Finfluencer and Wisdom Hatch founder Akshat Shrivastava warns of India's growing freelance culture, warning that it could lead to financial disaster.
Srivastava, in a note in X, compares with the US: the US manages a debt of $36 trillion with interest payments consuming 22% of revenue, while India's debt of Rs 180 crore requires 40% of its revenue to service—roughly the U.S. Double the colony weight.
Despite this stark disparity, he cautions, “We reward freeloaders with new schemes every day.”
The warning comes at a time when political parties are doubling down on populist promises. In Delhi, Chief Minister Arvind Kejriwal's Aam Aadmi Party (AAP) has unveiled new schemes under the “Mukhyamantri Mahila Samman Yojana”, including monthly stipends of Rs 18,000 for priests and Rs 2,100 for women.
Free healthcare for senior citizens has also been promised under the “Sanjeevani Yojana”. The announcements have drawn criticism from the opposition but follow a long-term trend in liberal politics.
This phenomenon extends across party lines. Ahead of the elections, the BJP and the Congress have similarly leaned towards populist measures. In Maharashtra, the BJP-led alliance offered monthly stipends of Rs 1,500 to women, and promised to double the amount if the Congress was elected.
The promise of 300 units of free electricity in Punjab has led to financial pressure, and collection efficiency has fallen drastically. Himachal Pradesh is struggling under the burden of reinstating the old pension system, borrowing heavily just to stay afloat.
Economists have long warned against such actions. NK Singh, chairman of the 15th Finance Commission, has criticized the allowances as a “passport to fiscal disaster”, deviating from subsidies that generate long-term benefits such as education and healthcare. Prime Minister Narendra Modi has also called free elections a dangerous trend, urging voters to prioritize development initiatives over short-term handouts.
The Reserve Bank of India echoed these concerns in its recent fiscal report, warning that rising subsidies would disrupt investment in critical sectors such as infrastructure, health and education — areas vital to sustainable economic growth.