The UPA government subsidised rates on various utilities raising the debt burden of the country, which in actual terms is debt to every citizen to be repaid by additional direct and indirect taxes. The predecessors of Modi government had budgeted a whooping Rs.2.5 trillion (US$ 41 billion) on fuel, food and fertilizer subsidies for the fiscal April 2014 to March 2015. That’s almost 2.5% of GDP and 15% of total expenditure for the year. To put it in a nutshell, if a particular family gets all household utilities on leverage, the cycle has to stop somewhere. The suppliers will downgrade the credit rating of this particular borrower, the risk which India faced in late 2012 and early 2013 due to lack of reforms. One decade of chronic speed of development has made most of us so averse to taking leaps in taking the country forward. The country which jumped to a growth rate of 8.5% and a favourable CAD of 2.3% lost the focus when the power at the centre changed.
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