Nitish Kumar ₹ 16,000 Crore Loan: The politics of Bihar is once again on a boil. As soon as the election year arrives, Nitish Kumar’s government has put such a series of plans and jobs, as if the entire state is drenched in the rain of development. But the truth behind this rain is shocking, in fact, the government does not have money. Yes, you are reading absolutely right. For this election ‘shower’, Nitish Sarkar is now seeking a loan of Rs 16,000 crore from the Reserve Bank. If the government is calling it a ‘debt of public interest’, the opposition is calling it clearly ‘financial suicide for votes’. The question arises – is the Nitish government holding the burden of debt to the coming generations in exchange for votes? And will all these populist schemes die after elections?
Why was so much debt sought just before the election?
The time from July to September is very important in Bihar politics. This is the month when the government is trying every bet to help the public. On the one hand, the job box is open, on the other hand, the bumper increase in social security pension, the salary of panchayat representatives has been doubled and the salary of livelihood personnel has been doubled. The Nitish government has announced that 94 lakh poor families will be given financial assistance of two lakh rupees. But the question is whether the state has such economic power? The answer is – no. This is the reason why the government is standing at the door of the Reserve Bank. The ministers of the government are saying that this debt is within the constitutional limit and will be used only for “welfare schemes”. But the opposition is saying that “the government is drinking ghee by taking loans, and after the election this ghee will spoil the stomach.”
‘Development of vote’ or ‘destruction in the name of development’?
This decision of the Bihar government has given the opposition a big issue sitting and sitting. RJD, Congress and BJP are all alleging that the government is pushing the public into debt to win the election. RJD spokesperson Manoj Jha said, “Nitish government knows that the public is now bored with their policies, so they are enticing voters with free schemes. But all this is deception. The same plans will be buried in paper after the election.” Here BJP leader Sanjay Jaiswal has even called it the ‘economic emergency’ of Bihar. He said that the burden of debt on the state is so heavy that now new debt means to mortgage the future of the coming generations.
63 crore daily interest, and the sword of principal isolated
A figure that will shake you, if it adds a new loan of 16 thousand crores, then the total loan on Bihar will be 4 lakh 6 thousand 470 crore rupees. What does it mean? The government will have to pay Rs 63 crore as interest every day. And not only this, the principal of Rs 22,820 crore is also to be returned to the government in this financial year. 45,813 crore will be spent only on loans and interest. Now you think – when it takes such a huge amount to pay only the loan, then where will the money come from for basic facilities like roads, electricity, water, education and health?
Public punishment for relief or debt?
Millions of youth of Bihar have recently received the gift of government recruitments. Thousands of jobs have been taken out. Not only this, the pension amount has been increased from 400 to 1100 rupees, due to which there is a wave of happiness among the elderly and widows. But how much happiness will last? When the burden of debt and interest will be headed by the government, then these schemes will be first closed. Economic Affairs Knowledgeable Prof. K.N. Jha says, “If these schemes are not permanent, and their base is debt, then these are just electoral stunts. The government should first improve its revenue, not by taking a loan and selling a false dream.”
Is Bihar moving towards another “debt crisis”?
Bihar is already a state with low per capita income. The large part of the revenue here rests on the assistance and debt from the Center. Now if the government is beating the drum of ‘development’ by taking loans, then it is not development, but an economic confusion. Taking a loan in politics is not new, but when the debt is taken for electoral gains, it becomes a deception of public trust. Nitish Kumar, who likes to call himself ‘Good Governance Babu’, will he get caught in the image of ‘Karj Babu’ this time?
Election ‘gift’ or future ‘debt trap’?
The people of Bihar have to decide whether they need a pension of Rs 1100 today or economic security for tomorrow. If the intention of the government is really about public welfare, then it should rely on policy and transparency. It is easy to make announcements in electoral politics, but it is a different game to complete them. And when the foundation is on debt, no one knows when the building falls.
