For every two minutes, the Centre’s debt is growing at Rs 2 crore and there is a debt on every head in the country of about Rs 11 lakh.
The much-talked-about double engine became defunct with debt increased by triple.
The debt was Rs 55.87 lakh crore by March 31, 2014, and is likely to go up to Rs 152.17 lakh crore by this year-end.
According to experts, at the blink of an eye, the country’s debt is increasing by Rs 3.38 crore. This was admitted by the Central government itself.
The BJP government at centre refused to raise the FRBM limit when the Telangana government requested but allowed the BJP-ruled states to borrow huge sums beyond the FRBM limits.
As per the Reserve Bank of Indi (RBI) records, the Telangana government borrowed Rs 86,773 crore between 2020-2022 while the BJP-ruled Karanakata state borrowed Rs 1.23 lakh crore. Similar is the case with all other states. Telangana state is far behind in the debt list and within the limits of FRBM.
The 15th Finance Commission acknowledged that the economic health of Telangana state is good. The Gross State Domestic Product (GSDP) in 2014 was Rs 1.24 lakh but in 2022 it has witnessed an increase and is now Rs 2.78 lakh.
Earlier the borrowings were 4.1 percent of GSDP and now it is 4.9 percent of GSDP.
Every rupee borrowed was spent wisely and develop Telangana state. It emerged as the fourth largest economy in the country contributing to the economy of the country. However, the BJP government at Centre is not cooperating in the release of funds due to or sanctioning any new Central project to the state.
Even as the Union Finance Minister Ms Nirmala Sitaraman said she was unaware of black money and there were no proofs with regard to that, the Swiss Central bank records said the money deposited by the Indians in 2020 amounted to Rs 20,700 crore while the same is Rs 30,533 crore in 2021 witnessing an increase of 50 percent.
By Gollapudi Srinivasa Rao
