The rapid increase in individual debt levels has provoked political fire, with the exit at the Center after the Reserve Bank of India (RBI) report, it has been revealed that the per capita loan of borrowers has increased in the last two years.
According to RBI, average loan per borrower in March 2023 increased from Rs 3.9 lakh to Rs 4.8 lakh in March 2024, which was a large-scale spike operated by high-rated borrowers.
Targeting the economic policies of the government, senior Congress leader Jeram Ramesh convicted the BJP -led NDA government for pushing ordinary citizens in the loan in favor of corporates. “Why is every citizen of the country in a loan of Rs 4,80,000?” He asked in a post on X in Hindi.
Attacking what the supporters of the government-corporate inclination, Ramesh alleged: “Achhe Din ‘debt! Modi government has ruined the country’s economy in the last eleven years. No attempts were made to improve people’s lives, all policies were made only for capitalist friends, whose loss is being victimized by the people of the country today.”
Continuing the opposition’s criticism of unemployment and inflation, he said: “The youth are unemployed. People are dying of suicide. People are upset with inflation. Constitutional institutions are being crushed. People are being drowned in debt and Modi ji’s best friends are earning profits, their property is increasing.”
Ramesh also cited data to highlight the nature of the debt burden. “In 2 years, the per capita loan has increased by Rs 90,000 to Rs 4.8 lakh,” he said.
71 -year -old Ramesh called it “deeply worrisome”, said the unprotected loan had crossed 25 percent and by March 2025, the external loan was $ 736.3 billion – an increase of 10 percent compared to the previous year.
Ramesh said that at the center of trying to “hide the real deficiencies by” helping statistics and experts, Ramesh said that no one can “deny the truth” that the debt burden on the country is at his peak in “Modi Raj”.
Loan (T) Criticism of the economic policies of Modi government (T) RBI report on per capita loans in India (T) Congress Party’s stance on India’s debt crisis
