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Breaking Myth of Petrol Debt:

It has been vociferously stated by ruling dispensation that they are paying petrol debt taken by previous government.
                       In this article we will be exploring two things:
1)      Whether debt paying story is true or not.
2)      Can this scenario  of paying huge petroleum borrowing  debt  of one government by other is possible or not
1)Paying Debt:
Link to below image: https://www.indiabudget.gov.in/budget2014-2015/ub2014-15/rec/annex6e.pdf

This data has been taken from government of India directly(As you can see in the URL). It shows that loan taken by the previous government(UPA) being maturing in NDA’s regime(2014-2019) is  1750+1750 crore rupee that is 3500 crore rupee, which is roughly equal to the cost of making “Statue Of UNITY” in Gujrat.
      My point is, if government says high petroleum price is due to previous government action , and they now do not have money , then why they built statue of UNITY having equal value of debt.

2)Has GOI actually Paid even 3500 crore Rupee:
Exploring the second scenario of paying huge petroleum borrowing  debt  of one government by other is possible or not?

Rules of borrowing:
Government never buys Petroleum, it’s the Government owned company that buys the petroleum.
What’s the difference?
Quite simple, Let’s understand with an example(Actual case of UPA regime):
Government company like IOCL bought crude oil  from IRAN(of whose debt NDA gov recently paid) and promised to pay the price back. As it happens in business, companies take loan and pays to the business partner then does it’s business earns profit pays it back to the Bank.
Something similar happens here. Since here company is buying from another sovereign government, which do not have any control over Indian company. These country ask guarantee form GOI . So government of India issues a bond called “OIL BOND” for certain time period as shown in above picture. Suppose GOI issued bond for 3 year then for 3 year companies like IOCL will pay to GOI and after 3rd year that is maturity GOI will pay the collected amount to the concerned country(Here IRAN).

Conclusion:
NDA government paid the debt taken of previous government, but it didn’t created any economical loss to NDA gov as the money paid was of the company involved in transaction.
So the claim that Petrol price rise is because of UPA is completely FALSE



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