India’s ₹88 lakh crore debt burden worrisome, debt increased by 4% last quarter, says Congress

India had a "worrisome" debt burden of over ₹88 lakh crore at the first financial quarter of 2019 with the government apparently having no inkling to deal with the country's economic slowdown, the Congress said on Saturday. Addressing a press conference, Congress spokesperson Supriya Shrinate also said the debt has risen by 4 percent compared to the last quarter.

“India's debt stands at ₹88.18 lakh crore at the end of June 2019, according to the latest data on public debt. This is a four percent jump from the previous quarter i.e. a rise in debt by ₹3.5-4 lakh crore. It is worrisome,” Shrinate said at the party office.  “There seems to be no plan with the government to deal with the economic slowdown,” she said, adding there was no proper communication between the government and the country's central bank- Reserve Bank of India.

“The government may have reduced corporate taxes but that does not encourage corporates to invest more as there is no money in the market.”

“India has a debt of ₹88 lakh crore. This government is bewildered. Finance Minister says one thing, RBI says something else. There seems to be no proper communication between them. The debt figure shows the fiscal discipline is not being adhered to,” she said.