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India's debt spikes to Rs 88 lakh crore in Q1FY20, Congress says increase 'worrisome'

India had a "worrisome" debt burden of over Rs 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.

twitter-logo PTI        Last Updated: September 28, 2019  | 17:42 IST
India's debt spikes to Rs 88 lakh crore in Q1FY20, Congress says increase 'worrisome'
Addressing a press conference, Congress spokesperson Supriya Shrinate also said the debt has risen by 4 per cent compared to the last quarter.

India had a "worrisome" debt burden of over Rs 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 per cent compared to the last quarter.

India's debt stands at Rs 88.18 lakh crore at the end of June 2019, according to the latest data on public debt. This is a four per cent jump from the previous quarter i.e. a rise in debt by Rs 3.5-4 lakh crore. It is worrisome, Shrinate said at the party office here.

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 Rs 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.

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