AGARTALA, Sep 28 (TIWN): Amid written promises done to Tripura voters before Assembly Election 2018, the Modi Govt somehow is failed to flow the funds across Indian states resulting the State Govts are imposing massive taxes on the public which are high in states like Tripura, which had been totally dependent on the Centre for ‘funding’. Apart from scrapping of free medical services, various taxes including electricity, fuel were necessitated in allegation of former Govt led massive debts, but it’s in whisper that the businessmen are going to face major crisis due to fresh imposition of taxes including fish businessmen in coming days. Privatization of mid-day-meal and termination of employees also burdened the public with worries and headache about where the state is heading towards ! On Saturday, the national Congress revealed another tensed data showing economic tight situation of the Modi Govt which disclosed that in first quarter months India’s debt is Rs. 88.18 lakhs crores !

So, although it’s supposed to bring development by ‘double-engine’ by a same party-govt at centre but the central economic crisis is may be the reason behind ongoing crisis inside state.

Addressing media, Supriya Shrinate, Spokesperson, AICC called Modi Govt’s Policy makers are as if in ‘Alice in Wonderland’, who are experimenting new, new ideas to boost economy but even after relaxation of corporate taxes no fresh investment was reported.

She slammed the Modi Govt for massive imposition of taxes on the common men.

“The first quarter of 2019 that includes April, May, June months says India’s debt is 88.18 lakhs crores. I will not compare it with UPA but the previous quarter of the NDA itself can be compared, which has jumped 4% than the previous, whereas the GDP is at down", the AICC leader said. 

In brief : India’s total liabilities rose in the quarter ended June on the back of increased government borrowings from the market. Liabilities rose around 4 percent over the previous quarter to Rs 88,18,392 crore in the three months through June, according to the Quarterly Report on Public Debt Management.The nation’s debt-to-GDP ratio rose to 45.8 percent from 45 percent in March. The government’s public debt—or total liabilities that need to be paid for from the Consolidated Fund of India—too, increased 4.22 percent over last quarter to Rs 7.89 lakh crore as of June 30, according to the report.

India’s external debt, the report said, increased 3.4 percent quarter-on-quarter to Rs 5.3 lakh crore during April-June.The weighted average yield of government securities in the three-month period dropped to 7.21 percent compared with 7.47 percent in the previous quarter and 7.76 percent in April-June 2018.Softening of government security yields was due to a 50-basis-point cut in repo rate by the Reserve Bank of India, Open Market Operation purchases, and downward movement in the U.S. 10-year Treasury bond yields, the report said.

Yields on the 10-year benchmark security rose till April 23 to 7.47 percent on the back of rising Brent crude oil prices and a deficit in market liquidity conditions during the period. Injection of liquidity by the RBI through dollar-rupee swaps and OMO purchases provided support to the market, the report said.

Yields dropped to 7.03 percent in May due to deceleration in GDP growth during April-March, fuelling expectations of a further cut in the policy rate by the RBI. More OMO purchases, and U.S. Federal Reserve’s assurance to appropriately act to sustain economic expansion helped the yields drive down further, the report said.