Modi put India in unending debt cycle: Congress

Modi put India in unending debt cycle: Congress

“The prime minister is pushing India into an unending debt cycle and is wrecking India's economy by his failed Modinomics,” Surjewala said. (PTI File Photo)

Congress on Tuesday accused the Modi government of “wrecking” India's economy by increasing public debt by a “whopping and shocking” 57% since it came to power in 2014.

“In 70 years, the total debt of the country up to March 2014 was Rs 53,11,081 crore. Between 2014 and December 2018, the Modi government has increased public debt by over Rs 30 lakh crore,” Randeep Singh Surjewala, in-charge of AICC Communications Department, said here.

Surjewala claimed that every individual who is facing a challenge of livelihood has been burdened by the debt raised by Prime Minister Narendra Modi and his government due to their “sheer economic mismanagement” and for publicity, as well as helping their “crony capitalist friends”.

“The prime minister is pushing India into an unending debt cycle and is wrecking India's economy by his failed Modinomics,” he said.

He said 130 crore Indians have been burdened with an additional loan of Rs 23,300 per person in four years and nine months of the Modi government.

More debt

“We searched through the debt documents and they tell us that there would be an extra debt of Rs 7,16,700 crore that this government would have taken up to March 2019, taking India's debt to over Rs 90,56,000 crore,” Surjewala claimed.

“This is a story of gross economic mismanagement and burdening the entire country. On one hand, the debt is rising and on the other hand, Rs 5,50,000 crore debt burden of its industrialist friends has been written off,” he said.