Centre Made Policies Only for its Capitalist Friends: Congress
The Congress party has launched a scathing attack on the Central government, accusing it of prioritizing the interests of its “capitalist friends” over those of ordinary citizens. party leader Jairam Ramesh made the remarks while questioning the increasing debt burden on the common man, with the per capita debt of borrowers jumping from ₹3.9 lakh in 2023 to ₹4.8 lakh in 2024, as revealed by a report by the Reserve Bank of India (RBI).
Ramesh, a former Union Minister, expressed his concern over the widening debt gap and asked why every citizen of India is in debt of ₹4,80,000. He emphasized that the Central government’s policies are designed to benefit its capitalist friends, leaving ordinary citizens struggling to make ends meet.
“It is a matter of great concern that the per capita debt of borrowers has increased by ₹90,000 in just one year, from ₹3.9 lakh to ₹4.8 lakh. Why is every citizen of India in debt of ₹4,80,000?” Ramesh asked during a press conference.
The Congress leader claimed that the Centre’s economic policies, particularly the Goods and Services Tax (GST), have contributed significantly to the increasing debt burden on individuals. He argued that the GST has led to a cascading effect, making it difficult for small and medium-scale enterprises to operate, ultimately pushing them into debt.
Ramesh also criticized the Central government’s handling of the economy, stating that it has failed to provide relief to the common man. He pointed out that the government’s focus on fiscal prudence has led to a slowdown in economic growth, resulting in job losses and increased debt burden on individuals.
The Congress leader’s remarks come at a time when the Indian economy is facing significant challenges, including a widening current account deficit, a slowing economy, and a surge in debt levels. The RBI’s report, which revealed the increasing debt burden on borrowers, has raised concerns over the country’s financial stability.
The report, which analyzed data from various sources, including the RBI’s own surveys, found that the per capita debt of borrowers had increased by 22.1% in 2024 compared to the previous year. The report also pointed out that the debt burden is not limited to any particular region or demographic group, with individuals from all walks of life struggling to manage their debt.
Ramesh’s criticism of the Centre’s economic policies is not without merit. The government’s decision to implement the GST, a complex and cumbersome tax regime, has been widely criticized for its negative impact on small and medium-scale enterprises. The GST has also led to a rise in prices of essential commodities, making it difficult for ordinary citizens to afford basic necessities.
Furthermore, the government’s focus on fiscal prudence has led to a reduction in public spending on social welfare programs, such as healthcare and education. This has resulted in a significant decline in the quality of public services, leaving citizens with little choice but to take on debt to access essential services.
In conclusion, Jairam Ramesh’s remarks highlighting the Centre’s failure to address the debt burden on ordinary citizens are a stark reminder of the government’s priorities. The Congress party’s criticism of the Centre’s economic policies is well-founded, and it is high time that the government takes concrete steps to address the growing debt burden and promote economic growth that benefits all sections of society.
Source:
https://indianexpress.com/article/india/congress-centre-debt-economy-modi-10102136/lite/
