{
 "name": "India Government Debt-to-GDP — Centre, States & General Government",
 "unit": "percent of GDP (outstanding liabilities)",
 "dashboard": "https://bankpulse.ai/dashboards/govt-debt/",
 "source": "Union Budget / Status Paper on Government Debt, RBI Handbook of Statistics on the Indian Economy & IMF Fiscal Monitor, rbi.org.in / indiabudget.gov.in",
 "reviewed_by": "Vikram Jain",
 "license": "https://creativecommons.org/licenses/by/4.0/",
 "updated": "2026-06-19T04:40:32+05:30",
 "dateModified": "2026-06-19T04:40:32+05:30",
 "note": "Official estimates, rounded and approximate. Later fiscal years are provisional and revised. General-government debt is consolidated (inter-governmental holdings netted out) and is therefore lower than Centre + States summed.",
 "series": [
  {
   "fiscal_year": "FY2019-20",
   "centre_debt_pct_gdp": 51.0,
   "states_debt_pct_gdp": 25.0,
   "general_govt_debt_pct_gdp": 75.0,
   "note": "Pre-pandemic baseline"
  },
  {
   "fiscal_year": "FY2020-21",
   "centre_debt_pct_gdp": 61.0,
   "states_debt_pct_gdp": 31.0,
   "general_govt_debt_pct_gdp": 88.0,
   "note": "COVID-19 peak — debt spiked as GDP fell"
  },
  {
   "fiscal_year": "FY2021-22",
   "centre_debt_pct_gdp": 59.0,
   "states_debt_pct_gdp": 29.0,
   "general_govt_debt_pct_gdp": 84.0,
   "note": "Nominal-GDP rebound lowered ratios"
  },
  {
   "fiscal_year": "FY2022-23",
   "centre_debt_pct_gdp": 57.0,
   "states_debt_pct_gdp": 28.0,
   "general_govt_debt_pct_gdp": 81.0,
   "note": "Gradual decline"
  },
  {
   "fiscal_year": "FY2023-24",
   "centre_debt_pct_gdp": 58.0,
   "states_debt_pct_gdp": 28.0,
   "general_govt_debt_pct_gdp": 82.0,
   "note": "Broadly stable"
  },
  {
   "fiscal_year": "FY2024-25",
   "centre_debt_pct_gdp": 57.0,
   "states_debt_pct_gdp": 29.0,
   "general_govt_debt_pct_gdp": 82.0,
   "note": "Provisional / RE, subject to revision"
  }
 ]
}