A debt that keeps on increasing!
It was in February 2012 that Gujarat Finance Minister had admitted that the public debt on Gujarat will touch Rs. 1,24,000 Crore by the end of March 2012. Even without understanding the effect this debt has on the lives of common people in Gujarat, Mr. Vala had said that the state can still had the 'capacity' to take a debt of Rs. 40,000 Crore.
What does this 'public debt' mean and how does it affect our lives? In simple terms, every person born in Gujarat will have a debt of Rs. 23,255 on his name.
The simple explanation goes like this:
Government of Gujarat takes money from the Central government for the completion of different projects. They also get grants by international agencies and bodies for different development works. But incidentally government of Gujarat fails to complete the projects in due time.
To achieve the target, they again request money in the form of overdrafts from the Central government. RBI, being kind enough, grants the amount. But again government of Gujarat fails to complete the designated work.
Now this cycle keeps going on. This has resulted in to the current ALARMING state of mammoth debt!
To recover
money (allegedly spent for the goodwill of some chosen industrialist) government of Gujarat levies unreal taxes on things of daily needs like fuel, food products, public transport, milk products etc. This shoots up the prices and people suffer.
Government of Gujarat does not have any explanation for this shameful figure of public debt. This has really been one of the major achievements of Mr. Narendra Modi's development plans.
Think about it!
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