Mint Explainer: How high is India’s national debt?

livemint.com:

Mint takes a look at the government's debt situation. The national debt stood at ₹155.6 lakh crore (57.1% of GDP) as of 31 March, 2023. It was ₹58.6 lakh crore (52.2% of GDP) on 31 March 2014, just before the current government came to power.

At the end of FY20, the government's debt stood at ₹105.1 lakh crore (52.4% of GDP). This increased to ₹121.9 lakh crore (61.5% of GDP) at the end of FY21. This increase of about 9% in a single year was mainly on account of the pandemic, which hugely disrupted projections of the government’s finances.

However, the debt has fallen since then. It is held predominantly in rupees. As of 31 March, 2014, the government’s external debt (at current exchange rates) was 6.4% of total debt and 3.3% of GDP.

This declined to 4.8% of total debt and 2.7% of GDP as of 31 March, 2023. The government’s external debt is mainly financed by multilateral and bilateral agencies. These include the International Bank for Reconstruction and Development, International Development Association, International Fund for Agriculture Development, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank, European Economic Community, Organisation of Petroleum Exporting Countries, and European Investment Bank.