Debt tripled under Modi Raj

[Mrloveday]

Crony Capitalist Banias enjoying. Rest suffering.

 

[deep]

External Debt - Historical Data
Year	Current US $	Annual % Change
2021	$612,865,853,448	8.46%
2020	$565,052,687,177	0.75%
2019	$560,870,595,481	7.65%
2018	$521,030,333,410	1.87%
2017	$511,472,593,374	12.29%
2016	$455,502,090,499	-4.87%
2015	$478,825,585,025	4.66%
2014	$457,507,409,077	7.08%
2013	$427,245,079,806	8.83%
2012	$392,576,050,360	17.40%
2011	$334,399,298,473	15.14%
2010	$290,427,544,563	13.31%
2009	$256,312,241,333	12.86%
2008	$227,111,768,435	11.30%
2007	$204,057,539,300	27.92%
2006	$159,525,518,911	31.63%
2005	$121,195,478,445	-1.98%
2004	$123,644,485,822	4.00%
2003	$118,884,622,370	12.43%
2002	$105,741,601,402	6.27%
2001	$99,500,093,586	-1.61%
2000	$101,131,491,180	1.35%
1999	$99,779,510,346	1.47%
1998	$98,333,648,295	4.54%
1997	$94,059,291,709	0.10%
1996	$93,966,076,366	0.17%
1995	$93,808,975,940	-4.18%
1994	$97,898,626,999	7.19%
1993	$91,330,328,768	4.05%
1992	$87,775,440,182	3.44%
1991	$84,852,336,186	1.65%
1990	$83,471,522,909	13.23%
1989	$73,721,064,976	24.34%
1988	$59,288,500,301	10.98%
1987	$53,424,896,489	18.96%
1986	$44,909,442,697	15.35%
1985	$38,934,813,159	18.83%
1984	$32,763,961,315	6.90%
1983	$30,649,492,455	13.76%
1982	$26,942,860,601	19.85%
1981	$22,480,074,709	8.48%
1980	$20,723,360,696	13.92%
1979	$18,190,384,895	10.11%
1978	$16,520,249,175	7.17%
1977	$15,414,657,570	5.68%
1976	$14,586,390,286	5.20%
1975	$13,865,614,019	9.20%
1974	$12,696,953,186	15.79%
1973	$10,965,917,520	9.34%
1972	$10,029,268,977	7.51%
1971	$9,328,742,282	10.73%
1970	$8,425,121,119	10.73%

 

[Joe Shearer]

He will still win. The satta market says 325 seats. We still are at the mercy of the imbecile masses in the delta, and toxic pockets like Gujarat.

 

[kambhakt]

External Debt - Historical Data
Year	Current US $	Annual % Change
2021	$612,865,853,448	8.46%
2020	$565,052,687,177	0.75%
2019	$560,870,595,481	7.65%
2018	$521,030,333,410	1.87%
2017	$511,472,593,374	12.29%
2016	$455,502,090,499	-4.87%
2015	$478,825,585,025	4.66%
2014	$457,507,409,077	7.08%
2013	$427,245,079,806	8.83%
2012	$392,576,050,360	17.40%
2011	$334,399,298,473	15.14%
2010	$290,427,544,563	13.31%
2009	$256,312,241,333	12.86%
2008	$227,111,768,435	11.30%
2007	$204,057,539,300	27.92%
2006	$159,525,518,911	31.63%
2005	$121,195,478,445	-1.98%
2004	$123,644,485,822	4.00%
2003	$118,884,622,370	12.43%
2002	$105,741,601,402	6.27%
2001	$99,500,093,586	-1.61%
2000	$101,131,491,180	1.35%
1999	$99,779,510,346	1.47%
1998	$98,333,648,295	4.54%
1997	$94,059,291,709	0.10%
1996	$93,966,076,366	0.17%
1995	$93,808,975,940	-4.18%
1994	$97,898,626,999	7.19%
1993	$91,330,328,768	4.05%
1992	$87,775,440,182	3.44%
1991	$84,852,336,186	1.65%
1990	$83,471,522,909	13.23%
1989	$73,721,064,976	24.34%
1988	$59,288,500,301	10.98%
1987	$53,424,896,489	18.96%
1986	$44,909,442,697	15.35%
1985	$38,934,813,159	18.83%
1984	$32,763,961,315	6.90%
1983	$30,649,492,455	13.76%
1982	$26,942,860,601	19.85%
1981	$22,480,074,709	8.48%
1980	$20,723,360,696	13.92%
1979	$18,190,384,895	10.11%
1978	$16,520,249,175	7.17%
1977	$15,414,657,570	5.68%
1976	$14,586,390,286	5.20%
1975	$13,865,614,019	9.20%
1974	$12,696,953,186	15.79%
1973	$10,965,917,520	9.34%
1972	$10,029,268,977	7.51%
1971	$9,328,742,282	10.73%
1970	$8,425,121,119	10.73%

I think article talks of total debt. Not only external debt.

 

[Mrloveday]

He will still win. The satta market says 325 seats. We still are at the mercy of the imbecile masses in the delta, and toxic pockets like Gujarat.

War, Riots and EVM zindabad.

 

[Mrloveday]

I think article talks of total debt. Not only external debt.

Gangetics and Gujjuice cannot read Hindi anymore.

Read the circled part.

India is in the top debtor 10 list. While Pakistan isn't. What an achievement Modi ji. Phul sport.

 

[Joe Shearer]

View attachment 35220

Gangetics and Gujjuice cannot read Hindi anymore.

Read the circled part.

India is in the top debtor 10 list. While Pakistan isn't. What an achievement Modi ji. Phul sport.

Surely even they cannot be that stupid. Please, please say that this is a misprint.

 

[FuturePAF]

What has the debt been spent on?

 

[Joe Shearer]

What has the debt been spent on?

@Nilgiri keeps himself best informed and should be the best to answer.

However, from a VERY PARTISAN POINT OF VIEW, my opinion is that failures to meet taxation targets, favours shown to crony capitalists, and rank bad economic and financial management led to large gaps between revenue and expenditure.

This was ignored and over-ridden by the incumbent government's inherent corruption, and the drive to award contracts with money that it didn't have, at the cost of basics, coupled with the desperate need to showcase their bold spending on strategic areas - defence acquisition, marquee infrastructure, such as the roads network, stupid grandstanding like the institution of 110-kmph trains capable of running at 130 kmph but hamstrung by bad carriageways....a variety of factors like this.

I doubt that more than two or three other Indian members would agree, even partially, with this response. Look for other inputs.

 

[deep]

I think article talks of total debt. Not only external debt.

What's the worry if debt is in Indian currency?? Rather than printing and hence contributing to inflation they are borrowing in I Indian currency ..External debt is serious issue which is coming below as percentage of GDP ..

 

[SoulSpokesman]

@Joe Shearer

I am surprised that you should come out a superficial analysis like this.

You could begin by looking at the debt/GDP ratio (both Centre and State). It more or less remained between 67-70% between FY 2014 and FY 2020. Where the debt hit the roof was in FY 2021 and FY 2022 purely because of the Covid induced rout. In FY 2021, the Indian GDP nominal actually declined by a couple of % points (5 odd% real decline and a very marginal inflation) while the combined state and Central deficit surged from the regular 7% to around 12%. In one year, it shot up by 13% (pure mathematics, no incompetence involved here). With the economy still in recovery mode and both state and central govts still spending heavily the debt/GDP shot up to close to 88%. Since then healthy nominal economic growth of around 12-13% (7% real, 5-6% inflation) and clawback in combined deficit to around 8% has resulted in a reduction in debt to around 83% of the GDP.

Numbers Don't Lie: Public Debt Reduced in the UPA Era, Shot Up Under the Modi Govt

Under the Congress-led UPA government (2004-14), the gross debt of Union government came down from 67% to 53%. However, it has gone up from 53% to 58% since the current government took power in 2014.

thewire.in

This article has an infographic which shows central govt and overall govt debt/GDP ratio over the last 20 years.

Regards

 

[SoulSpokesman]

@deep

External debt is serious issue which is coming below as percentage of GDP ..

You are right. And there is more to that. In March 2014, India's external debt stood at around USD 440 bn while forex reserves stood at USD 320 bn ie we had a net debt position of close to USD 120 bn. Today our external debt and forex reserves are almost matched at USD 640 bn.

Regards

 

[Joe Shearer]

@Joe Shearer

I am surprised that you should come out a superficial analysis like this.

You could begin by looking at the debt/GDP ratio (both Centre and State). It more or less remained between 67-70% between FY 2014 and FY 2020. Where the debt hit the roof was in FY 2021 and FY 2022 purely because of the Covid induced rout. In FY 2021, the Indian GDP nominal actually declined by a couple of % points (5 odd% real decline and a very marginal inflation) while the combined state and Central deficit surged from the regular 7% to around 12%. In one year, it shot up by 13% (pure mathematics, no incompetence involved here). With the economy still in recovery mode and both state and central govts still spending heavily the debt/GDP shot up to close to 88%. Since then healthy nominal economic growth of around 12-13% (7% real, 5-6% inflation) and clawback in combined deficit to around 8% has resulted in a reduction in debt to around 83% of the GDP.

Numbers Don't Lie: Public Debt Reduced in the UPA Era, Shot Up Under the Modi Govt

Under the Congress-led UPA government (2004-14), the gross debt of Union government came down from 67% to 53%. However, it has gone up from 53% to 58% since the current government took power in 2014.

thewire.in

This article has an infographic which shows central govt and overall govt debt/GDP ratio over the last 20 years.

Regards

Ah, the redoubtable voice of the people!

Will answer after returning home and consulting the Prof. (not the jjoker , the other one).

 

[SoulSpokesman]

@Joe Shearer

Will answer after returning home and consulting the Prof. (not the jjoker , the other one).

Sure, Dada. Looking forward to what Kalyanda has to say on the matter. Hopefully Thambi (@Nilgiri) will also pitch in.

Incidentally the total govt debt (State + Centre) put together stood at Rs 27 trillion in 2004, which increased to Rs 83 trillion in 2014. So under MMS too, the total debt grew 3X. But as anyone who has an elementary knowledge of mathematics and economics knows, that it is nothing to be worried about, in fact it is more or less a given in a fast growing developing economy like ours.

Regards

Government debt India 1991-2027 | Statista

This statistic illustrates the value of government net debt in India from financial years 1991 to 2020, with a forecast until financial year 2027.The government's net debt was forecast to be over 291 trillion Indian rupees by fiscal year 2024, an increase from around 120 trillion rupees in...

www.statista.com

 

[Joe Shearer]

It is to be hoped, yes.