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Debt and liabilities skyrocketed under Modi regime; 49 lakh crore foreign debt

NEW DELHI: India’s international debt and liabilities are rising sharply underneath the Modi regime. India’s exterior debt in 2021-22 monetary yr has reached Rs 49 lakh crore. In keeping with the Reserve Financial institution of India, there is a rise of 8% in comparison with the earlier yr. Overseas debt elevated by Rs 3.67 lakh crore in a single yr. The GDP-to-debt ratio has come shut to twenty %.

Lengthy-term exterior debt elevated by 5.6 % whereas short-term debt elevated by 20 %. The appreciation of the US greenback, Euro, Yen and different currencies in opposition to the rupee has diminished the exterior debt burden. There was a discount of Rs 91,260 crore in international debt. In any other case there would have been a rise of Rs 4.59 lakh crore as a substitute of Rs 3.67 lakh crore. There was additionally a rise within the complete legal responsibility of the federal government. The overall legal responsibility was Rs 128.41 lakh crore within the quarter ended final December. 133.22 lakh crore within the quarter ended March. The rise in complete legal responsibility is 3.74 %.

Fiscal deficit to 12.3 %

The central authorities’s fiscal deficit rose to 12.3 % of the finances allocation within the first two months of the fiscal yr. That is based on the estimate until the tip of May. It was 8.2 % throughout the identical interval final yr.
In keeping with the figures launched by the Comptroller General of Accounts (CGA), the federal government’s revenue-expenditure hole (fiscal deficit) stood at Rs 2.03 lakh crore on the finish of May.

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