India recorded a Government Debt to GDP of 81.59 percent of the country's Gross Domestic Product in 2023. This dataset provides - India Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the national debt of India amounted to around 3.16 trillion U.S. dollars. Projections show an upward trend, with a significant increase each year. Honor thy national debtNational debt, also called government debt or public debt, is money owed by the federal government. It can be divided into internal debt, (which is owed to lenders in the country) and external debt (which is owed to foreign lenders). National debt is created and increased by using government bonds, for example, or by borrowing money from other nations due to financial struggles (well-known case in point: Greece). A quite complex issue, national debt is expected to be paid back in accordance with certain regulations overseen by the Bank for International Settlements (BIS), a financial organization owned by central banks. India’s debt is rising, but so is its economic growthIndia’s liabilities have increased significantly, and forecasts show no end in sight. While India is a fast-growing economy and considered one of the main emerging economies, the so-called BRIC countries, India has been investing and borrowing money from commercial banks as well as several non-banking finance companies, and its national debt today makes up almost 70 percent of its GDP. Luckily, even though the national debt is forecast to increase, this share of GDP is predicted to decrease, as is the trade deficit in the long run, despite a significant jump back into the red in 2017.

Graph and download economic data for General government gross debt for India (GGGDTAINA188N) from 1991 to 2023 about India, gross, debt, and government.

India: Government debt as percent of GDP: The latest value from 2023 is 83.02 percent, an increase from 81.68 percent in 2022. In comparison, the world average is 61.85 percent, based on data from 137 countries. Historically, the average for India from 1991 to 2023 is 75.09 percent. The minimum value, 67.1 percent, was reached in 2014 while the maximum of 88.43 percent was recorded in 2020.

The value of government net debt in India in March 2025 was forecasted to be over *** trillion Indian rupees, an increase from around *** trillion rupees in March 2020. The government debt is estimated to reach over *** trillion in 2030.

Key information about India Government Debt: % of GDP

• India Government debt accounted for 57.2 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 57.1 % in the previous quarter.
• India government debt to GDP ratio data is updated quarterly, available from Mar 2012 to Sep 2024.
• The data reached an all-time high of 58.8 % in Sep 2023 and a record low of 44.6 % in Dec 2018.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. The Ministry of Finance provides Government Debt in local currency. Ministry of Statistics and Programme Implementation provides Nominal GDP in local currency. Government Debt covers Central Government only.


Related information about India Government Debt: % of GDP

• In the latest reports, India National Government Debt reached 2,144.6 USD bn in Sep 2024.
• The country's Nominal GDP reached 873.7 USD bn in Mar 2023.

Key information about India National Government Debt

• India National Government Debt reached 2,144.6 USD bn in Sep 2024, compared with 2,113.5 USD bn in the previous quarter.
• India National Government Debt data is updated quarterly, available from Dec 1998 to Sep 2024.
• The data reached an all-time high of 2,144.6 USD bn in Sep 2024 and a record low of 232.8 USD bn in Dec 1998.

CEIC converts quarterly Government Debt into USD. The Ministry of Finance provides Government Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Government Debt covers Central Government only.


Related information about India National Government Debt

• In the latest reports, India Consolidated Fiscal Balance recorded a deficit equal to 4.6 % of its Nominal GDP in Sep 2024.
• The country's Government debt accounted for 58.3 % of its Nominal GDP in Sep 2024.
• India Nominal GDP reached 873.7 USD bn in Mar 2023.

The statistic shows the national debt in India from 2020 to 2023 in relation to gross domestic product (GDP), with projections up until 2030. In 2023, the national debt of India amounted to about 81.23 percent of the gross domestic product. India’s economy on the rise India is one of the most populous countries in the world, and although a large share of inhabitants are living below the poverty line – or probably due to this fact –, the country’s economy is growing steadily. India’s GDP growth is expected to remain steady at more than 7 percent for the next few years, which is almost double that of the global GDP, and both GDP and GDP per capita are expected to increase significantly. Almost half of India’s workforce is employed in the agricultural sector, but services and industry share the other half quite equally. India’s GDP is mostly generated by the services sector, which includes transport, retailing, and offering services in the hospitality and tourism industry. India’s trade balance has been in the red for a decade now, but seems to recover slowly. A trade deficit usually means that a country’s import costs are higher than the amount of money generated with exporting goods. India’s imports could not be compensated for by the country’s exports, as imports have been consistently, even if only slightly, higher over the years both in terms of volume and value. Still, all signs point to India’s economy growing and thriving, reducing India’s debt (as seen above) and unemployment rate, enabling the inhabitants to create a better life for themselves.

Central government debt, total (% of GDP) in India was reported at 46.52 % in 2018, according to the World Bank collection of development indicators, compiled from officially recognized sources. India - Central government debt, total (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

Key information about India External Debt

• India External Debt reached 711.8 USD bn in Sep 2024, compared with 682.2 USD bn in the previous quarter.
• India External Debt: USD mn data is updated quarterly, available from Sep 1999 to Sep 2024.
• The data reached an all-time high of 711.8 USD bn in Sep 2024 and a record low of 96.4 USD bn in Sep 2000.

Related information about India External Debt

• In the latest reports of India, Current Account recorded a deficit of 11.2 USD bn in Sep 2024.
• Foreign Direct Investment (FDI) increased by 5.0 USD bn in Sep 2024.
• India Direct Investment Abroad expanded by 7.3 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 19.8 USD bn in Sep 2024.
• The country's Nominal GDP was reported at 873.7 USD bn in Mar 2023.

The dataset contains All India Yearly Central and State Government Debt Indicators as percentage to GDP from Handbook of Statistics on Indian Economy.

Note: 1. Data for 2022-23 are Revised Estimates and data for 2023-24 are Budget Estimates. 2. External liabilities of the Centre is at current exchange rate. 3. Total liabilities of the States, Combined domestic liabilities of Centre & States and Combined total liabilities of the Centre & States have been revised to include 'reserve funds', 'deposits and advances' and 'contingency fund' of State Governments. 4. Data in respect of Combined finances are exclusive of NCT Delhi from 2005-06 onwards. 5. Combined and Centre's liabilities are inclusive of securities/treasury bills under market stabilisation scheme (MSS). 6. GDP data for 2023-24 is taken from Union Budget 2023-24. 7. Combined total liabilities of Centre & States is the sum of External liabilities of the Centre and Combined domestic liabilities of Centre & States

Gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of Special Drawing Rights (SDRs), currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. Thus, all liabilities in the Government Finance Statistics Manual 2001 (GFSM 2001) system are debt, except for equity and investment fund shares and financial derivatives and employee stock options. Debt can be valued at current market, nominal, or face values (GFSM 2001, paragraph 7.110). A projection of this data can be found at https://fred.stlouisfed.org/series/GGGDTPINA188N.

Copyright © 2016, International Monetary Fund. Reprinted with permission. Complete terms of use and contact details are available at http://www.imf.org/external/terms.htm.

In financial year 2022, the internal debt of the central government of India amounted to around 115 trillion Indian rupees, an increase from the previous year. It was estimated, that the internal debt would reach nearly 147 trillion rupees in 2024.

India Central Government Debt: Other Liabilities data was reported at 18,646,335.300 INR mn in Dec 2024. This records an increase from the previous number of 18,287,872.600 INR mn for Sep 2024. India Central Government Debt: Other Liabilities data is updated quarterly, averaging 6,069,081.600 INR mn from Dec 1998 (Median) to Dec 2024, with 105 observations. The data reached an all-time high of 18,646,335.300 INR mn in Dec 2024 and a record low of 2,174,286.500 INR mn in Sep 2000. India Central Government Debt: Other Liabilities data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s India – Table IN.FA010: Central Government Debt.

Central Govt Debt: Public: DO: 364 Day T Bills data was reported at 2,170,960.000 INR mn in Dec 2018. This records an increase from the previous number of 1,900,430.000 INR mn for Sep 2018. Central Govt Debt: Public: DO: 364 Day T Bills data is updated quarterly, averaging 417,608.300 INR mn from Dec 1998 (Median) to Dec 2018, with 77 observations. The data reached an all-time high of 2,170,960.000 INR mn in Dec 2018 and a record low of 51,155.200 INR mn in Dec 1998. Central Govt Debt: Public: DO: 364 Day T Bills data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s India – Table IN.FA009: Central Government Debt.

In financial year 2024, the internal debt of the central government of India was estimated to over 49 percent of the GDP, a slight increase compared to the previous year. The internal debt share was fluctuating between 37 and 39 percent during the period from 2012 to 2020.

Graph and download economic data for Fiscal Situation of General Government: Gross Debt Position for India (INDGGXWDGG01GDPPT) from 2016 to 2024 about India, gross, debt, and government.

Historical chart and dataset showing India external debt by year from 1970 to 2023.

The outstanding external debt of the central government of India as a percent of the country's Gross Domestic Product was estimated to 1.8 percent in financial year 2024. This was a slight increase compared to the financial year 2020's 1.5 percent debt.

India CCIL: Outstanding Government Debt: Government Securities data was reported at 108,194,720.000 INR mn in Feb 2025. This records an increase from the previous number of 106,924,720.000 INR mn for Jan 2025. India CCIL: Outstanding Government Debt: Government Securities data is updated monthly, averaging 39,196,640.000 INR mn from Apr 2005 (Median) to Feb 2025, with 239 observations. The data reached an all-time high of 108,194,720.000 INR mn in Feb 2025 and a record low of 9,019,979.800 INR mn in Apr 2005. India CCIL: Outstanding Government Debt: Government Securities data remains active status in CEIC and is reported by The Clearing Corporation of India Limited. The data is categorized under India Premium Database’s Financial Market – Table IN.ZD011: The Clearing Corporation of India Limited (CCIL): Outstanding Government Debt.