A pointy rise in particular person debt ranges has sparked political fireplace, with the Congress lashing out on the Centre after a Reserve Financial institution of India (RBI) report revealed that the per capita debt of debtors has soared over the previous two years.
In line with the RBI, the typical debt per borrower jumped from Rs 3.9 lakh in March 2023 to Rs 4.8 lakh in March 2024, a spike largely pushed by higher-rated debtors.
Taking goal on the authorities’s financial insurance policies, senior Congress chief Jairam Ramesh blamed the BJP-led NDA authorities for pushing abnormal residents into debt whereas favouring corporates. “Why is each citizen of the nation in debt of Rs 4,80,000?” he requested in a submit on X in Hindi.
Attacking what he referred to as the federal government’s pro-corporate tilt, Ramesh alleged: “Debt of ‘Achhe Din’! The Modi authorities has ruined the nation’s financial system within the final eleven years. No effort was made to enhance the lives of the individuals, all of the insurance policies have been made just for the capitalist pals, the losses of that are being suffered by the individuals of the nation at present.”
Persevering with the Opposition’s criticism of unemployment and inflation, he added: “Youth are unemployed. Farmers are dying by suicide. Individuals are troubled by inflation. Constitutional establishments are being crushed. Individuals are drowning in debt and Modi ji’s finest pals are making earnings, their wealth is growing.”
Ramesh additionally cited information to focus on the character of the debt burden. “In 2 years, the per capita debt has elevated by Rs 90,000 to Rs 4.8 lakh,” he mentioned.
Calling it “deeply worrying,” Ramesh, 71, famous that unsecured loans have crossed 25 per cent and exterior debt stood at $736.3 billion by March 2025 – a ten per cent rise over the earlier yr.
Accusing the Centre of trying to “disguise the actual shortcomings by taking the assistance of statistics and specialists”, Ramesh mentioned nobody can “deny the reality” that the debt burden on the nation is at its peak in “Modi Raj”.