Just like how the YS Jagan Mohan Reddy government of Andhra Pradesh is indulged in massive loans, Modi Government is also in a deep debt quagmire. In a written reply to a question asked in the Rajya Sabha, the Ministry of Finance revealed that India’s debt burden increased from 51.6% of GDP in 2019-20 to 60.5% in 2020-21.
Total debt of the country (till date) is 119,53,758 Crore while the GDP is 197,456,70 Crore. The quantum of increase in debts is truly shocking because there has been no substantial increase in the budgets of priority sectors like Health as is evident in the second wave when the government has come under criticism for the lack of preparation.
The country even struggled to anticipate and prepare for the Oxygen demand. And at the same time, the Government has been raking huge revenues from the sale of petroleum products and it has also done away with the subsidies on Domestic gas cylinders.
The debt burden may go up to 70% of the GDP by the end of this financial year which is like an extreme danger zone. Meanwhile, Twitterati has been mocking Modi Government saying that they are inspired by Jagan Government in AP.
India's debt burden increased from 51.6% of GDP in 2019-20 to 60.5% in 2020-21.
Where is the country heading to, I believe much worse chaos is ahead!! pic.twitter.com/84OeGNsAuz
— Ravi Vallabhaneni (Balu Deserves Bharat Ratna) (@ravivallabha) August 6, 2021