The continuous decline in savings as the people chase after the will

- Rising debt on both the government and the people instead of the necessities of life due to the Charvak formula of drinking ghee.

People are running after aspirations and aspirations and the policies of the central government are also leaning towards fulfilling these aspirations. As the government becomes more and more indebted, most of the new expenditure is on interest payments and subsidies, so there is not enough money available to facilitate new investments and new employment opportunities. Second, savings are declining as the debt on the people is increasing and the people are also living under the burden.

The current government is borrowing less from the market and has set limits, but the government is increasing its spending by raising huge sums of money from non-market loans (National Small Savings Funds and other instruments). The most shocking thing is that the government's debt is growing faster than the government's tax revenue or the country's economic growth (GDP).

The central government's tax revenue has increased by 3.04 per cent between 2012-13 and 2021-1. Total tax revenue was Rs 13.5 lakh crore in 2016-17, which is estimated to be Rs 2.15 lakh crore in 2021-2. Non-tax revenue grew by only 4.5 per cent during the period. On the other hand, the proportion of loans taken from the market has increased by 12 per cent and non-market loans by 114 per cent.

The above figures show that the expenditure is higher than the revenue of the central government and hence the government has to borrow more and more from the fund market. The slowing down of the country's economic growth, among other factors, is one of the major reasons for the decline in tax revenue.

At current market prices in 2016-17, the country's gross domestic product (GDP) was Rs 114.5 lakh crore, which increased to Rs 13.7 lakh crore at the end of 2020-21. This growth is 4%. Assuming the Corona period for the settlement of doubts, the country's economy was hit hard by the lockdown, the country's GDP in 2015-16 was Rs 209.31 lakh crore, an increase of 3 per cent. This shows that central government spending and debt are rising faster against the addition of production to the economy. Despite growing faster, the pace of the economy has not increased or the central government's tax revenue!

As the country's economy weakens, creation of new employment opportunities slows down, people are increasingly raising money from the market. The situation is such that in April 2016, the total bank credit received by the country's industries was double that of personal loans. At present, the personal loan in July 2021 is more than the loan given to the total industries of the country. During this period, the total outstanding loans of industries have increased by Rs 4,12,08 crore or 12.5 per cent while personal loans have increased by Rs 15,31,17 crore or 120 per cent. Between 2011 and 2021, the country's household wealth increased by 31.81 per cent, according to the Reserve Bank of India, while debt to the people increased by 12 per cent. That is, like the country, the debt on the people is growing faster than the property.