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India Today
17-07-2025
- Business
- India Today
Betting the farm: Modi's green revolution
(NOTE: This article was originally published in the India Today issue dated Feb 12, 2018)Budget 2018 was a Modi moment. Without doubt. And as with everything he does, he made sure everyone knew it. Soon after the Union budget was tabled in Parliament, the prime minister, pen in one hand and notepad in the other, went on national television and for a good 25 minutes spoke on its highlights with admirable fluency. He was acutely aware that this is his government's last full-fledged budget before the general elections. So every word he spoke had an underlying message for the electorate: I am your prime sevak. I care for you, I care for our country, I am a problem-solver and I am thinking not of the next election but the next Modi has already demonstrated his capacity for big ideas. His newest catch phrases are a 'New India' by 2022, ensuring 'social and economic democracy' and enhancing 'Ease of Living'. He also has an appetite for big risks. Whether it was the surgical strikes against Pakistan, the demonetisation drive against black money or ramming through the Goods and Service Tax, Modi showed he wanted action, whatever the proved to be a political success but was an economic mess. GST was an economic necessity but a political quagmire. As the country's growth slid under the weight of these two back-to-back economic shocks, Modi began to lose his aura of invincibility. But the prime minister showed that he is ever willing to fight back, learn from his errors and make amends speedily. Budget 2018 reflected his ability to take big risks even while managing the inherent conflicts and contradictions between politics and the economy. The economic imperatives before the budget were clear. There was a need to find jobs for a young and burgeoning workforce. The widespread agrarian distress had to be addressed even while raising farm productivity and resilience. Key social sectors like health and education needed urgent reform to develop a skilled and healthy labour force. Economic growth had to be speeded up by stimulating private investment and boosting exports if Modi was to keep the promise of Achhe Din that he had ridden to power with. All this without indulging in what an advisor has termed the mindsets of 'crony socialism' or the 'stigmatised capitalism'.The political compulsions were even more forceful and urgent. Opinion polls, including one done by India Today recently, had shown that while Modi's personal popularity remained high, that of his government had steadily eroded mainly because of the economic slide. If the BJP has to retain its majority in the next election, he would have to win over vast sections of the population. Particularly disgruntled farmers and agricultural labour, who constitute a bulk of the work force and the electorate. He would also need to firmly establish a sympathetic image with every other section of the population that would make a difference at the ballot-youth, women, tribals, Dalits and small businessmen. All this while maintaining the Sangh Parivar's faith in his ability to usher in a Hindutva Modi, there are no half measures. In everything that he does, he strives to be daring, dauntless and dazzling, but this can be disturbing too. So Budget 2018 is daring because Modi went all-out to woo farmers by promising to pay them 1.5 times the Minimum Support Price (MSP). His team also set aside vast sums to bring in much-needed agrarian reform in terms of boosting infrastructure, especially for food processing and was dauntless because although it could result in a rise in prices for consumers, it was a risk the prime minister was willing to take. Also because he was willing to earn the displeasure of big business by not lowering corporate tax and introducing capital gains tax for long-term investments. Nor did he provide any new sops to the influential middle class. The budget was dazzling because it ushered in the world's largest health insurance plan called "Ayushman Bharat". Under this scheme, the government will offer to pay for annual medical costs of up to Rs 5 lakh for nearly 10 crore needy Indian it is disturbing because there is an inherent risk for Modi in assuming the mantle of a Populist Reformer. Among the known unknowns is the rising price of oil. In the first three years of his rule, the windfall of low crude oil prices allowed him to fund a host of infrastructure and welfare schemes while maintaining fiscal discipline. But if oil prices continue to shoot up, it could result not only in loss of revenue that could impact his largesse towards the poor and farmers but also see interest rates harden and inflation spiral out of is also banking on the huge investments in infrastructure his government has made, especially in the transport and housing sectors, to provide employment and stimulate private investment, thereby ensuring economic growth. Yet, there are major dampeners, such as the twin balance sheet challenge, with many corporates heavily in debt and banks overburdened with non-performing assets or bad loans. These are being addressed, but it may take a while before the situation is the added risk that implementation of the big schemes announced in this budget may prove to be tardy. That could cause widespread resentment and dent his re-election prospects. So the risks are high. But fortune, as they say, favours the brave. And in Budget 2018, Modi has showed plenty of that to India Today Magazine- Ends
India Today
02-07-2025
- Business
- India Today
Debt of 'achhe din': Congress slams Modi government over rise in per capita debt
The Congress on Wednesday slammed the Centre over the rise in the per capita debt of individual borrowers and said the government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but the debt burden on the country is at its peak under "Modi Raj".Congress general secretary-in-charge of communications Jairam Ramesh shared screenshots of media reports attacking the media report stated that the average debt of every person in the country has increased by Rs 90,000 in the last two years and the per capita debt of individual borrowers increased to Rs 4.8 lakh in March 2025 from Rs 3.9 lakh in March 2023. The other report, shared by Ramesh, said 25.7 per cent of the ordinary person's disposable income is going towards paying EMIs of loans which are non-productive for them in the future."Debt of 'Achhe Din'! The Modi government has ruined the country's economy in the last eleven years. No effort was made to improve the lives of the people. All the policies were made only for capitalist friends, the losses of which are being suffered by the people of the country today," Ramesh alleged in his post in Hindi on truth is coming in front of us every day in some way or the other, he saidRamesh said the latest report of the Reserve Bank of India has revealed a worrying picture of India's government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but no one can deny the truth that the debt burden on the country is at its peak in "Modi Raj", Ramesh said."In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh," he said."25.7% of the income is going only in repaying the debt. The maximum 55% of loans go to so-called credit cards, mobile EMIs etc., which means that in this inflation, families are not able to survive with their income, and they are forced to take loans," Ramesh also pointed out that unsecured loans have crossed 25 per cent."The most worrying thing is that by March 2025, India's debt to other countries/external debt was 736.3 billion dollars, which is 10 percent more than last year," Ramesh said."The youth are unemployed. Farmers are committing suicide. People are troubled by inflation. Constitutional institutions are being crushed. People are drowning in debt and Modi ji's best friends are making profits. Their wealth is increasing," he direct question is that when all government projects are being done through public-private partnership or private participation, then why is the debt in the country increasing," Ramesh said."Why is every citizen of the country in debt of Rs 4,80,000?" he Congress has been attacking the government over its handling of the economy and raising concerns over increasing unemployment and price rises.- EndsTune InMust Watch
Indian Express
02-07-2025
- Business
- Indian Express
‘Why is every citizen in debt of Rs 4.8 lakh in ‘Modi Raj'?': Congress accuses Centre of catering to capitalist friends
A sharp rise in individual debt levels has sparked political fire, with the Congress lashing out at the Centre after a Reserve Bank of India (RBI) report revealed that the per capita debt of borrowers has soared over the past two years. According to the RBI, the average debt per borrower jumped from Rs 3.9 lakh in March 2023 to Rs 4.8 lakh in March 2024, a spike largely driven by higher-rated borrowers. Taking aim at the government's economic policies, senior Congress leader Jairam Ramesh blamed the BJP-led NDA government for pushing ordinary citizens into debt while favouring corporates. 'Why is every citizen of the country in debt of Rs 4,80,000?' he asked in a post on X in Hindi. Attacking what he called the government's pro-corporate tilt, Ramesh alleged: 'Debt of 'Achhe Din'! The Modi government has ruined the country's economy in the last eleven years. No effort was made to improve the lives of the people, all the policies were made only for the capitalist friends, the losses of which are being suffered by the people of the country today.' Continuing the Opposition's criticism of unemployment and inflation, he added: 'Youth are unemployed. Farmers are dying by suicide. People are troubled by inflation. Constitutional institutions are being crushed. People are drowning in debt and Modi ji's best friends are making profits, their wealth is increasing.' Ramesh also cited data to highlight the nature of the debt burden. 'In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh,' he said. Calling it 'deeply worrying,' Ramesh, 71, noted that unsecured loans have crossed 25 per cent and external debt stood at $736.3 billion by March 2025 – a 10 per cent rise over the previous year. Accusing the Centre of attempting to 'hide the real shortcomings by taking the help of statistics and experts', Ramesh said no one can 'deny the truth' that the debt burden on the country is at its peak in 'Modi Raj'.
The Hindu
02-07-2025
- Business
- The Hindu
'Debt of 'Achhe Din': Congress slams Govt over rise in per capita debt of individual borrowers
The Congress on Wednesday (July 2, 2025) slammed the Centre over the rise in the per capita debt of individual borrowers and said the government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but the debt burden on the country is at its peak in "Modi Raj". Congress general secretary in-charge communications Jairam Ramesh shared screenshots of media reports to attack the government. One media report stated that the average debt of every person in the country has increased by ₹90,000 in the last two years and the per capita debt of individual borrowers increased to ₹4.8 lakh in March 2025 from ₹3.9 lakh in March 2023. The other report shared by Mr. Ramesh said 25.7% of the common man's disposable income is going towards paying EMIs of loans which are non-productive for him in the future. "Debt of 'Achhe Din'! The Modi government has ruined the country's economy in the last eleven years. No effort was made to improve the lives of the people, all the policies were made only for the capitalist friends, the losses of which are being suffered by the people of the country today," Mr. Ramesh alleged in his post in Hindi on X. This truth is coming in front of us every day in some way or the other, he said. Mr. Ramesh said the latest report of the Reserve Bank of India has revealed a worrying picture of India's economy. The Government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but no one can deny the truth that the debt burden on the country is at its peak in "Modi Raj", Mr. Ramesh said. "In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh," he said. "25.7% of the income is going only in repaying the debt. The maximum 55% of loans are going for so-called credit cards, mobile EMIs etc., which means that in this inflation, families are not able to survive with their income and they are forced to take loans," Mr. Ramesh said. He also pointed out that unsecured loans have crossed 25%. "The most worrying thing is that by March 2025, India's debt to other countries/external debt was 736.3 billion dollars, which is 10 percent more than last year," Mr. Ramesh said. "Youth are unemployed. Farmers are committing suicide. People are troubled by inflation. Constitutional institutions are being crushed. People are drowning in debt and Modi ji's best friends are making profits, their wealth is increasing," he alleged. The direct question is that when all government projects are being done through public-private partnership or private participation, then why is the debt on the country increasing, Mr. Ramesh said. "Why is every citizen of the country in debt of Rs 4,80,000?" he said.
Time of India
02-07-2025
- Business
- Time of India
'Debt of 'Achhe Din': Congress slams govt over rise in per capita debt of individual borrowers
The Congress on Wednesday slammed the Centre over the rise in the per capita debt of individual borrowers and said the government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but the debt burden on the country is at its peak in "Modi Raj". Congress general secretary in-charge communications Jairam Ramesh shared screenshots of media reports to attack the government. One media report stated that the average debt of every person in the country has increased by Rs 90,000 in the last two years and the per capita debt of individual borrowers increased to Rs 4.8 lakh in March 2025 from Rs 3.9 lakh in March 2023. The other report shared by Ramesh said 25.7 per cent of the common man's disposable income is going towards paying EMIs of loans which are non-productive for him in the future. "Debt of 'Achhe Din'! The Modi government has ruined the country's economy in the last eleven years. No effort was made to improve the lives of the people, all the policies were made only for the capitalist friends, the losses of which are being suffered by the people of the country today," Ramesh alleged in his post in Hindi on X. Live Events This truth is coming in front of us every day in some way or the other, he said Ramesh said the latest report of the Reserve Bank of India has revealed a worrying picture of India's economy. The government is constantly trying to hide the real shortcomings by taking the help of statistics and experts, but no one can deny the truth that the debt burden on the country is at its peak in "Modi Raj", Ramesh said. "In 2 years, the per capita debt has increased by Rs 90,000 to Rs 4.8 lakh," he said. "25.7% of the income is going only in repaying the debt. The maximum 55% of loans are going for so-called credit cards, mobile EMIs etc., which means that in this inflation, families are not able to survive with their income and they are forced to take loans," Ramesh said. He also pointed out that unsecured loans have crossed 25 per cent. "The most worrying thing is that by March 2025, India's debt to other countries/external debt was 736.3 billion dollars, which is 10 percent more than last year," Ramesh said. "Youth are unemployed. Farmers are committing suicide. People are troubled by inflation. Constitutional institutions are being crushed. People are drowning in debt and Modi ji's best friends are making profits, their wealth is increasing," he alleged. The direct question is that when all government projects are being done through public-private partnership or private participation, then why is the debt on the country increasing, Ramesh said. "Why is every citizen of the country in debt of Rs 4,80,000?" he said.
