How Sonia Gandhi and Manmohan Singh destroyed Indian economy that even after 4 years - India is still paying a huge price for their misrule
Sonia Gandhi NGO Lobby first threw fiscal discipline out of the window and she went berserk on entitlement programs [MNREGA, Right to Food, Relentless increase in MSP, Oil Subsidy] but there was no money to pay for it...so what Govt did - it borrowed like crazy
Sonia Gandhi did all this just when Indian Govt increased its wage bill many fold around 2008 and she then undertook ambitious Farm Loan waiver....she literally believed that you can print all this money and hand it over
If that was not enough - her party leaders worked with cronies to secure loans from PSU Banks while her NGO lobby stalled the same projects which resulted in huge pile-up of NPA and PSU Bank Chairman kept rolling that loan over
The end result: Massive Inflation....money was just flowing in the street and few corrupts made tons of money....physical asset prices skyrocketed while real economy struggled and everything started moving out of reach of ordinary people
Now many of you will say why to say all this 4 years into Modi Govt because those problems have made our economy disabled. There is hardly any fiscal space to do anything now. PSU Banks hid their NPAs for 2 years and now some stuff getting resolved
In Budget - there is something called Primary deficit which is basically Fiscal deficit minus Interest payments. It's an indicator how responsibly Govt is spending your money. Just look at this chart how dramatically that has come down 
But the problem is - there is so much money that goes towards interest payments thanks to all reckless borrowing UPA did that if Govt does not remain aggressive on taxes.....the entire economy will once again sink pretty dramatically.
An ordinary man can say Fiscal deficit se hamko ghanta kya farak padta hai. Bhaiyaa padta hai...because if Govt borrows like that then following things will happen - Inflation will go out of hand, Cost of money will go up and Growth will collapse - which means fewer opportunities
It's ironic that all these mainstream media channels do fact check on Modi speeches and let Rahul Gandhi get away with all kinds of nonsense like Modi is taxing fuel for personal purposes and they giggle out it.
There are smarter ways by which Modijee could have created more fiscal space but that's an argument of he not being bold enough but at least he has been conservative enough to let the ship sail which has so many holes created by Sonia Manmohan
