India’s foreign debt has increased by over $250 billion in the last 10 years, according to data presented by the Finance Ministry in the Lok Sabha. A question was raised regarding India’s foreign debt as of March 31, 2014, and how much it had increased by December 31, 2024.
Foreign Debt Reaches $711.8 Billion
The Finance Ministry responded that as of September 2024, India’s total foreign debt stands at $711.8 billion, compared to $446.2 billion in March 2014. This means that in the last 10 years, India’s foreign debt has risen by approximately $265 billion.
Interest on Foreign Debt Also Increased
The government further revealed that in 2013-14, India paid $11.20 billion as interest on foreign debt. However, in 2023-24, this amount is estimated to have increased to $27.10 billion.
Also Read- PM Modi Launches Pravasi Bharatiya Express: Know Route, Ticket Prices, and Eligibility
Opposition Criticizes the Government
Opposition parties, including the Congress, TMC, and SP, have been criticizing the government over the rising foreign debt. They argue that under the UPA government, India’s total foreign debt was significantly lower, but under the NDA government, it has increased by almost 50% in the last 10 years.
Opposition leaders claim that the Modi government has been consistently borrowing, which has led to a significant debt burden on every Indian citizen. They argue that the government’s policies are pushing the country deeper into debt, affecting the economy in the long run.