 43,124/-. But in the last nine years, debt per Indian has become 2.53 times what it was in 2014. In absolute terms, debt per Indian increased by Rs 66,249 in the last nine years,” he said
Vallabh said, “As per IMF for 2022, our Debt to GDP was 83 per cent, far above our peers, emerging market and developing economies (EMDEs), which have average Debt of 64.5 per cent.
“As per reports, the wealthiest 5 per cent in India now own more than 60 per cent of the country’s total wealth, while the bottom half of the population (50 per cent) together share just 3 per cent of the wealth.
“On the other side, 64 per cent �of the total Rs 14.83 lakh crore in Goods and Services Tax (GST) came from the bottom 50 per cent�of the population, with only 3 per cent of GST coming from the top 10 per cent .
“So, the above borrowing is just helping in the K-shaped recovery, with some sectors doing well but not others. The pandemic hit the middle- and low-income groups and small and medium industries harder. As a result, growth in consumption (PFCE*) fell from 25.9 per cent in Q1 of FY23 to 9.7 per cent in Q2,” he alleged.
The Congress questioned, “Why has Debt per Indian increased from Rs 43,124 to Rs 1,09,373 in the last nine years, a jump of 2.53 times? From 1947 till March 31, 2014, the total debt of the Government of India increased to Rs 55.87 lakh crore; why, in the last nine years, it grew to Rs 155.31 lakh crore a jump of 2.77 times?
“Why is the money borrowed just helping in a K-shaped recovery, with 50 per cent population owning 3 per cent of total wealth and ending up paying 64 per cent of the GST collected?” he added. -IANS