New Delhi, July 2
Congress MP Jairam Ramesh on Wednesday launched a sharp attack on the Narendra Modi government, accusing it of "wrecking the economy" over the past eleven years.
He cited Reserve Bank of India (RBI) data to claim that the country's debt burden had peaked, with every citizen now burdened with Rs 4.8 lakh of debt.
https://x.com/Jairam_Ramesh/status/1940294712952258898
In a scathing post on X, Ramesh said, "The Modi government has wrecked the country's economy over the past eleven years. No efforts have been made to improve people's lives; all policies have been crafted solely for capitalist friends, the consequences of which the country's people are suffering today. This truth is coming to light in some form or another every day."
Ramesh referred to a latest RBI report that, according to him, exposed the alarming state of the Indian economy. He accused the Modi government of using "data manipulation and expert opinions" to hide the reality.
"No one can deny the truth that the burden of debt has reached its peak under Modi's rule," he wrote in a post.
He listed some of the most concerning points from the report as: "In two years, per capita debt rose by Rs 90,000, reaching Rs 4.8 lakh per person, about 25.7% of income is being spent solely on repaying debt. The majority, 55% of loans, are reportedly being taken for credit cards, mobile EMIs, etc., which means that in this inflation, families' incomes are not sufficient to meet their expenses, and they are forced to take loans, and unsecured debt has crossed 25%."
Taking a dig at the BJP's famous slogan "Achhe Din", Ramesh said the burden of these "good days" has fallen entirely on the common man.
"The public is drowning in debt, while Modi's close friends are making profits, and their wealth continues to grow," he added in a post.
He pointed out that Youth are not getting jobs, Farmers are committing suicide, People are distressed by inflation, and Constitutional institutions are being crushed.
Ramesh raised a fundamental question, saying, "When all government projects are being executed through public-private partnerships or private participation, why is the country's debt increasing? Why has every citizen been burdened with a debt of ₹4,80,000?"
— ANI
Reader Comments
As an expat working in India, I see both sides. Yes inflation is tough, but India's global standing has improved significantly. The debt numbers are worrying though - needs more transparency from both government and opposition.
The credit card debt statistic is shocking! My whole office is living paycheck to paycheck despite good salaries. Something is fundamentally wrong when basic groceries cost so much 😔 Where are the achhe din we were promised?
Instead of political blame games, we need solutions. Both BJP and Congress have failed middle class. GST on daily items, fuel prices, education costs - everything is crushing common man. Time for new economic vision!
As a small business owner, I've seen both good and bad. Digital payments helped us grow, but compliance burden increased 10x. Government must balance reforms with ground realities. Not everything is black and white!
RBI data doesn't lie. 25% of income going towards debt repayment is unsustainable. Government must address this debt crisis before it becomes another Sri Lanka situation. Jairam Ramesh is right to raise alarm bells 🔔
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