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India's Debt Increased to Rs. 82 Lakh Crore Under Modi Rule

India's Debt Increased to Rs. 82 Lakh Crore under Modi Rule

New Delhi:  The debt burden of the Government of India has increased alarmingly during Prime Minister Narendra Modi’s era. In the last four-and-a-half years of BJP government, the debt has increased dangerously to Rs 82 lakh crore, an increase of 49 percent. Data available till September 2018 shows the central government’s total debt stood at Rs 82,03,253 crore. The debt till June 2014 was Rs 54,90,763 crore. The 8th Edition of the Status Paper on Government debt has revealed this.

An increase in public debt is attributed to be the primary reason behind the rise in the central govt’s debt. While public debt during the period increased by 51.7 % from Rs 48 lakh to Rs 73 lakh crore, rise in internal debt by 54% to about 68 lakh crore further pushed the central government’s debt. By the end of June 2014, there was no debt raised through gold bond and it stood at Rs 9,089 crore including the gold monetisation scheme. The Central government, in the status paper on government debt, gave a detailed analysis of the overall debt position of the government of India. The government has been bringing out an annual status paper on government debt since 2010-11.

"Government is primarily resorting to market-linked borrowings for financing its fiscal deficit. Conventional indicators show that debt profile of the government is comfortably placed in terms of debt sustainability parameters and is consistently improving," the report added.