‘Why is every citizen in debt of Rs 4.8 lakh in ‘Modi Raj'?': Congress accuses Centre of catering to capitalist friends
According to the RBI, the average debt per borrower jumped from Rs 3.9 lakh in March 2023 to Rs 4.8 lakh in March 2024, a spike largely driven by higher-rated borrowers.
Taking aim at the government's economic policies, senior Congress leader Jairam Ramesh blamed the BJP-led NDA government for pushing ordinary citizens into debt while favouring corporates. 'Why is every citizen of the country in debt of Rs 4,80,000?' he asked in a post on X in Hindi.
Attacking what he called the government's pro-corporate tilt, Ramesh alleged: 'Debt of 'Achhe Din'! The Modi government has ruined the country's economy in the last eleven years. No effort was made to improve the lives of the people, all the policies were made only for the capitalist friends, the losses of which are being suffered by the people of the country today.'
Continuing the Opposition's criticism of unemployment and inflation, he added: 'Youth are unemployed. Farmers are dying by suicide. People are troubled by inflation. Constitutional institutions are being crushed. People are drowning in debt and Modi ji's best friends are making profits, their wealth is increasing.'
Ramesh also cited data to highlight the nature of the debt burden. 'In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh,' he said.
Calling it 'deeply worrying,' Ramesh, 71, noted that unsecured loans have crossed 25 per cent and external debt stood at $736.3 billion by March 2025 – a 10 per cent rise over the previous year.
Accusing the Centre of attempting to 'hide the real shortcomings by taking the help of statistics and experts', Ramesh said no one can 'deny the truth' that the debt burden on the country is at its peak in 'Modi Raj'.
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