Kolhapur, Special Representative : The deterioration of nature, environmental imbalances and decline in productive capacity have led to a huge increase in public debt in the world. The aggregate amount of this loan has reached the highest level till date i.e. 97 lakh crores of dollars. This loan amount is increasing at a compound interest rate of 5.1 percent per annum since 2010.
The total amount of debt of developed countries in the world has also reached 29 trillion dollars, and the rate of debt growth in developing countries has reached twice the rate of debt growth in developed countries.
After the corona epidemic, while the size of the economy in India is increasing rapidly, it is seen that the amount of debt has also increased to a large extent. In this, the increase in loans during the Corona era compared to 2019 has not been missed even by the top five economies of the world. A report on global debt statistics has just been released by the United Nations Conference on Trade and Development.
The report found that 54 developed countries in the world spend 10 percent of their gross income on net debt interest; In India, 25 percent of the revenue is spent on loan interest, according to the report.
Funding for health in India is low
Central banks of many nations have changed policies and increased lending rates. However, compared to 2019, productivity in many countries has not increased. Many countries face a shortage of funds to build other development projects as there is a large fund class for debt repayment. About 330 crore people, including India, have debt interest repayments that are more than what they spend on education or health. The report says that in a country like India, the amount spent on education loan interest is high, while the amount spent on health facilities is negligible in comparison.