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Debt of each Indian will touch 
40,000 by 2010
By siliconindia
|
Wednesday, 18 February 2009, 23:31 IST |
27 Comments
New Delhi: Indians will be more burdened by debts, with the average debts of the people estimated to increase to nearly 
40,000 by 2010. The average debt of a citizen would nearly be equal to his 10-month income, which on an annual basis has recently been estimated at 38,000 by the Central Statistical Organization (CSO) for a population of 115.4 crore.
A major part of the of the public debt is tabbed by the funds raised through market borrowing programs and issuing treasury bills. Since the past few years, the public debt has increased by about $60 billion annually and considering the same rate of increase public debt is estimated to zoom to a whooping 34,06,322 crore within another year. The surge in the debt is an aftermath of the increase in the market borrowing program in 2008-09, which will result in the raising of 2,62,000 crore during 2008-09 as against the targeted amount of 1,00,000 crore.
According to budget papers, part of the increase in borrowings can be attributed to the stimulus packages raising expenditure and reducing revenues through slashing duties.The current budget's target of $60 billion borrowing is again set to be revised upwards at the time of the regular budget in July. The external debt, which comprises funds raised from multilateral and bilateral lending agencies, is expected to be about 1.38 lakh crore by the end of March 2010, while the other liabilities will account for the remaining 10 lakh crore.
40,000 by 2010. The average debt of a citizen would nearly be equal to his 10-month income, which on an annual basis has recently been estimated at 38,000 by the Central Statistical Organization (CSO) for a population of 115.4 crore.
A major part of the of the public debt is tabbed by the funds raised through market borrowing programs and issuing treasury bills. Since the past few years, the public debt has increased by about $60 billion annually and considering the same rate of increase public debt is estimated to zoom to a whooping 34,06,322 crore within another year. The surge in the debt is an aftermath of the increase in the market borrowing program in 2008-09, which will result in the raising of 2,62,000 crore during 2008-09 as against the targeted amount of 1,00,000 crore.
According to budget papers, part of the increase in borrowings can be attributed to the stimulus packages raising expenditure and reducing revenues through slashing duties.The current budget's target of $60 billion borrowing is again set to be revised upwards at the time of the regular budget in July. The external debt, which comprises funds raised from multilateral and bilateral lending agencies, is expected to be about 1.38 lakh crore by the end of March 2010, while the other liabilities will account for the remaining 10 lakh crore.