India Paying Rs 9.41 Lakh Cr As Interests Every Year

When Prime Minister Narendra Modi led NDA took over New Delhi, the country’s outstanding debts were Rs 58 Lakh crore and in the last eight and half years, Modi government has made close to Rs 100 Lakh crore. As of December 2022, India’s total debt increases to Rs 147 lakh crore and this debt is likely to pile up this year being the last year for general elections.

In a shocking revelation, the Modi government is paying Rs 9.41 Lakh crore annually in the form of interests to the money it borrowed. This data was revealed in today’s Economic Survey which was placed in the Parliament ahead of the Budget 2023.

In table 3 and subdivision of five, which is the union government’s Major Item of Revenue Expenditure, the data showed Rs 9.41 Lakh crore being paid to banks and financial institutions in the form of interests. This data also revealed that there is a significant jump in the interest being paid by the union government from the corresponding year. In 2022, the union government paid Rs 8.05 Lakh crore for interests and this year, the allocations jumped nearly 150 percent.

This is an alarming financial situation yet the PM Modi and the NDA government is projecting that all is well and India’s economy is predicted to grow to 6.5 percent in the fiscal year. The Economic Survey mentioned that the economy will highly depend upon global crude oil prices and also on the Rupee value against the US Dollar.