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India Today
a day ago
- Business
- India Today
Debt of 'achhe din': Congress slams Modi government over rise in per capita debt
The Congress on Wednesday slammed the Centre over the rise in the per capita debt of individual borrowers and said the government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but the debt burden on the country is at its peak under "Modi Raj".Congress general secretary-in-charge of communications Jairam Ramesh shared screenshots of media reports attacking the media report stated that the average debt of every person in the country has increased by Rs 90,000 in the last two years and the per capita debt of individual borrowers increased to Rs 4.8 lakh in March 2025 from Rs 3.9 lakh in March 2023. The other report, shared by Ramesh, said 25.7 per cent of the ordinary person's disposable income is going towards paying EMIs of loans which are non-productive for them in the future."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 capitalist friends, the losses of which are being suffered by the people of the country today," Ramesh alleged in his post in Hindi on truth is coming in front of us every day in some way or the other, he saidRamesh said the latest report of the Reserve Bank of India has revealed a worrying picture of India's government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but no one can deny the truth that the debt burden on the country is at its peak in "Modi Raj", Ramesh said."In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh," he said."25.7% of the income is going only in repaying the debt. The maximum 55% of loans go to so-called credit cards, mobile EMIs etc., which means that in this inflation, families are not able to survive with their income, and they are forced to take loans," Ramesh also pointed out that unsecured loans have crossed 25 per cent."The most worrying thing is that by March 2025, India's debt to other countries/external debt was 736.3 billion dollars, which is 10 percent more than last year," Ramesh said."The youth are unemployed. Farmers are committing 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," he direct question is that when all government projects are being done through public-private partnership or private participation, then why is the debt in the country increasing," Ramesh said."Why is every citizen of the country in debt of Rs 4,80,000?" he Congress has been attacking the government over its handling of the economy and raising concerns over increasing unemployment and price rises.- EndsTune InMust Watch
Indian Express
a day ago
- Business
- Indian Express
‘Why is every citizen in debt of Rs 4.8 lakh in ‘Modi Raj'?': Congress accuses Centre of catering to capitalist friends
A sharp rise in individual debt levels has sparked political fire, with the Congress lashing out at the Centre after a Reserve Bank of India (RBI) report revealed that the per capita debt of borrowers has soared over the past two years. 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'.
The Hindu
a day ago
- Business
- The Hindu
'Debt of 'Achhe Din': Congress slams Govt over rise in per capita debt of individual borrowers
The Congress on Wednesday (July 2, 2025) slammed the Centre over the rise in the per capita debt of individual borrowers and said the government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but the debt burden on the country is at its peak in "Modi Raj". Congress general secretary in-charge communications Jairam Ramesh shared screenshots of media reports to attack the government. One media report stated that the average debt of every person in the country has increased by ₹90,000 in the last two years and the per capita debt of individual borrowers increased to ₹4.8 lakh in March 2025 from ₹3.9 lakh in March 2023. The other report shared by Mr. Ramesh said 25.7% of the common man's disposable income is going towards paying EMIs of loans which are non-productive for him in the future. "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," Mr. Ramesh alleged in his post in Hindi on X. This truth is coming in front of us every day in some way or the other, he said. Mr. Ramesh said the latest report of the Reserve Bank of India has revealed a worrying picture of India's economy. The Government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but no one can deny the truth that the debt burden on the country is at its peak in "Modi Raj", Mr. Ramesh said. "In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh," he said. "25.7% of the income is going only in repaying the debt. The maximum 55% of loans are going for so-called credit cards, mobile EMIs etc., which means that in this inflation, families are not able to survive with their income and they are forced to take loans," Mr. Ramesh said. He also pointed out that unsecured loans have crossed 25%. "The most worrying thing is that by March 2025, India's debt to other countries/external debt was 736.3 billion dollars, which is 10 percent more than last year," Mr. Ramesh said. "Youth are unemployed. Farmers are committing 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," he alleged. The direct question is that when all government projects are being done through public-private partnership or private participation, then why is the debt on the country increasing, Mr. Ramesh said. "Why is every citizen of the country in debt of Rs 4,80,000?" he said.
Time of India
a day ago
- Business
- Time of India
'Debt of 'Achhe Din': Congress slams govt over rise in per capita debt of individual borrowers
The Congress on Wednesday slammed the Centre over the rise in the per capita debt of individual borrowers and said the government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but the debt burden on the country is at its peak in "Modi Raj". Congress general secretary in-charge communications Jairam Ramesh shared screenshots of media reports to attack the government. One media report stated that the average debt of every person in the country has increased by Rs 90,000 in the last two years and the per capita debt of individual borrowers increased to Rs 4.8 lakh in March 2025 from Rs 3.9 lakh in March 2023. The other report shared by Ramesh said 25.7 per cent of the common man's disposable income is going towards paying EMIs of loans which are non-productive for him in the future. "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," Ramesh alleged in his post in Hindi on X. Live Events This truth is coming in front of us every day in some way or the other, he said Ramesh said the latest report of the Reserve Bank of India has revealed a worrying picture of India's economy. The government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but no one can deny the truth that the debt burden on the country is at its peak in "Modi Raj", Ramesh said. "In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh," he said. "25.7% of the income is going only in repaying the debt. The maximum 55% of loans are going for so-called credit cards, mobile EMIs etc., which means that in this inflation, families are not able to survive with their income and they are forced to take loans," Ramesh said. He also pointed out that unsecured loans have crossed 25 per cent. "The most worrying thing is that by March 2025, India's debt to other countries/external debt was 736.3 billion dollars, which is 10 percent more than last year," Ramesh said. "Youth are unemployed. Farmers are committing 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," he alleged. The direct question is that when all government projects are being done through public-private partnership or private participation, then why is the debt on the country increasing, Ramesh said. "Why is every citizen of the country in debt of Rs 4,80,000?" he said.
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Business Standard
a day ago
- Business
- Business Standard
Cong slams Modi govt over rise in per capita debt of individual borrowers
A report shared by Jairam Ramesh on X said 25.7 per cent of the common man's disposable income is going towards paying EMIs of loans which are non-productive for him in the future Press Trust of India New Delhi The Congress on Wednesday slammed the Centre over the rise in the per capita debt of individual borrowers and said the government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but the debt burden on the country is at its peak in "Modi Raj". Congress general secretary in-charge communications Jairam Ramesh shared screenshots of media reports to attack the government. One media report stated that the average debt of every person in the country has increased by Rs 90,000 in the last two years and the per capita debt of individual borrowers increased to Rs 4.8 lakh in March 2025 from Rs 3.9 lakh in March 2023. The other report shared by Ramesh said 25.7 per cent of the common man's disposable income is going towards paying EMIs of loans which are non-productive for him in the future. "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," Ramesh alleged in his post in Hindi on X. This truth is coming in front of us every day in some way or the other, he said Ramesh said the latest report of the Reserve Bank of India has revealed a worrying picture of India's economy. The government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but no one can deny the truth that the debt burden on the country is at its peak in "Modi Raj", Ramesh said. "In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh," he said. "25.7% of the income is going only in repaying the debt. The maximum 55% of loans are going for so-called credit cards, mobile EMIs etc., which means that in this inflation, families are not able to survive with their income and they are forced to take loans," Ramesh said. He also pointed out that unsecured loans have crossed 25 per cent. "The most worrying thing is that by March 2025, India's debt to other countries/external debt was 736.3 billion dollars, which is 10 percent more than last year," Ramesh said. "Youth are unemployed. Farmers are committing 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," he alleged. The direct question is that when all government projects are being done through public-private partnership or private participation, then why is the debt on the country increasing, Ramesh said. "Why is every citizen of the country in debt of Rs 4,80,000?" he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
