In 2021, the national debt of India amounted to around 2.36 trillion U.S. dollars. Projections show an upward trend, with a significant increase each year.
Honor thy national debt
National 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 growth
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, 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.
India: National debt from 2018 to 2028
(in billion U.S. dollars)
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IMF. (October 5, 2023). India: National debt from 2018 to 2028 (in billion U.S. dollars) [Graph]. In Statista. Retrieved December 02, 2023, from https://www.statista.com/statistics/531619/national-debt-of-india/
IMF. "India: National debt from 2018 to 2028 (in billion U.S. dollars)." Chart. October 5, 2023. Statista. Accessed December 02, 2023. https://www.statista.com/statistics/531619/national-debt-of-india/
IMF. (2023). India: National debt from 2018 to 2028 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: December 02, 2023. https://www.statista.com/statistics/531619/national-debt-of-india/
IMF. "India: National Debt from 2018 to 2028 (in Billion U.S. Dollars)." Statista, Statista Inc., 5 Oct 2023, https://www.statista.com/statistics/531619/national-debt-of-india/
IMF, India: National debt from 2018 to 2028 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/531619/national-debt-of-india/ (last visited December 02, 2023)
India: National debt from 2018 to 2028 (in billion U.S. dollars) [Graph], IMF, October 5, 2023. [Online]. Available: https://www.statista.com/statistics/531619/national-debt-of-india/