WHERE HAS ALL THE MONEY GONE?
Have you all noticed that while in earlier times the Finance Minister used to give out allocations to various ministries and inform the nation of its income and expenditure, for the past three- four years we hardly hear of it in clear terms but we are told of grandiose schemes!
A lot of these expenses don’t seem to appear anywhere in the Balance Sheets. Then where is the money coming from? These sums were coming from an accounting sleight called ‘OFF BUDGET BORROWINGS’. These do not appear on the balance sheets of the Budget but have a nasty habit of cropping up at later dates.
I had said earlier that I believe Govt debt which has now ballooned to Rs82 Lakh Crores, is likely to be over Rs 100 Lakh Crores if all the off budget borrowings are honestly accounted for, and that would bring us closer to a debt trap than we would like to admit in these times of falling Govt Revenues and burgeoning debts. Now consider the following and you will agree that Prof TeeCee was probably right.
😤 In the past five years Govt has pushed LIC to infuse about Rs10.7 Lakh Crores in PSUs/ Banks putting policy holders at risk and probably pushing LIC into the RED.
😤 NHAI debt up from Rs40K Cr in 2014 to 1.78 Lakh crores in 2019. Contingent liability shoots up to Rs3.5 Lakh Cr.
😤FCI debt has crossed Rs2.5 Lakh Crores from a meagre transactional debt of Rs40K crs in 2014.
😤Bank NPAs are at an all time high of over 10Lakh Crores.
These are some examples and there are many more like ONGC, BSNL, GAIL etc, but the question uppermost in my mind is ‘WHERE HAS ALL THE MONEY GONE?’
Can some people help me with answers?