Mumbai During the inauguration of Bundelkhand Expressway in UP, PM Narendra Modi had expressed concern over giving free government schemes to the public on behalf of the states. Modi had said that distributing Revdi in this way can worsen the economic condition of the country along with the states. He also gave the example of Sri Lanka. Now this fear of Modi seems to be proving true in many states. In the latest report of the Reserve Bank of India, it has been told that the way governments have continued the culture of freebies and subsidies in 10 states of the country, their economic condition is deteriorating.
In its annual report, the Reserve Bank has expressed fears of worsening the situation due to providing free schemes, Rajasthan, Punjab, Kerala, Karnataka, Jharkhand and West Bengal are also among them. Most of these states have opposition governments. In its annual report, the Reserve Bank has said that if these states do not manage the debt and expenditure properly, then the situation may become more serious in future. According to the report, all these states are burdened with huge debt. The management of their income and expenses also does not match with each other. The central bank has advised these states to reduce the burden of subsidies excessively.
If we take the example of Rajasthan only from the report of the Reserve Bank, then its debt is estimated to reach 40 percent of its GDP. Rajasthan’s debt increased by 16 percent during Corona. While the growth rate was 1 percent. According to the Reserve Bank, the debt on Rajasthan will not be reduced by 2026-27. This year its GDP ie growth rate is estimated to be 11.6 percent. In the last three years, Ashok Gehlot’s government has taken a loan of 1.91 lakh crore. Now the Rajasthan government has a debt of 4.77 lakh crores. That is, every citizen has a debt of Rs 71000.