Highest ever Debt on India : India’s total debt has rose to 205 lac crore this year.
Central government’s debt stood 57% of total GDP (Gross domestic product) of the country at the end of March 2023 whereas state governments debt stood at 28% of the GDP.
Here is the trajectory of India’s national debt since 1991. There are two peaks (all under #BJP ) and two troughs (all under #Congress governments). The current #nationaldebt at 90% of GDP is highest ever. Lowest was 66% in 1996 & 2010 respectively. All data from #IMF . pic.twitter.com/Zr3S1AuCx1
— Krishna Kant (@KantKrishna30) May 25, 2021
IMF(International monetary fund) has warned that India’s overall debt may exceed 100% of the GDP in the medium term which may lead to long term risks for the country. Although indian government has denied saying that sovereign debt risks are limited as it is denominated in domestic currency.
“General government debt has steeply declined to 81% in financial year 2023 from 88% in financial year 2021,” the clarification said, adding that the centre is on track to achieve its stated fiscal consolidation aim of below 4.5% by financial year 2026.
“This suggests that new and preferably concessional sources of financing are needed, as well as greater private sector investment and Carbo pricing or equivalent mechanism.” The IMF said in its annual report.
The IMF report is part of the funds surveillance function under the articles of agreement with member countries.
India’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.India’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.
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