Government gross debt in India

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: 83.4% 2027: 82.5% 2028: 81.7% 2029: 80.6% 2030: 79.5% 2031: 77.7%

71.3 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	71.3
Jan 1998	69.3
Jan 1997	69.0
Jan 1996	67.1
Jan 1995	70.9
Jan 1994	74.8
Jan 1993	78.3
Jan 1992	78.8
Jan 1991	76.7

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

India's government debt is the stock of liabilities owed by the general government (central government and states) to its creditors. It is shown in absolute terms and, above all, as a share of GDP to gauge sustainability.

How it's calculated

It sums the liabilities of the central government and the states, published by the Ministry of Finance and the Reserve Bank of India, largely rupee-denominated debt. The debt-to-GDP ratio sets that stock against the economy.

Market implications

A high or rising debt level shapes fiscal sustainability, rupee funding costs and fiscal room, and is central to rating agencies' view. India's heavy combined centre-plus-states debt is a recurring focus for markets.

Limitations

It is a low-frequency figure revised with the public accounts. The ratio depends on both the debt stock and nominal GDP, and high inflation and nominal growth can improve the ratio without cutting borrowing.