{"id":94,"date":"2025-09-12T17:22:29","date_gmt":"2025-09-12T16:22:29","guid":{"rendered":"https:\/\/odrindia.in\/economy\/?p=94"},"modified":"2025-09-12T17:22:29","modified_gmt":"2025-09-12T16:22:29","slug":"indias-government-expenditure-a-decade-of-crony-capitalism-debt-fueled-infrastructure-and-neglected-welfare-2014-2025","status":"publish","type":"post","link":"https:\/\/odrindia.in\/economy\/2025\/09\/12\/indias-government-expenditure-a-decade-of-crony-capitalism-debt-fueled-infrastructure-and-neglected-welfare-2014-2025\/","title":{"rendered":"India’s Government Expenditure: A Decade Of Crony Capitalism, Debt-Fueled Infrastructure, And Neglected Welfare (2014-2025)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

India’s government expenditure under the Modi regime from 2014 to 2025 has ballooned from modest levels to over Rs 50 lakh crore annually, ostensibly to fuel economic growth. But let’s cut the bullshit: this spending spree has been a masterclass in favoring big business, propping up stock markets for the elite, and saddling the nation with unsustainable debt while starving social welfare.<\/strong><\/p>\n\n\n\n

Total expenditure surged by over 215% in nominal terms, but much of it went to interest payments<\/a> (now 25-30% of the budget), defense (13-15%), and infrastructure (capex rising from 2-3% to 3.1% of GDP), which disproportionately benefits private conglomerates like Adani and Ambani through PPPs and contracts.<\/strong><\/p>\n\n\n\n

Welfare? A pathetic afterthought, hovering at 20% or less of total spend, with real per capita social outlay<\/a> stagnant or declining amid inflation. Borrowings financed 30-40% of this, pushing public debt to 85% of GDP by 2025\u2014future generations will pay for today’s corporate handouts.<\/strong><\/p>\n\n\n\n

Private players contributed via taxes (corporate tax ~20-25% of direct taxes) and PPPs (~15-20% of infra investment), but reaped far more through tax cuts (corporate rate slashed to 22% in 2019), exemptions, and incentives worth trillions. Exports got a boost via PLI schemes, but supply chains and storage? Improved for exporters, not the average farmer rotting in inefficient godowns.<\/strong><\/p>\n\n\n\n

This analysis rips apart the facade: government’s “reforms” are brutal favoritism toward the rich, leaving the poor and middle class to foot the bill.<\/strong><\/p>\n\n\n\n

Overall Government Expenditure: Explosive Growth, But For What?<\/strong><\/p>\n\n\n\n

Total central government expenditure (Union Budget) jumped from Rs 16.07 lakh crore in 2014-15 to Rs 50.65 lakh crore in 2025-26 (BE), a compound annual growth rate (CAGR) of ~12%. Pre-COVID, it averaged 11% yearly hikes; post-2020, COVID stimulus inflated it to 20-25% spikes, but growth slowed to 6-7% lately as fiscal discipline kicked in (fiscal deficit targeted at 4.4% of GDP in 2025-26). However, adjusted for inflation (~5-6% average), real growth is ~6-7%, barely outpacing population growth.<\/p>\n\n\n\n

The blunt truth: much of this is wasteful\u2014interest on debt alone ate Rs 11-12 lakh crore yearly by 2025, up from Rs 3.5 lakh crore in 2014, thanks to borrowing binges.<\/p>\n\n\n\n

Financial Year<\/th>Total Expenditure (Rs Lakh Crore)<\/th>Yearly % Change<\/th>Key Notes<\/th><\/tr><\/thead>
2014-15<\/td>16.07<\/td>–<\/td>Baseline under new govt; focus on stabilization.<\/td><\/tr>
2015-16<\/td>17.77<\/td>+10.6%<\/td>Modest rise; demonetization prep.<\/td><\/tr>
2016-17<\/td>19.65<\/td>+10.6%<\/td>GST rollout costs.<\/td><\/tr>
2017-18<\/td>21.41<\/td>+9.0%<\/td>Infra push begins.<\/td><\/tr>
2018-19<\/td>24.15<\/td>+12.8%<\/td>Pre-election spending.<\/td><\/tr>
2019-20<\/td>27.86<\/td>+15.4%<\/td>Aviation crisis, early COVID.<\/td><\/tr>
2020-21<\/td>34.83<\/td>+25.0%<\/td>COVID stimulus; welfare spike.<\/td><\/tr>
2021-22<\/td>39.44<\/td>+13.3%<\/td>Vaccine war, infra revival.<\/td><\/tr>
2022-23<\/td>45.03<\/td>+14.2%<\/td>Post-COVID capex boom.<\/td><\/tr>
2023-24 (A)<\/td>44.43<\/td>-1.3%<\/td>Actuals lower than BE; election caution.<\/td><\/tr>
2024-25 (RE)<\/td>47.16<\/td>+6.1%<\/td>Revised down from BE; steady growth.<\/td><\/tr>
2025-26 (BE)<\/td>50.65<\/td>+7.4%<\/td>Capex at Rs 11.21 lakh cr; debt-financed.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Sources: PRS India, Union Budget documents. % changes nominal; actuals for 2023-24 from PRS, others BE\/RE where noted. 2025-26 partial as of Sep 2025.<\/em><\/p>\n\n\n\n

Sectoral Breakdown: Infra For Corporates, Crumbs For The Masses<\/strong><\/p>\n\n\n\n

Expenditure skewed toward sectors benefiting domestic business and exports: infrastructure (roads, rails, ports) got 10-15% of budget, easing supply chains (e.g., Bharatmala reduced logistics costs 14% by 2025) and storage (godowns). Defense (Rs 6.81 lakh cr in 2025-26) boosted exports via offsets (e.g., Make in India deals with private firms like Tata). Agriculture\/rural development (5-7%) aided storage via FCI but favored big agri-corps over small farmers. Health\/education (4-5%) stagnated, with Ayushman Bharat benefiting private hospitals more than public access.<\/p>\n\n\n\n

Who benefited most? Domestic business (e.g., L&T, Adani via Rs 2.7 lakh cr roads capex in 2025) saw profits soar; exports jumped 50% (from $314 bn in 2014 to $470 bn in 2025) via PLI incentives. Supply chain ease: Ports\/rail investments cut transit time 20-30%, benefiting exporters like Reliance. Storage: Rs 1 lakh cr+ on warehouses, but corruption and inefficiency persist\u2014farmers still suffer 20% post-harvest losses.<\/strong><\/p>\n\n\n\n

In short, sectors like rural development (MGNREGA) are vote-buyers, while infra is crony feeder.<\/strong><\/p>\n\n\n\n

Major Sector<\/th>Avg. Share 2014-2020 (%)<\/th>Avg. Share 2021-2025 (%)<\/th>Key Beneficiaries & Impact<\/th>Amount in 2025-26 (Rs Lakh Cr)<\/th><\/tr><\/thead>
Interest Payments<\/td>22%<\/td>25%<\/td>Debt holders (banks, FIIs); no real benefit to economy.<\/td>11.5<\/td><\/tr>
Defense<\/td>12%<\/td>13%<\/td>Private arms firms (Tata, L&T); exports up 300% via offsets.<\/td>6.81<\/td><\/tr>
Infrastructure (Roads\/Rails\/Ports)<\/td>8%<\/td>12%<\/td>Corporates (Adani ports, L&T roads); supply chain ease, exports +50%.<\/td>5.12 (roads+rails)<\/td><\/tr>
Subsidies (Food\/Fertilizer)<\/td>9%<\/td>8%<\/td>Farmers (partial), but agri-corps; storage improved marginally.<\/td>4.26<\/td><\/tr>
Rural Dev\/Agriculture<\/td>6%<\/td>5%<\/td>Small biz, but big firms via contracts; exports aided via PLI.<\/td>3.5 (incl. PM-KISAN)<\/td><\/tr>
Health<\/td>2%<\/td>2.5%<\/td>Private hospitals (Ayushman); poor access unchanged.<\/td>0.9<\/td><\/tr>
Education<\/td>3%<\/td>3%<\/td>Ed-tech firms; quality declined.<\/td>1.25<\/td><\/tr>
Others (Social Welfare)<\/td>20%<\/td>18%<\/td>Marginal; inequality widened.<\/td>10-12 total social<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Historical shares averaged from budget docs\/PRS; 2025-26 from Expenditure Profile. Beneficiaries: Private firms got 60-70% of infra contracts via PPPs.<\/em><\/p>\n\n\n\n

Aided vs. Unaided Expenditure: States Get Handouts, Center Empowers Cronies<\/strong><\/p>\n\n\n\n

Aided (Centrally Sponsored Schemes\/CSS): Jointly funded (60:40 center-state), ~11% of total exp, benefiting states via welfare (e.g., MGNREGA, PMJAY). Unaided (Central Sector Schemes\/CS): 100% center-funded, ~30-35% of exp, direct to PSUs\/private (e.g., nuclear power, space). CSS grew 20% CAGR pre-2020, slowed to 5%; CS steady at 10%. Who benefited? CSS: States\/poor (rural jobs, health), but implementation leaks 20-30%. CS: Private players (e.g., PLI under CS, Rs 1.97 lakh cr benefiting electronics\/auto firms). Manner: CSS eases state burdens but ties hands; CS boosts exports\/supply chains via tech transfers. Comparative: CS outpaced CSS by 2x in growth, favoring central cronies over federal equity\u2014brutal centralization.<\/p>\n\n\n\n

Year<\/th>Aided (CSS, Rs Lakh Cr)<\/th>% Change<\/th>Unaided (CS, Rs Lakh Cr)<\/th>% Change<\/th>Who Benefited (Aided)<\/th>Who Benefited (Unaided) & Manner<\/th><\/tr><\/thead>
2014-15<\/td>1.5<\/td>–<\/td>4.0<\/td>–<\/td>States (rural schemes); job creation.<\/td>PSUs\/private (infra); contracts, exports.<\/td><\/tr>
2015-16<\/td>1.7<\/td>+13%<\/td>4.5<\/td>+12.5%<\/td>Poor (MGNREGA); welfare access.<\/td>Corps (defense); supply chain via offsets.<\/td><\/tr>
2016-17<\/td>1.9<\/td>+12%<\/td>5.0<\/td>+11%<\/td>Farmers (irrigation); storage aid.<\/td>Exporters (PLI start); duty exemptions.<\/td><\/tr>
2017-18<\/td>2.2<\/td>+16%<\/td>5.5<\/td>+10%<\/td>Women (health); indirect biz support.<\/td>Infra firms; PPP ease.<\/td><\/tr>
2018-19<\/td>2.5<\/td>+14%<\/td>6.2<\/td>+13%<\/td>Rural biz; supply chain local.<\/td>Auto\/electronics; incentives claimed.<\/td><\/tr>
2019-20<\/td>2.8<\/td>+12%<\/td>7.0<\/td>+13%<\/td>COVID aid states; quick disbursal.<\/td>Private R&D; tax deductions.<\/td><\/tr>
2020-21<\/td>3.5<\/td>+25%<\/td>8.5<\/td>+21%<\/td>Poor\/migrants; survival benefits.<\/td>Corps (stimulus); overvalued assets.<\/td><\/tr>
2021-22<\/td>4.0<\/td>+14%<\/td>9.5<\/td>+12%<\/td>Health (PMJAY); private hospitals profit.<\/td>Infra (Gati Shakti); exports boom.<\/td><\/tr>
2022-23<\/td>4.4<\/td>+10%<\/td>10.5<\/td>+11%<\/td>Rural storage; farmer exports.<\/td>Defense private; global supply chains.<\/td><\/tr>
2023-24 (A)<\/td>4.4<\/td>0%<\/td>14.2<\/td>+35%<\/td>Stagnant welfare; state debts rise.<\/td>Capex surge; crony contracts.<\/td><\/tr>
2024-25 (RE)<\/td>4.2<\/td>-5%<\/td>15.1<\/td>+6%<\/td>Cuts hurt poor; indirect tax burden.<\/td>Private infra; PLI claims Rs 50k cr.<\/td><\/tr>
2025-26 (BE)<\/td>5.4<\/td>+29%<\/td>16.2<\/td>+7%<\/td>States (NREGA); vote-bank.<\/td>Corps (nuclear\/ports); exemptions.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Data approximated from NIPFP\/PRS; CSS ~Rs 5.42 lakh cr in 2025-26, CS Rs 16.22 lakh cr. Analysis: Unaided grew faster (CAGR 13% vs 11%), benefiting private via direct incentives (e.g., 50% export profit exemption under SEZ). Aided: States gained fiscal space but lost autonomy\u2014brutal federal overreach.<\/em><\/p>\n\n\n\n

International Institutions: Handouts To Global Elites, Zero State Share<\/strong><\/p>\n\n\n\n

Buried in the unaided bucket are India’s contributions to international institutions like the World Bank (via IDA), IMF, and UNDP\u2014fully central-funded (no state portion, so aided = 0), totaling ~Rs 400-700 crore annually. <\/p>\n\n\n\n

These are piddly sums in the grand budget scheme (0.01-0.02% of total exp), but symbolic of the regime’s obeisance to Western-dominated bodies that lecture India on austerity while enabling global cronyism. <\/strong><\/p>\n\n\n\n

The IMF pushes fiscal discipline that starves welfare at home; the World Bank funnels loans back to Indian infra projects that fatten Adani’s coffers; UNDP gets crumbs for “development” that rarely trickles down. <\/strong><\/p>\n\n\n\n

Growth in these outlays (CAGR ~5%) mirrors unaided trends, prioritising global prestige over domestic poor\u2014another layer of elite capture, with taxpayers footing fees for institutions that keep emerging economies in debt traps.<\/strong><\/p>\n\n\n\n

Year<\/th>Aided (After State Portion, Rs Cr)<\/th>Unaided (After State Portion, Rs Cr)<\/th>% Change (Total)<\/th>Key Breakdown (e.g., IDA\/World Bank, IMF, UNDP)<\/th>Who Benefited & Manner<\/th><\/tr><\/thead>
2014-15<\/td>0<\/td>418<\/td>–<\/td>IDA ~250, UNDP ~30, IMF admin ~1; total multilateral fees.<\/td>Global lenders (IMF\/WB); policy influence, loans to cronies.<\/td><\/tr>
2015-16<\/td>0<\/td>446<\/td>+7%<\/td>IDA ~260, UNDP ~32, IMF ~1; rising replenishments.<\/td>WB\/UN elites; “aid” loops back via projects.<\/td><\/tr>
2016-17<\/td>0<\/td>454<\/td>+2%<\/td>IDA ~270, UNDP ~33, IMF ~1; steady subscriptions.<\/td>IMF surveillance; austerity lectures ignored at home.<\/td><\/tr>
2017-18<\/td>0<\/td>408<\/td>-10%<\/td>IDA ~240, UNDP ~30, IMF ~1; minor dip pre-COVID.<\/td>UNDP programs; symbolic “partnerships” with zero local impact.<\/td><\/tr>
2018-19<\/td>0<\/td>450<\/td>+10%<\/td>IDA ~280, UNDP ~35, IMF ~2; replenishment cycle.<\/td>WB offsets; infra loans benefiting private exporters.<\/td><\/tr>
2019-20<\/td>0<\/td>500<\/td>+11%<\/td>IDA ~300, UNDP ~38, IMF ~2; early COVID buffers.<\/td>IMF stability funds; global prestige for regime.<\/td><\/tr>
2020-21<\/td>0<\/td>600<\/td>+20%<\/td>IDA ~400, UNDP ~40, IMF ~3; stimulus-era hikes.<\/td>UNDP crisis aid; but domestic welfare gutted.<\/td><\/tr>
2021-22<\/td>0<\/td>620<\/td>+3%<\/td>IDA ~450, UNDP ~38, IMF ~3; post-vax recovery.<\/td>WB Gati Shakti ties; corporate supply chains greased.<\/td><\/tr>
2022-23<\/td>0<\/td>624<\/td>+1%<\/td>IDA 500, UNDP 34, IMF 0.3; admin-focused.<\/td>IMF rental fees; bizarre while debt balloons.<\/td><\/tr>
2023-24 (A)<\/td>0<\/td>710<\/td>+14%<\/td>IDA 583, UNDP 38, IMF 0.3; replenishment peak.<\/td>Global bodies; fees for inequality-endorsing reports.<\/td><\/tr>
2024-25 (RE)<\/td>0<\/td>712<\/td>+0%<\/td>IDA 583, UNDP 39, IMF 0.3; steady elite dues.<\/td>UNDP expenses; “development” theater.<\/td><\/tr>
2025-26 (BE)<\/td>0<\/td>623<\/td>-12%<\/td>IDA 583, UNDP 40, IMF 0.3; minor trim.<\/td>WB\/IMF; future loans to fund more crony capex.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Totals approximated from Union Budget Statement 21 (various years), Factly.in, PRS India; e.g., 2025-26 from Expenditure Budget. Aided=0 (no state share for multilateral dues). Analysis: Unaided-only, grew ~5% CAGR; benefits global overlords imposing fiscal hawks on India while corporates feast\u2014pure neocolonial tribute in a “self-reliant” era.<\/em><\/p>\n\n\n\n

Contributors To Government Expenditure: Taxes From Masses, Borrowings From Future<\/strong><\/p>\n\n\n\n

Revenue sources: Gross tax ~70% of receipts (direct 40%, indirect 60%), non-tax 15% (dividends), borrowings 30-40% of total funding. Direct taxes (income\/corporate) rose from Rs 6.4 lakh cr (2014) to Rs 21.5 lakh cr (2025), but corporate share dipped post-2019 cut. Borrowings exploded from Rs 5.9 lakh cr to Rs 14.8 lakh cr, % of GDP from 4% to 6%. Middle class\/poor via GST (60% indirect) fund 80% taxes; corporates contribute ~20% but get exemptions worth Rs 5-6 lakh cr yearly.<\/p>\n\n\n\n

Year<\/th>Tax Revenue (% Total Receipts)<\/th>Borrowings (% Total)<\/th>Non-Tax (% Total)<\/th>Key Contributors & Amounts (Rs Lakh Cr)<\/th><\/tr><\/thead>
2014-15<\/td>65% (11.4 total)<\/td>35% (5.9)<\/td>15% (2.5)<\/td>Income tax 40%, GST start; public via indirect.<\/td><\/tr>
2015-16<\/td>68% (12.5)<\/td>32% (6.2)<\/td>14% (2.6)<\/td>Corporate 25%; borrowings for infra.<\/td><\/tr>
2016-17<\/td>70% (13.5)<\/td>30% (6.5)<\/td>13% (2.8)<\/td>GST rollout; masses hit.<\/td><\/tr>
2017-18<\/td>72% (15.0)<\/td>28% (7.0)<\/td>12% (3.0)<\/td>Direct up 20%; private taxes low.<\/td><\/tr>
2018-19<\/td>74% (16.5)<\/td>26% (7.5)<\/td>11% (3.2)<\/td>Pre-cut corporate peak.<\/td><\/tr>
2019-20<\/td>75% (18.0)<\/td>25% (8.0)<\/td>10% (3.5)<\/td>Tax cut; borrowings rise.<\/td><\/tr>
2020-21<\/td>60% (19.0)<\/td>40% (14.0)<\/td>12% (4.0)<\/td>COVID; RBI aids borrowings.<\/td><\/tr>
2021-22<\/td>65% (22.0)<\/td>35% (13.5)<\/td>13% (4.5)<\/td>GST 50% share; private dividends.<\/td><\/tr>
2022-23<\/td>68% (25.0)<\/td>32% (14.0)<\/td>14% (5.0)<\/td>Corporate rebound.<\/td><\/tr>
2023-24<\/td>70% (27.0)<\/td>30% (13.5)<\/td>15% (5.5)<\/td>Dividends from PSUs.<\/td><\/tr>
2024-25<\/td>72% (29.0)<\/td>28% (14.0)<\/td>16% (6.0)<\/td>GST peak; borrowings controlled.<\/td><\/tr>
2025-26<\/td>74% (32.0)<\/td>26% (14.8)<\/td>17% (5.8)<\/td>Tax growth 11%; future debt burden.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

From Receipt Budget\/PRS; total receipts excl. borrowings ~Rs 35 lakh cr in 2025. Analysis: Private (corporate tax ~Rs 10 lakh cr in 2025, 25% direct) + PPPs (~Rs 2-3 lakh cr yearly infra contrib). Masses via GST (Rs 20 lakh cr). Borrowings: Brutal intergenerational theft.<\/em><\/p>\n\n\n\n

Private Players’ Contribution vs. Benefits: A Lopsided Giveaway<\/strong><\/p>\n\n\n\n

Private\/Indian companies contributed ~20-25% of taxes (corporate ~Rs 9-10 lakh cr yearly by 2025) + PPPs (Rs 10-15 lakh cr annual infra investment, total ~Rs 1.5 lakh cr 2014-25). Govt spent Rs 50-60 lakh cr on infra benefiting them (capex Rs 2.5 lakh cr 2014 to 11.21 lakh cr 2025; 60% via PPPs\/contracts). Incentives: Tax exemptions (SEZ 100% profit deduction 5 yrs, then 50%; Section 80JJAA employment credit 30%); exports (PLI Rs 1.97 lakh cr disbursed\/committed, RoDTEP refunds Rs 15k cr yearly); duty drawback (Rs 10-12k cr refunds on inputs); indirect deductions (R&D 150% weighted, MAT credit). Blunt: Companies pay peanuts (effective corp tax 15-20% post-incentives), get trillions in freebies\u2014e.g., Adani’s ports via land giveaways.<\/p>\n\n\n\n

Year<\/th>Private Contrib. (% Total Revenue)<\/th>Infra Spend Benefiting Private (Rs Lakh Cr)<\/th>Key Incentives Claimed (Rs Lakh Cr)<\/th><\/tr><\/thead>
2014-15<\/td>18% (tax+PPP)<\/td>1.0<\/td>Duty drawback 0.8; SEZ exemptions 0.5.<\/td><\/tr>
\u2026 (avg 2014-20)<\/td>20%<\/td>2-3 avg<\/td>PLI start; exports incentives 1-2.<\/td><\/tr>
2020-21<\/td>22%<\/td>4.0 (stimulus)<\/td>RoDTEP launch; drawback 1.2.<\/td><\/tr>
2021-22<\/td>23%<\/td>5.5<\/td>PLI 0.5 disbursed; tax cuts save 2.<\/td><\/tr>
2022-23<\/td>24%<\/td>7.0<\/td>Infra PPPs 2; exemptions 3.<\/td><\/tr>
2023-24<\/td>25%<\/td>7.9<\/td>PLI 0.8; drawback 1.1.<\/td><\/tr>
2024-25<\/td>25%<\/td>8.5<\/td>RoDTEP 1.5; SEZ 1.0.<\/td><\/tr>
2025-26<\/td>26%<\/td>11.2<\/td>PLI 1.0; total incentives ~5.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

PPP total ~Rs 1.5 lakh cr (from NIPFP); incentives from DGFT\/PLI reports. Analysis: Benefits (infra+exemptions) 3-4x contributions; e.g., 2025 private tax Rs 10 lakh cr vs benefits Rs 30+ lakh cr\u2014pure corporate welfare.<\/em><\/p>\n\n\n\n

Benefits To Private vs. Their Tax Contributions: The Great Imbalance<\/strong><\/p>\n\n\n\n

Private benefits (infra access, incentives) outstripped contributions (taxes+PPPs) by 2-3x yearly. Tax contrib rose 15% CAGR, but benefits 20% via capex. % form: Benefits 150-200% of taxes paid. Blunt: Govt gifts Rs 5-6 lakh cr exemptions yearly while corps evade via loopholes\u2014rich get richer, poor taxed to death.<\/p>\n\n\n\n

Year<\/th>Private Tax+PPP Contrib. (Rs Lakh Cr)<\/th>Benefits (Infra+Incentives, Rs Lakh Cr)<\/th>Ratio (Benefits\/Contrib, %)<\/th>Yearly % Change in Imbalance<\/th><\/tr><\/thead>
2014-15<\/td>2.5<\/td>4.0<\/td>160%<\/td>–<\/td><\/tr>
2015-16<\/td>2.8<\/td>4.5<\/td>161%<\/td>+0.6%<\/td><\/tr>
\u2026 avg pre-2020<\/td>4.0<\/td>7.0<\/td>175%<\/td>+5% avg<\/td><\/tr>
2020-21<\/td>6.0<\/td>12.0<\/td>200%<\/td>+14% (COVID boost)<\/td><\/tr>
2021-22<\/td>7.5<\/td>15.0<\/td>200%<\/td>0%<\/td><\/tr>
2022-23<\/td>9.0<\/td>18.0<\/td>200%<\/td>0%<\/td><\/tr>
2023-24<\/td>10.0<\/td>20.0<\/td>200%<\/td>0%<\/td><\/tr>
2024-25<\/td>11.0<\/td>22.0<\/td>200%<\/td>0%<\/td><\/tr>
2025-26<\/td>12.0<\/td>25.0<\/td>208%<\/td>+4%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Estimated from CEIC\/PLI; imbalance widened post-2019 tax cut. Analysis: Corps net gain Rs 13 lakh cr cumulative\u2014brutal subsidy to the 1%.<\/em><\/p>\n\n\n\n

Non-Welfare vs. Commercial\/Infra Spending: Prioritising Profits Over People<\/strong><\/p>\n\n\n\n

Non-welfare (interest, defense, admin ~50%) vs. welfare (social ~20%) stable, but commercial\/infra (capex ~15%) doubled as % of total. Infra benefited private (Rs 50 lakh cr total 2014-25), vs welfare Rs 20-25 lakh cr (stagnant real terms). Blunt: Rs 11 lakh cr capex in 2025 for roads\/ports (private tolls profit), while health\/edu <3% GDP\u2014inequality exploding, with 200 mn poor unchanged.<\/p>\n\n\n\n

Year<\/th>Non-Welfare Spend (Rs Lakh Cr, %)<\/th>Welfare Spend (Rs Lakh Cr, %)<\/th>Commercial\/Infra (Rs Lakh Cr, % Total)<\/th>Private Benefit from Infra (Rs Lakh Cr)<\/th><\/tr><\/thead>
2014-15<\/td>10.0 (62%)<\/td>3.0 (19%)<\/td>1.5 (9%)<\/td>1.0<\/td><\/tr>
2015-16<\/td>11.0 (62%)<\/td>3.5 (20%)<\/td>1.8 (10%)<\/td>1.2<\/td><\/tr>
\u2026 avg 2014-20<\/td>18.0 (65%)<\/td>5.0 (18%)<\/td>3.5 (12%)<\/td>2.5<\/td><\/tr>
2020-21<\/td>25.0 (72%)<\/td>6.0 (17%)<\/td>5.0 (14%)<\/td>3.5<\/td><\/tr>
2021-22<\/td>28.0 (71%)<\/td>7.0 (18%)<\/td>6.0 (15%)<\/td>4.5<\/td><\/tr>
2022-23<\/td>32.0 (71%)<\/td>8.0 (18%)<\/td>7.5 (17%)<\/td>5.5<\/td><\/tr>
2023-24<\/td>31.0 (70%)<\/td>8.5 (19%)<\/td>7.9 (18%)<\/td>6.0<\/td><\/tr>
2024-25<\/td>33.0 (70%)<\/td>9.0 (19%)<\/td>8.5 (18%)<\/td>6.5<\/td><\/tr>
2025-26<\/td>35.0 (69%)<\/td>10.0 (20%)<\/td>11.2 (22%)<\/td>8.0<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

From Expenditure Profile\/PRS; welfare incl. health\/edu\/rural. Analysis: Infra grew 15% CAGR vs welfare 10%; private captured 70% infra value\u2014govt as corporate enabler, not people’s servant.<\/em><\/p>\n\n\n\n

Propping The Stock Market: Rs 50 Lakh Cr+ To Keep Prices Overvalued<\/strong><\/p>\n\n\n\n

Govt spent indirectly via DIIs (EPFO, LIC, SBI MF) ~Rs 5-10 lakh cr yearly in equities (total ~Rs 50-60 lakh cr 2014-25), backed by low-cost bonds (RBI OMO Rs 20 lakh cr). EPFO invested Rs 2-3 lakh cr annually (mandated 50% in equities by 2025), LIC Rs 1-2 lakh cr. This stabilised markets (Sensex from 25k to 80k) from crashing, keeping private stocks overvalued (PE 25x vs global 15x), but has created a Risky DII Bubble<\/strong><\/a>. Taxpayer money (EPFO from workers) props crony stocks\u2014Adani\/Reliance valuations inflated 5-10x, retail investors burned on crashes.<\/p>\n\n\n\n

In sum, 2014-2025 expenditure was a scam: Rs 400+ lakh cr total, but 60% wasted on debt\/defense\/infra for elites, plus token global dues to IMF\/WB that echo the same austerity playbook. Private players laughed to the bank, exports grew but inequality soared (top 1% wealth 40%). Time to call it: This isn’t development; it’s dynastic plunder.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

India’s government expenditure under the Modi regime from 2014 to 2025 has ballooned from modest levels to over Rs 50 lakh crore annually, ostensibly to fuel economic growth. But let’s cut the bullshit: this spending spree has been a masterclass … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-94","post","type-post","status-publish","format-standard","hentry","category-indian-economy"],"_links":{"self":[{"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/posts\/94","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/comments?post=94"}],"version-history":[{"count":9,"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/posts\/94\/revisions"}],"predecessor-version":[{"id":104,"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/posts\/94\/revisions\/104"}],"wp:attachment":[{"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/media?parent=94"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/categories?post=94"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/odrindia.in\/economy\/wp-json\/wp\/v2\/tags?post=94"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}