Government Borrowing from Banks Soars, Crowding Out Private Sector and Risking Growth
- Government borrowed record Rs4.7 trillion from banks in 9 months of FY24
- Borrowing sidelines private sector as advances plunge 70%
- Despite revenue growth, high spending continues without considering borrowing costs
- Total borrowing could reach Rs7 trillion by June 2024
- High interest rates, inflation, and borrowing hurt growth prospects
