Every citizen has a foreign debt of Rs. 32,000

India has a loan of Rs. 147 lakh crore

Editorial Comments  

  • Should this be called progress made by India in 74 years since Independence ?
  • It is shameful to India that even after having Rs. 32,000 of debt per citizen which is further increasing; the rulers, Government, citizens are not serious about it, instead are going on a spending spree !
  • The vicious cycle of loan-debt-repayments with interest will continue as a new loan will be required to pay the debt. Is any ruler doing something or asking citizens to make efforts to stop this cycle ?

New Delhi – In 2021, the debt on each citizen of India has increased to  Rs. 32,000, India has a debt of Rs. 43 lakh 32 thousand crore, and the total debt is Rs. 147 lakh crores.

  1. After Independence, in 1950, a loan of Rs. 380 crore rupees had been taken. Since then, there have been many Governments, but during the tenure of each Government, the debt went on increasing.
  2. On 21 November 2021, India took a loan of Rs. 2 thousand 645 crore from the Asian Development Bank. According to experts, the Government has planned to take another loan of 12 lakh crore rupees.
  3. The money borrowed as the loans is used for paying interest, subsidies of the finance commission, and subsides of the budget by the Central Government.
  4. In the last seven years, the debt on the country has increased instead of decreasing.  Since 2014, Central Government has taken a foreign loan of Rs. 10 lakh crore.
  5. In the seven years from 2006 to 2013, the Congress-led UPA Government has taken around Rs. 21 lakh crore of foreign loans. In 2006, the debt amount was Rs. 10 lakh crore, which became Rs. 31 lakh crore by 2013. This means in seven years, the Congress-led UPA Government has increased the debt by Rs. 21 lakh crore. The current BJP Government has added Rs. 12 lakh crore to it in the last seven years. However, compared to Congress-led UPA’s seven-year period and even after having Covid  pandemic, the amount of foreign debt is less, which is a good thing.
  6. In 2014, India’s population was 129 crore. At that time, the debt per citizen was Rs. 26,000 which means in the last seven years debt per citizen has increased by Rs. 6,000.
  7. In 2020, India had a debt of Rs. 147 lakh crore. In that, foreign debt is Rs. 43 lakh crore. Typically, most of the countries have a debt of 40 to 50% of GDP, while in India, it is 89%. Five countries, including the USA, Japan, Brazil have debts more than their GDP. Japan has 254%, the USA has 133%, France 115%, UK 104%, and Brazil has 98% debt of their respective GDPs.