Business Standard

India's debt burden of Rs 88 lakh crore is worrisome: Congress


ANI Politics
The Congress said on Saturday India's debt has risen to Rs 88 lakh crore under the BJP-led goverment and accused the ruling coalition of lacking a strategy to boost the economy.
"In the first financial quarter of 2020, India's debt is Rs 88.18 lakh crore. An extra loan of approximately around Rs 4 lakh crores has been taken in April to June quarter and it is a matter of concern," Congress Spokesperson Supriya Shrinate told reporters in a press conference.
She said the debt has increased by Rs 34 lakh crore in comparison to 2014.
"It almost appears they are 'Alice in wonderland'. It almost appears that they don't have a strategy. It almost appears that there is no comprehensive strategy to deal with the economic slowdown," Shrinate said.
She said the government should have increased public spending which would have helped the common man.
"Money should have come into the hands of people but the government gives relief to corporates. The government cuts corporate tax in the hope that they will invest more. The decision to cut corporate tax will not help in investment. The spending power of common man should rise," he said.
Shrinate also attacked Finance Minister Nirmala Sitharaman over the slowdown in economic growth.
"The faith in the Indian economy and the faith in our growth have substantially weakened. They don't have an idea of what to do. The Finance Minister says one thing and the RBI says another thing," Shrinate alleged.

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 28 2019 | 11:36 PM IST

Explore News