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Congress blames PM for India’s rising debts

Congress blames PM for India’s rising debts

Hyderabad: The Congress party today blamed the wrong economic policies of Prime Minister Narendra Modi which pushed the country into huge debts during the last four-and-a-half years.

In a statement here on Thursday, TPCC Treasurer Gudur Narayana Reddy, said India’s debts increased from Rs 54,90,763 crore till June 2014 to a whopping Rs 82,03,253 crore as on September 2018. He said as per the 8th Edition of the Status Paper on Government Debts released recently, the total liabilities of the government have increased by 49%. He also said the Modi regime has borrowed Rs 28,92,171 crore in the last four-and-a-half years.

Narayana Reddy said the Public Debt as in June 2014 was Rs 48,27,486 crore. It included an external borrowing of Rs 412,514 crore and Internal Debt of Rs 44,14,972 crore. But under Modi’s regime, the overall Public Debt rose to Rs. 73,22,311 crore which includes External Debt of Rs. 525,765 Cr and Internal Debt of Rs 67,96,545 Cr. He said growth in internal debt by 54% and public debt by almost 52% was purely due to economic blunders, mismanagement of resources and wrong policies. Stating that the previous UPA regime did not raise money using gold bonds, he said the Narendra Modi Government raised Rs 9080.53 crore through Gold Bonds, including Gold Monetization Scheme.

The Congress leader also expressed concern over decline in Reserve Funds & Deposits which came down from Rs 221,999.79 Cr in June 2014 to Rs. 214,616.96 Cr. Other liabilities too have increased to Rs. 880,941.97 Cr in September 2018 compared to Rs. 663,277.52 Cr in June 2014. He said these figures clearly show that the claims of economic growth being made by BJP Government at the Centre were hollow. “Several misadventures like demonetization and a defective GST coupled with a non-serious approach to country’s finances, the Modi Government has pushed the entire country into huge debts and economic slowdown,” he added.

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