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India Debt to GDP Ratio

India's government debt to GDP rose to 81.92% in 2024 from 81.76% in 2023. This increase resulted from lower-than-budgeted nominal GDP growth and higher interest rates affecting debt servicing. However, the fiscal deficit for fiscal year 2024 decreased to 5.6% of GDP, showing continued fiscal consolidation. India's record low government debt to GDP was 47.94% in 1980 and record high was 89.45% in 2020.

Yearly Historical Data (1980-2024)

(in %)
Year Debt to GDP Ratio
2024 81.9%
2023 81.8%
2022 82.5%
2021 84.3%
2020 89.4%
2019 75.5%
2018 70.6%
2017 69.6%
2016 68.8%
2015 68.5%
2014 66.6%
2013 67.1%
2012 66.7%
2011 67.4%
2010 65.6%
2009 70.6%
2008 72.2%
2007 71.4%
2006 74.7%
2005 79.1%
2004 82.1%
2003 83.2%
2002 82.9%
2001 78.8%
2000 73.7%
1999 70.5%
1998 67.1%
1997 66.3%
1996 64.4%
1995 67.3%
1994 70%
1993 72.4%
1992 72%
1991 72.9%
1990 68.8%
1989 70.1%
1988 67.7%
1987 68.2%
1986 64.8%
1985 60.5%
1984 56%
1983 52.5%
1982 53.3%
1981 48.9%
1980 47.9%
India Debt to GDP Ratio : Definition
India's government debt to GDP shows the nation's total government debt as a percentage of its Gross Domestic Product. It's calculated by dividing total government debt by GDP. The debt includes internal & external liabilities. GDP represents the total value of goods and services produced.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio -0.6% -0.7% Dec'24
Interest Rate 5.5% 5.5% Oct'25
Private Credit (% GDP) 50.14% 54.51% 2021