Every Indian owes over Rs 22,000 debt

via www.keralakaumudi.com published on February 28, 2007

NEW DELHI: Every Indian would have to pay over Rs 22,000 if he or she is asked to share the Central government’s total liabilities, which are expected to touch Rs 24,73,562 crore this financial year.

In 1990-91, the average debt on each Indian stood at around Rs 3,500 when the population of the country was around 900 million and Central government liabilities stood at Rs 3,14,558 crore.

But 16 years on, population has swelled to around 1.12 billion and the government’s outstandings to Rs 24,73,562 crore as of 2006-07.

The Economic Survey tabled in Parliament today noted that total outstandings of the Central government included Rs 23,96,846 crore internal liabilities and Rs 76,716 crore external outstanding.

During the 10th five year plan (2002-07), average annual rate of growth of outstanding liabilities at 12.6 per cent has been marginally higher than nominal GDP growth of 12.5 per cent.

The Budget for 2006-07 placed the net borrowings at Rs 1,13,778 crore.

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