India • Public finances

Fiscal Deficit Monitor

Last update: 01 Nov 2026

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India’s general-government balance was −7.4% of GDP in FY 2025/26, narrower than −7.9% a year earlier and a wider deficit than its 2010–2019 average of −7.3%. Gross debt fell to 84.3% of GDP, with net interest taking 24.6% of revenue. With the effective interest rate at 6.6% and nominal growth at 8.6%, a primary deficit of up to 1.6% of GDP would have held the ratio steady; the actual primary deficit was 2.2%.

General government, percent of GDP. India uses April–March fiscal years, labelled by their starting year. IMF estimates for 2001–2025; the IMF's 2026–2031 projections are drawn dashed and are not outturns.

The general-government balance set beside the current account and the tax take, with the Union cash accounts kept separate, is on the budget and current-account desk.

  • India · annual dataFY 2025/26IMF Fiscal Monitor
  • Database updated1 Nov 2026Published 1 Nov 2026
  • Next source releaseDate not suppliedPublished twice a year

India · Union budget execution

Fiscal deficit to date against the annual budget

provisional · CGA

Cumulative Apr–Sep 2026 · FY 2026/27 · monthly accounts

Share of full-year Budget Estimate42.1%
Cumulative fiscal deficit₹7,14,413 crore
Same point last fiscal year36.5%+5.6 percentage points vs last year

The deficit is cumulative expenditure of ₹25,49,835 crore less non-debt receipts of ₹18,35,422 crore. The denominator is this fiscal year's deficit Budget Estimate of ₹16,95,768 crore, not GDP.

Monthly accounts are provisional. Receipts and spending arrive unevenly through the year, so this share is not a forecast of the March deficit.

Snapshot india-cga-apr-sep-2026-v1 · source released date not supplied · loaded 1 Nov 2026 Monthly accounts ↗ Budget estimate ↗Prior-year accounts ↗Explore the macro context →

Overall balance

IMF estimate
−7.4% A year earlier: −7.9%2010–19 average: −7.3% FY 2025/26 · IMF Fiscal Monitor

Primary balance

IMF estimate
−2.2% A year earlier: −3.0%2010–19 average: −2.7% FY 2025/26 · IMF Fiscal Monitor

Government revenue

IMF estimate
20.9% A year earlier: 21.4%2010–19 average: 19.8% FY 2025/26 · IMF Fiscal Monitor

Government expenditure

IMF estimate
28.2% A year earlier: 29.3%2010–19 average: 27.1% FY 2025/26 · IMF Fiscal Monitor

Gross government debt

IMF estimate
84.3% A year earlier: 84.8%2010–19 average: 69.8% FY 2025/26 · IMF Fiscal Monitor

India

General government fiscal balance

Revenue minus expenditure for all levels of government, as a share of GDP. Below zero is a deficit: the government spent more than it collected and borrowed the difference. Above zero is a surplus. The dashed line is the IMF's {ImfEdition} projection, not an outturn.

For example: A government that collects $380 billion and spends $420 billion in a year when GDP is $1,000 billion runs a deficit of 4% of GDP.

Includes projections

% of GDP

FY 2001/02 Overall balance: −11.0% Overall balance · IMF projection: not publishedFY 2002/03 Overall balance: −11.1% Overall balance · IMF projection: not publishedFY 2003/04 Overall balance: −11.4% Overall balance · IMF projection: not publishedFY 2004/05 Overall balance: −9.2% Overall balance · IMF projection: not publishedFY 2005/06 Overall balance: −6.6% Overall balance · IMF projection: not publishedFY 2006/07 Overall balance: −5.1% Overall balance · IMF projection: not publishedFY 2007/08 Overall balance: −3.7% Overall balance · IMF projection: not publishedFY 2008/09 Overall balance: −8.1% Overall balance · IMF projection: not publishedFY 2009/10 Overall balance: −9.3% Overall balance · IMF projection: not publishedFY 2010/11 Overall balance: −8.5% Overall balance · IMF projection: not publishedFY 2011/12 Overall balance: −8.0% Overall balance · IMF projection: not publishedFY 2012/13 Overall balance: −7.3% Overall balance · IMF projection: not publishedFY 2013/14 Overall balance: −6.8% Overall balance · IMF projection: not publishedFY 2014/15 Overall balance: −6.9% Overall balance · IMF projection: not publishedFY 2015/16 Overall balance: −7.3% Overall balance · IMF projection: not publishedFY 2016/17 Overall balance: −7.2% Overall balance · IMF projection: not publishedFY 2017/18 Overall balance: −6.3% Overall balance · IMF projection: not publishedFY 2018/19 Overall balance: −6.4% Overall balance · IMF projection: not publishedFY 2019/20 Overall balance: −7.8% Overall balance · IMF projection: not publishedFY 2020/21 Overall balance: −13.1% Overall balance · IMF projection: not publishedFY 2021/22 Overall balance: −9.7% Overall balance · IMF projection: not publishedFY 2022/23 Overall balance: −9.2% Overall balance · IMF projection: not publishedFY 2023/24 Overall balance: −8.3% Overall balance · IMF projection: not publishedFY 2024/25 Overall balance: −7.9% Overall balance · IMF projection: not publishedFY 2025/26 Overall balance: −7.4% Overall balance · IMF projection: −7.4%FY 2026/27 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −7.5%FY 2027/28 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −7.2%FY 2028/29 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −7.0%FY 2029/30 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −6.9%FY 2030/31 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −6.8%FY 2031/32 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −6.7%Zero balance
  • Overall balance
  • Overall balance · IMF projection

India’s general-government balance was −7.4% of GDP in FY 2025/26, narrower than −7.9% a year earlier and a wider deficit than its 2010–2019 average of −7.3%. Gross debt fell to 84.3% of GDP, with net interest taking 24.6% of revenue. With the effective interest rate at 6.6% and nominal growth at 8.6%, a primary deficit of up to 1.6% of GDP would have held the ratio steady; the actual primary deficit was 2.2%.

1 · Revenue and spending

Government revenue and expenditure

Everything the government collects and everything it spends, each as a share of GDP. The gap between the two lines is the overall balance. Dashed: IMF projection.

For example: If revenue is 20% of GDP and expenditure is 24%, the government runs a deficit of 4% of GDP.

Includes projections

% of GDP

FY 2001/02 Government revenue: 17.2% Government revenue · IMF projection: not published Government expenditure: 28.3% Government expenditure · IMF projection: not publishedFY 2002/03 Government revenue: 18.0% Government revenue · IMF projection: not published Government expenditure: 29.1% Government expenditure · IMF projection: not publishedFY 2003/04 Government revenue: 18.5% Government revenue · IMF projection: not published Government expenditure: 29.9% Government expenditure · IMF projection: not publishedFY 2004/05 Government revenue: 19.2% Government revenue · IMF projection: not published Government expenditure: 28.4% Government expenditure · IMF projection: not publishedFY 2005/06 Government revenue: 19.4% Government revenue · IMF projection: not published Government expenditure: 26.0% Government expenditure · IMF projection: not publishedFY 2006/07 Government revenue: 20.5% Government revenue · IMF projection: not published Government expenditure: 25.6% Government expenditure · IMF projection: not publishedFY 2007/08 Government revenue: 22.4% Government revenue · IMF projection: not published Government expenditure: 26.1% Government expenditure · IMF projection: not publishedFY 2008/09 Government revenue: 20.1% Government revenue · IMF projection: not published Government expenditure: 28.3% Government expenditure · IMF projection: not publishedFY 2009/10 Government revenue: 18.8% Government revenue · IMF projection: not published Government expenditure: 28.1% Government expenditure · IMF projection: not publishedFY 2010/11 Government revenue: 19.2% Government revenue · IMF projection: not published Government expenditure: 27.7% Government expenditure · IMF projection: not publishedFY 2011/12 Government revenue: 19.3% Government revenue · IMF projection: not published Government expenditure: 27.3% Government expenditure · IMF projection: not publishedFY 2012/13 Government revenue: 19.9% Government revenue · IMF projection: not published Government expenditure: 27.2% Government expenditure · IMF projection: not publishedFY 2013/14 Government revenue: 19.7% Government revenue · IMF projection: not published Government expenditure: 26.5% Government expenditure · IMF projection: not publishedFY 2014/15 Government revenue: 19.3% Government revenue · IMF projection: not published Government expenditure: 26.2% Government expenditure · IMF projection: not publishedFY 2015/16 Government revenue: 20.0% Government revenue · IMF projection: not published Government expenditure: 27.3% Government expenditure · IMF projection: not publishedFY 2016/17 Government revenue: 20.4% Government revenue · IMF projection: not published Government expenditure: 27.6% Government expenditure · IMF projection: not publishedFY 2017/18 Government revenue: 20.3% Government revenue · IMF projection: not published Government expenditure: 26.6% Government expenditure · IMF projection: not publishedFY 2018/19 Government revenue: 20.3% Government revenue · IMF projection: not published Government expenditure: 26.7% Government expenditure · IMF projection: not publishedFY 2019/20 Government revenue: 19.5% Government revenue · IMF projection: not published Government expenditure: 27.4% Government expenditure · IMF projection: not publishedFY 2020/21 Government revenue: 18.6% Government revenue · IMF projection: not published Government expenditure: 31.7% Government expenditure · IMF projection: not publishedFY 2021/22 Government revenue: 20.9% Government revenue · IMF projection: not published Government expenditure: 30.6% Government expenditure · IMF projection: not publishedFY 2022/23 Government revenue: 20.7% Government revenue · IMF projection: not published Government expenditure: 29.9% Government expenditure · IMF projection: not publishedFY 2023/24 Government revenue: 21.3% Government revenue · IMF projection: not published Government expenditure: 29.6% Government expenditure · IMF projection: not publishedFY 2024/25 Government revenue: 21.4% Government revenue · IMF projection: not published Government expenditure: 29.3% Government expenditure · IMF projection: not publishedFY 2025/26 Government revenue: 20.9% Government revenue · IMF projection: 20.9% Government expenditure: 28.2% Government expenditure · IMF projection: 28.2%FY 2026/27 · IMF projection (October 2026) Government revenue: not published Government revenue · IMF projection: 21.0% Government expenditure: not published Government expenditure · IMF projection: 28.5%FY 2027/28 · IMF projection (October 2026) Government revenue: not published Government revenue · IMF projection: 21.1% Government expenditure: not published Government expenditure · IMF projection: 28.4%FY 2028/29 · IMF projection (October 2026) Government revenue: not published Government revenue · IMF projection: 21.3% Government expenditure: not published Government expenditure · IMF projection: 28.3%FY 2029/30 · IMF projection (October 2026) Government revenue: not published Government revenue · IMF projection: 21.4% Government expenditure: not published Government expenditure · IMF projection: 28.2%FY 2030/31 · IMF projection (October 2026) Government revenue: not published Government revenue · IMF projection: 21.4% Government expenditure: not published Government expenditure · IMF projection: 28.2%FY 2031/32 · IMF projection (October 2026) Government revenue: not published Government revenue · IMF projection: 21.5% Government expenditure: not published Government expenditure · IMF projection: 28.1%
  • Government revenue
  • Government revenue · IMF projection
  • Government expenditure
  • Government expenditure · IMF projection

2 · Interest and debt

Primary and overall balance

The overall balance includes the interest paid on existing debt; the primary balance leaves it out, so it shows whether revenue covers all other spending. Dashed: IMF projection.

For example: A government that collects 20% of GDP, spends 21% on programmes and pays 3% in interest has a primary balance of −1% and an overall balance of −4% of GDP.

Includes projections

% of GDP

FY 2001/02 Overall balance: −11.0% Overall balance · IMF projection: not published Primary balance: −6.4% Primary balance · IMF projection: not publishedFY 2002/03 Overall balance: −11.1% Overall balance · IMF projection: not published Primary balance: −6.2% Primary balance · IMF projection: not publishedFY 2003/04 Overall balance: −11.4% Overall balance · IMF projection: not published Primary balance: −6.5% Primary balance · IMF projection: not publishedFY 2004/05 Overall balance: −9.2% Overall balance · IMF projection: not published Primary balance: −4.2% Primary balance · IMF projection: not publishedFY 2005/06 Overall balance: −6.6% Overall balance · IMF projection: not published Primary balance: −1.6% Primary balance · IMF projection: not publishedFY 2006/07 Overall balance: −5.1% Overall balance · IMF projection: not published Primary balance: −0.2% Primary balance · IMF projection: not publishedFY 2007/08 Overall balance: −3.7% Overall balance · IMF projection: not published Primary balance: 1.1% Primary balance · IMF projection: not publishedFY 2008/09 Overall balance: −8.1% Overall balance · IMF projection: not published Primary balance: −3.4% Primary balance · IMF projection: not publishedFY 2009/10 Overall balance: −9.3% Overall balance · IMF projection: not published Primary balance: −4.6% Primary balance · IMF projection: not publishedFY 2010/11 Overall balance: −8.5% Overall balance · IMF projection: not published Primary balance: −4.2% Primary balance · IMF projection: not publishedFY 2011/12 Overall balance: −8.0% Overall balance · IMF projection: not published Primary balance: −3.7% Primary balance · IMF projection: not publishedFY 2012/13 Overall balance: −7.3% Overall balance · IMF projection: not published Primary balance: −2.9% Primary balance · IMF projection: not publishedFY 2013/14 Overall balance: −6.8% Overall balance · IMF projection: not published Primary balance: −2.2% Primary balance · IMF projection: not publishedFY 2014/15 Overall balance: −6.9% Overall balance · IMF projection: not published Primary balance: −2.4% Primary balance · IMF projection: not publishedFY 2015/16 Overall balance: −7.3% Overall balance · IMF projection: not published Primary balance: −2.7% Primary balance · IMF projection: not publishedFY 2016/17 Overall balance: −7.2% Overall balance · IMF projection: not published Primary balance: −2.5% Primary balance · IMF projection: not publishedFY 2017/18 Overall balance: −6.3% Overall balance · IMF projection: not published Primary balance: −1.6% Primary balance · IMF projection: not publishedFY 2018/19 Overall balance: −6.4% Overall balance · IMF projection: not published Primary balance: −1.7% Primary balance · IMF projection: not publishedFY 2019/20 Overall balance: −7.8% Overall balance · IMF projection: not published Primary balance: −3.1% Primary balance · IMF projection: not publishedFY 2020/21 Overall balance: −13.1% Overall balance · IMF projection: not published Primary balance: −7.4% Primary balance · IMF projection: not publishedFY 2021/22 Overall balance: −9.7% Overall balance · IMF projection: not published Primary balance: −4.4% Primary balance · IMF projection: not publishedFY 2022/23 Overall balance: −9.2% Overall balance · IMF projection: not published Primary balance: −4.0% Primary balance · IMF projection: not publishedFY 2023/24 Overall balance: −8.3% Overall balance · IMF projection: not published Primary balance: −3.1% Primary balance · IMF projection: not publishedFY 2024/25 Overall balance: −7.9% Overall balance · IMF projection: not published Primary balance: −3.0% Primary balance · IMF projection: not publishedFY 2025/26 Overall balance: −7.4% Overall balance · IMF projection: −7.4% Primary balance: −2.2% Primary balance · IMF projection: −2.2%FY 2026/27 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −7.5% Primary balance: not published Primary balance · IMF projection: −2.2%FY 2027/28 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −7.2% Primary balance: not published Primary balance · IMF projection: −1.8%FY 2028/29 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −7.0% Primary balance: not published Primary balance · IMF projection: −1.7%FY 2029/30 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −6.9% Primary balance: not published Primary balance · IMF projection: −1.7%FY 2030/31 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −6.8% Primary balance: not published Primary balance · IMF projection: −1.7%FY 2031/32 · IMF projection (October 2026) Overall balance: not published Overall balance · IMF projection: −6.7% Primary balance: not published Primary balance · IMF projection: −1.7%Zero balance
  • Overall balance
  • Overall balance · IMF projection
  • Primary balance
  • Primary balance · IMF projection

Net interest payments

Interest the government pays on its debt minus the interest it earns on its own financial assets, as a share of GDP. Calculated as the primary balance minus the overall balance. Dashed: IMF projection.

For example: A primary balance of −1% of GDP and an overall balance of −4% imply net interest of 3% of GDP.

Includes projections

% of GDP

FY 2001/02 Net interest paid: 4.6% Net interest paid · IMF projection: not publishedFY 2002/03 Net interest paid: 4.8% Net interest paid · IMF projection: not publishedFY 2003/04 Net interest paid: 4.9% Net interest paid · IMF projection: not publishedFY 2004/05 Net interest paid: 5.0% Net interest paid · IMF projection: not publishedFY 2005/06 Net interest paid: 5.0% Net interest paid · IMF projection: not publishedFY 2006/07 Net interest paid: 4.9% Net interest paid · IMF projection: not publishedFY 2007/08 Net interest paid: 4.9% Net interest paid · IMF projection: not publishedFY 2008/09 Net interest paid: 4.8% Net interest paid · IMF projection: not publishedFY 2009/10 Net interest paid: 4.6% Net interest paid · IMF projection: not publishedFY 2010/11 Net interest paid: 4.3% Net interest paid · IMF projection: not publishedFY 2011/12 Net interest paid: 4.3% Net interest paid · IMF projection: not publishedFY 2012/13 Net interest paid: 4.4% Net interest paid · IMF projection: not publishedFY 2013/14 Net interest paid: 4.6% Net interest paid · IMF projection: not publishedFY 2014/15 Net interest paid: 4.5% Net interest paid · IMF projection: not publishedFY 2015/16 Net interest paid: 4.6% Net interest paid · IMF projection: not publishedFY 2016/17 Net interest paid: 4.7% Net interest paid · IMF projection: not publishedFY 2017/18 Net interest paid: 4.7% Net interest paid · IMF projection: not publishedFY 2018/19 Net interest paid: 4.7% Net interest paid · IMF projection: not publishedFY 2019/20 Net interest paid: 4.8% Net interest paid · IMF projection: not publishedFY 2020/21 Net interest paid: 5.7% Net interest paid · IMF projection: not publishedFY 2021/22 Net interest paid: 5.3% Net interest paid · IMF projection: not publishedFY 2022/23 Net interest paid: 5.2% Net interest paid · IMF projection: not publishedFY 2023/24 Net interest paid: 5.3% Net interest paid · IMF projection: not publishedFY 2024/25 Net interest paid: 4.9% Net interest paid · IMF projection: not publishedFY 2025/26 Net interest paid: 5.1% Net interest paid · IMF projection: 5.1%FY 2026/27 · IMF projection (October 2026) Net interest paid: not published Net interest paid · IMF projection: 5.3%FY 2027/28 · IMF projection (October 2026) Net interest paid: not published Net interest paid · IMF projection: 5.4%FY 2028/29 · IMF projection (October 2026) Net interest paid: not published Net interest paid · IMF projection: 5.3%FY 2029/30 · IMF projection (October 2026) Net interest paid: not published Net interest paid · IMF projection: 5.2%FY 2030/31 · IMF projection (October 2026) Net interest paid: not published Net interest paid · IMF projection: 5.1%FY 2031/32 · IMF projection (October 2026) Net interest paid: not published Net interest paid · IMF projection: 4.9%
  • Net interest paid
  • Net interest paid · IMF projection

Gross government debt

All the debt the government owes at the end of each year, as a share of GDP. It is a stock built up by past deficits, not the year's borrowing. Dashed: IMF projection.

For example: With GDP of $1,000 billion and debt of $800 billion, the debt ratio is 80%; a deficit of 4% of GDP adds about $40 billion to the stock in a year.

Includes projections

% of GDP

FY 2001/02 Gross government debt: 80.1% Gross government debt · IMF projection: not publishedFY 2002/03 Gross government debt: 84.3% Gross government debt · IMF projection: not publishedFY 2003/04 Gross government debt: 85.9% Gross government debt · IMF projection: not publishedFY 2004/05 Gross government debt: 84.9% Gross government debt · IMF projection: not publishedFY 2005/06 Gross government debt: 82.4% Gross government debt · IMF projection: not publishedFY 2006/07 Gross government debt: 77.9% Gross government debt · IMF projection: not publishedFY 2007/08 Gross government debt: 75.4% Gross government debt · IMF projection: not publishedFY 2008/09 Gross government debt: 74.3% Gross government debt · IMF projection: not publishedFY 2009/10 Gross government debt: 72.7% Gross government debt · IMF projection: not publishedFY 2010/11 Gross government debt: 67.7% Gross government debt · IMF projection: not publishedFY 2011/12 Gross government debt: 68.7% Gross government debt · IMF projection: not publishedFY 2012/13 Gross government debt: 68.1% Gross government debt · IMF projection: not publishedFY 2013/14 Gross government debt: 68.0% Gross government debt · IMF projection: not publishedFY 2014/15 Gross government debt: 67.6% Gross government debt · IMF projection: not publishedFY 2015/16 Gross government debt: 69.7% Gross government debt · IMF projection: not publishedFY 2016/17 Gross government debt: 69.7% Gross government debt · IMF projection: not publishedFY 2017/18 Gross government debt: 70.7% Gross government debt · IMF projection: not publishedFY 2018/19 Gross government debt: 71.6% Gross government debt · IMF projection: not publishedFY 2019/20 Gross government debt: 76.5% Gross government debt · IMF projection: not publishedFY 2020/21 Gross government debt: 90.4% Gross government debt · IMF projection: not publishedFY 2021/22 Gross government debt: 85.5% Gross government debt · IMF projection: not publishedFY 2022/23 Gross government debt: 84.4% Gross government debt · IMF projection: not publishedFY 2023/24 Gross government debt: 84.7% Gross government debt · IMF projection: not publishedFY 2024/25 Gross government debt: 84.8% Gross government debt · IMF projection: not publishedFY 2025/26 Gross government debt: 84.3% Gross government debt · IMF projection: 84.3%FY 2026/27 · IMF projection (October 2026) Gross government debt: not published Gross government debt · IMF projection: 83.1%FY 2027/28 · IMF projection (October 2026) Gross government debt: not published Gross government debt · IMF projection: 81.3%FY 2028/29 · IMF projection (October 2026) Gross government debt: not published Gross government debt · IMF projection: 79.8%FY 2029/30 · IMF projection (October 2026) Gross government debt: not published Gross government debt · IMF projection: 78.4%FY 2030/31 · IMF projection (October 2026) Gross government debt: not published Gross government debt · IMF projection: 77.0%FY 2031/32 · IMF projection (October 2026) Gross government debt: not published Gross government debt · IMF projection: 75.1%
  • Gross government debt
  • Gross government debt · IMF projection

Debt arithmetic

Drivers of India's debt ratio

Debt is measured as a share of GDP. Each year that share rises with the interest the government pays and with any deficit before interest. It falls as the economy grows, because real growth and inflation both make the same debt a smaller share of a larger GDP. Whatever is left is other adjustments: valuation effects, financing below the line and revisions. The parts add up exactly to the published change. For example, if debt is 80% of GDP and nominal GDP grows 10% while the debt itself grows 5%, the ratio falls to about 76%.

Gross debt, % of GDP 80.1% FY 2001/0284.3% FY 2025/26
Change over 24 years Rose 4.2 points of GDP A point is one percentage point of GDP. From 80.1% to 84.3% is 4.2 points, which is about 5% of the starting ratio.

Pushed the ratio up200.1 pts

  • Interest paymentsNet interest paid, as published; it always adds to debt
    116.1 pts4.8 a year
  • Primary deficitsSpending above revenue, before interest
    76.8 pts3.2 a year
  • Other adjustmentsValuation, financing below the line, revisions: the residual
    7.2 pts0.3 a year

Pulled the ratio down195.9 pts

  • Real GDP growthA larger economy carries the same debt as a smaller share of GDP
    105.2 pts4.4 a year
  • InflationDebt is fixed in money terms, so higher prices raise GDP but not the old debt
    90.7 pts3.8 a year

Up 200.1 pts minus down 195.9 pts equals +4.2 pts, the published change in the ratio. Yearly rates are the totals spread over the 24 yearly changes in the window.

India's gross debt rose from 80.1% to 84.3% of GDP between FY 2001/02 and FY 2025/26, up 4.2 points over 24 years. Interest payments (116.1), primary deficits (76.8) and other adjustments (7.2) pushed the ratio up by 200.1 points in all; real GDP growth (105.2) and inflation (90.7) pulled it down by 195.9. Per year, that is 4.8 points of interest and 3.2 of primary deficits against 4.4 from real growth and 3.8 from inflation. In FY 2025/26 the effective interest rate was 6.6% against nominal growth of 8.6%, so a primary deficit of up to 1.6% of GDP would have held the ratio steady; the actual primary deficit was 2.2%, 0.6 points short. The ratio still fell because other adjustments took off 1.2 points.

Year by year

Each year's contributions to the change in the debt ratio, in points of GDP. Bars above zero raise the ratio, bars below zero lower it; the line is the published change.

pts of GDP

  • Net interest
  • Primary balance
  • Real growth
  • Inflation
  • Other
  • Change in debt ratio
FY 2002/03 Net interest: +4.8 pts Primary balance: +6.2 pts Real growth: −2.8 pts Inflation: −2.9 pts Other: −1.2 pts Change in debt ratio: +4.2 ptsFY 2003/04 Net interest: +4.9 pts Primary balance: +6.5 pts Real growth: −5.9 pts Inflation: −3.1 pts Other: −0.8 pts Change in debt ratio: +1.6 ptsFY 2004/05 Net interest: +5.0 pts Primary balance: +4.2 pts Real growth: −6.0 pts Inflation: −4.7 pts Other: +0.4 pts Change in debt ratio: −1.0 ptsFY 2005/06 Net interest: +5.0 pts Primary balance: +1.6 pts Real growth: −5.9 pts Inflation: −4.5 pts Other: +1.3 pts Change in debt ratio: −2.5 ptsFY 2006/07 Net interest: +4.9 pts Primary balance: +0.2 pts Real growth: −5.7 pts Inflation: −6.4 pts Other: +2.5 pts Change in debt ratio: −4.5 ptsFY 2007/08 Net interest: +4.9 pts Primary balance: −1.1 pts Real growth: −5.2 pts Inflation: −5.1 pts Other: +4.0 pts Change in debt ratio: −2.5 ptsFY 2008/09 Net interest: +4.8 pts Primary balance: +3.4 pts Real growth: −2.1 pts Inflation: −6.3 pts Other: −0.8 pts Change in debt ratio: −1.1 ptsFY 2009/10 Net interest: +4.6 pts Primary balance: +4.6 pts Real growth: −5.1 pts Inflation: −4.9 pts Other: −0.9 pts Change in debt ratio: −1.6 ptsFY 2010/11 Net interest: +4.3 pts Primary balance: +4.2 pts Real growth: −5.2 pts Inflation: −6.9 pts Other: −1.5 pts Change in debt ratio: −5.1 ptsFY 2011/12 Net interest: +4.3 pts Primary balance: +3.7 pts Real growth: −3.1 pts Inflation: −5.4 pts Other: +1.5 pts Change in debt ratio: +1.0 ptsFY 2012/13 Net interest: +4.4 pts Primary balance: +2.9 pts Real growth: −3.3 pts Inflation: −5.1 pts Other: +0.5 pts Change in debt ratio: −0.6 ptsFY 2013/14 Net interest: +4.6 pts Primary balance: +2.2 pts Real growth: −3.9 pts Inflation: −4.0 pts Other: +0.9 pts Change in debt ratio: −0.1 ptsFY 2014/15 Net interest: +4.5 pts Primary balance: +2.4 pts Real growth: −4.5 pts Inflation: −2.2 pts Other: −0.6 pts Change in debt ratio: −0.4 ptsFY 2015/16 Net interest: +4.6 pts Primary balance: +2.7 pts Real growth: −4.9 pts Inflation: −1.5 pts Other: +1.2 pts Change in debt ratio: +2.1 ptsFY 2016/17 Net interest: +4.7 pts Primary balance: +2.5 pts Real growth: −5.1 pts Inflation: −2.2 pts Other: +0.2 pts Change in debt ratio: +0.0 ptsFY 2017/18 Net interest: +4.7 pts Primary balance: +1.6 pts Real growth: −4.3 pts Inflation: −2.7 pts Other: +1.6 pts Change in debt ratio: +0.9 ptsFY 2018/19 Net interest: +4.7 pts Primary balance: +1.7 pts Real growth: −4.1 pts Inflation: −2.6 pts Other: +1.2 pts Change in debt ratio: +0.9 ptsFY 2019/20 Net interest: +4.8 pts Primary balance: +3.1 pts Real growth: −2.6 pts Inflation: −1.7 pts Other: +1.4 pts Change in debt ratio: +5.0 ptsFY 2020/21 Net interest: +5.7 pts Primary balance: +7.4 pts Real growth: +4.5 pts Inflation: −3.5 pts Other: −0.3 pts Change in debt ratio: +13.9 ptsFY 2021/22 Net interest: +5.3 pts Primary balance: +4.4 pts Real growth: −7.4 pts Inflation: −7.0 pts Other: −0.2 pts Change in debt ratio: −4.9 ptsFY 2022/23 Net interest: +5.2 pts Primary balance: +4.0 pts Real growth: −5.9 pts Inflation: −2.4 pts Other: −2.1 pts Change in debt ratio: −1.1 ptsFY 2023/24 Net interest: +5.3 pts Primary balance: +3.1 pts Real growth: −5.5 pts Inflation: −2.9 pts Other: +0.3 pts Change in debt ratio: +0.3 ptsFY 2024/25 Net interest: +4.9 pts Primary balance: +3.0 pts Real growth: −5.5 pts Inflation: −2.0 pts Other: −0.3 pts Change in debt ratio: +0.1 ptsFY 2025/26 Net interest: +5.1 pts Primary balance: +2.2 pts Real growth: −5.9 pts Inflation: −0.8 pts Other: −1.2 pts Change in debt ratio: −0.5 ptsNo change

From FY 2001/02 to FY 2025/26

Debt ratio, % of GDP; each step is in points of GDP. Red steps raise the ratio, green steps lower it.

Debt, FY 2001/02 +80.1
Interest paymentsNet interest: interest paid less interest received +116.1
Primary deficitsBalance before interest +76.8
Real GDP growthOutput grew, so the ratio's denominator grew −105.2
InflationPrices rose, so nominal GDP grew faster than output −90.7
Other adjustmentsResidual: valuation, financing, revisions +7.2
Debt, FY 2025/26 +84.3

Change in the overall balance

Overall balance, % of GDP: revenue minus expenditure. A rise in expenditure appears as a negative step.

Balance, FY 2001/02 −11.0
Revenue changeHigher revenue improves the balance +3.6
Expenditure changeHigher expenditure worsens it +0.0
Balance, FY 2025/26 −7.4

Of the +3.7 pts change in the balance, +4.2 pts came from the primary balance and −0.5 pts from net interest.

Every year's arithmetic and source rows

Identity: Δd = net interest − primary balance − d₋₁ × g ÷ (1 + g) + other, all in percent of GDP, with g nominal GDP growth. The growth term splits exactly into real growth, −d₋₁ × r ÷ (1 + g), and inflation, −d₋₁ × π ÷ (1 + π), where π = (1 + g) ÷ (1 + r) − 1 is the implicit GDP deflator. Effective rate i = net interest × (1 + g) ÷ d₋₁. Debt-stabilizing primary balance = d₋₁ × (i − g) ÷ (1 + g). Growth comes from World Bank national accounts, the IMF ratios use IMF GDP, and the difference lands in “other”.

YearDebtChangeInterestPrimaryGrowthof which realof which inflationOtherigrπi − gStabilizing pbPrimary gapInterest ÷ revenueRows
FY 2025/2684.3%−0.5 pts+5.1 pts+2.2 pts−6.7 pts−5.9 pts−0.8 pts−1.2 pts6.6%8.6%7.6%1.0%−2.0 pts−1.6 pts−0.6 pts24.6%b27474cf… de079b1b… babe52d8… c2de7eac… c988a442… 7c68844b… 95dbe9af… 1f90f896… 78802c98… 2b1b21a1…
FY 2024/2584.8%+0.1 pts+4.9 pts+3.0 pts−7.5 pts−5.5 pts−2.0 pts−0.3 pts6.3%9.7%7.1%2.5%−3.4 pts−2.6 pts−0.4 pts22.9%de079b1b… fb8bead9… 2e0c336d… 2b1b21a1… c90d88d0… ba9487da… 3c12c900… 44c88d0c… eae3b7e6… d520c9ce…
FY 2023/2484.7%+0.3 pts+5.3 pts+3.1 pts−8.3 pts−5.5 pts−2.9 pts+0.3 pts6.9%11.0%7.2%3.5%−4.0 pts−3.1 pts−0.0 pts24.9%fb8bead9… 60dcf5ac… 7ee09f4e… d520c9ce… fbab5e95… b59ed2e6… b564aa12… 37c9afb3… aced6233… d952bbba…
FY 2022/2384.4%−1.1 pts+5.2 pts+4.0 pts−8.3 pts−5.9 pts−2.4 pts−2.1 pts6.8%10.7%7.6%2.9%−3.9 pts−3.0 pts−1.0 pts25.3%60dcf5ac… 97c188a8… 90f3f187… d952bbba… 01d1fa25… 05b7ab14… 99671f53… 2de10109… c6a08c14… ba0e88c3…
FY 2021/2285.5%−4.9 pts+5.3 pts+4.4 pts−14.3 pts−7.4 pts−7.0 pts−0.2 pts7.0%18.9%9.7%8.4%−11.9 pts−9.0 pts+4.7 pts25.4%97c188a8… 18ea2df0… 3a280f11… ba0e88c3… 57de28e6… d6704275… 278259b8… df6c80e3… 584b65ff… 2439578b…
FY 2020/2190.4%+13.9 pts+5.7 pts+7.4 pts+1.0 pts+4.5 pts−3.5 pts−0.3 pts7.4%−1.2%−5.8%4.8%+8.6 pts+6.7 pts−14.1 pts30.9%18ea2df0… d9014487… a2b6b73a… 2439578b… dc979989… d5eeeedb… e342ea7e… 4a94fb96… e9a3a6fd… 17397e2a…
FY 2019/2076.5%+5.0 pts+4.8 pts+3.1 pts−4.3 pts−2.6 pts−1.7 pts+1.4 pts7.1%6.4%3.9%2.4%+0.7 pts+0.5 pts−3.6 pts24.5%d9014487… 8fe795a7… b2b8671c… 17397e2a… 544359d7… e237da3e… 07e0a54c… 8f60dc19… ea63a377… 5471e363…
FY 2018/1971.6%+0.9 pts+4.7 pts+1.7 pts−6.8 pts−4.1 pts−2.6 pts+1.2 pts7.4%10.6%6.5%3.9%−3.2 pts−2.0 pts+0.3 pts23.4%8fe795a7… 4e52ced0… 96234e8e… 5471e363… d9b3dfd5… 8f0c2715… 0246b4df… c164aa37… 16cb9b4a… f9163509…
FY 2017/1870.7%+0.9 pts+4.7 pts+1.6 pts−6.9 pts−4.3 pts−2.7 pts+1.6 pts7.5%11.0%6.8%4.0%−3.5 pts−2.2 pts+0.6 pts23.3%4e52ced0… ef0eba98… 1f5fac3a… f9163509… 13aec880… 24a1fefe… 04e567de… ec2143a3… 53a8e651… 6e857b2e…
FY 2016/1769.7%+0.0 pts+4.7 pts+2.5 pts−7.3 pts−5.1 pts−2.2 pts+0.2 pts7.5%11.8%8.3%3.2%−4.3 pts−2.7 pts+0.1 pts22.9%ef0eba98… abf75a04… 666b544e… 6e857b2e… faf82f29… 86fea372… be20535b… 35a60883… 8f81f026… 41897a9b…
FY 2015/1669.7%+2.1 pts+4.6 pts+2.7 pts−6.4 pts−4.9 pts−1.5 pts+1.2 pts7.5%10.5%8.0%2.3%−3.0 pts−1.8 pts−0.9 pts22.8%abf75a04… 53ad63a6… 8f708dd8… 41897a9b… 393eafc0… d476986f… 94367ee8… 1db915c1… 75f2ea8c… 847d8cf6…
FY 2014/1567.6%−0.4 pts+4.5 pts+2.4 pts−6.7 pts−4.5 pts−2.2 pts−0.6 pts7.4%11.0%7.4%3.3%−3.6 pts−2.2 pts−0.2 pts23.5%53ad63a6… 9ae0efa7… 4db29dbd… 847d8cf6… 54e4b9dd… 9ebbf3c8… 2793649c… 2af25efe… b04e4e66… e9f8646f…
FY 2013/1468.0%−0.1 pts+4.6 pts+2.2 pts−7.8 pts−3.9 pts−4.0 pts+0.9 pts7.6%13.0%6.4%6.2%−5.4 pts−3.2 pts+1.0 pts23.3%9ae0efa7… 542411f4… 5e8ee484… e9f8646f… 94d5781f… 65a867d6… 74d1a7e8… 3cdf9d82… b534c3df… 761cc3c8…
FY 2012/1368.1%−0.6 pts+4.4 pts+2.9 pts−8.3 pts−3.3 pts−5.1 pts+0.5 pts7.2%13.8%5.5%7.9%−6.6 pts−4.0 pts+1.0 pts22.0%542411f4… 13e4443a… a9a96d75… 761cc3c8… 5b2bd876… b0c47d11… 18b5051c… e3f03ebf… be009d19… 92010785…
FY 2011/1268.7%+1.0 pts+4.3 pts+3.7 pts−8.5 pts−3.1 pts−5.4 pts+1.5 pts7.3%14.4%5.2%8.7%−7.1 pts−4.2 pts+0.5 pts22.5%13e4443a… 10e4aad7… 1ce45c45… 92010785… 6f6fe566… 3bdbc445… 7b776357… 6ede9b1f… d5ffcd1a… 55b57c1f…
FY 2010/1167.7%−5.1 pts+4.3 pts+4.2 pts−12.1 pts−5.2 pts−6.9 pts−1.5 pts7.1%19.9%8.5%10.5%−12.8 pts−7.8 pts+3.6 pts22.4%10e4aad7… d82cb2c2… 5fb9af0f… 55b57c1f… 25826154… 9759ef1f… d14666ef… 45952780… 7e572c7d… 564da5b4…
FY 2009/1072.7%−1.6 pts+4.6 pts+4.6 pts−10.0 pts−5.1 pts−4.9 pts−0.9 pts7.2%15.5%7.9%7.0%−8.2 pts−5.3 pts+0.7 pts24.7%d82cb2c2… 3ad347a3… ff240c43… 564da5b4… dcc2a891… cd32a4a6… 41503fd2… 54aa8f82… d9464ac9… c4d6025f…
FY 2008/0974.3%−1.1 pts+4.8 pts+3.4 pts−8.4 pts−2.1 pts−6.3 pts−0.8 pts7.1%12.6%3.1%9.2%−5.5 pts−3.7 pts+0.3 pts23.7%3ad347a3… 89d26ff8… c1c43f2c… c4d6025f… 5d96804f… 46eb825e… b4688c65… 0e0dda85… f3cbb274… 0f6db461…
FY 2007/0875.4%−2.5 pts+4.9 pts−1.1 pts−10.2 pts−5.2 pts−5.1 pts+4.0 pts7.2%15.1%7.7%6.9%−8.0 pts−5.4 pts+6.5 pts21.7%89d26ff8… 1257e3d8… 0fc7e29d… 0f6db461… 68e77443… b42b80ad… 9de0162a… 0045e0e9… ab789721… 3b9aab1b…
FY 2006/0777.9%−4.5 pts+4.9 pts+0.2 pts−12.1 pts−5.7 pts−6.4 pts+2.5 pts7.0%17.1%8.1%8.4%−10.2 pts−7.2 pts+6.9 pts23.8%1257e3d8… c4859a12… c34944e5… 3b9aab1b… 70a3e1d3… e44d898c… 14117d37… 8e6e178d… 4e342465… 6fac1802…
FY 2005/0682.4%−2.5 pts+5.0 pts+1.6 pts−10.4 pts−5.9 pts−4.5 pts+1.3 pts6.7%14.0%7.9%5.6%−7.3 pts−5.4 pts+3.8 pts25.8%c4859a12… 8badf426… d5f16406… 6fac1802… 2f106f5d… 3433edf0… 8c9d3ab8… a262c173… bfadb8c4… ae1ec4d5…
FY 2004/0584.9%−1.0 pts+5.0 pts+4.2 pts−10.6 pts−6.0 pts−4.7 pts+0.4 pts6.7%14.1%7.9%5.7%−7.4 pts−5.6 pts+1.4 pts26.0%8badf426… 575a603a… 094d837b… ae1ec4d5… b5776ce2… 9ee98886… 1c505e50… ad1e67c8… 9eae48a4… 4d2219d0…
FY 2003/0485.9%+1.6 pts+4.9 pts+6.5 pts−9.1 pts−5.9 pts−3.1 pts−0.8 pts6.6%12.0%7.9%3.9%−5.5 pts−4.1 pts−2.4 pts26.6%575a603a… fc2c9a2f… 5a202977… 4d2219d0… 2243ae7e… 099b720f… e256825f… c4b46138… 98943aee… 7c7efe5d…
FY 2002/0384.3%+4.2 pts+4.8 pts+6.2 pts−5.7 pts−2.8 pts−2.9 pts−1.2 pts6.5%7.7%3.8%3.7%−1.2 pts−0.9 pts−5.4 pts26.8%fc2c9a2f… e242fd81… 61abda5b… 7c7efe5d… 2a446803… 685a2baa… f48ec1c8… 16c79003… 327f0da1… cbb3a4e6…

Published rows of snapshot global-fiscal-2001-2025-612595a0db04, loaded 1 Nov 2026. The window follows the page's year filters. Accounting, not causation: a higher deficit and higher growth can share a cause.

Sustainability screens

Fiscal red flags for India

Five yearly screens built from the official series on this page. Pick a year to read them together. A crossed line marks a year for review; it is not a sustainability verdict, and an uncrossed line is not a clean bill of health.

Overall deficit

Watch line reached

−7.4% of GDP · FY 2025/26

Watch line ≤ −3 % of GDPReference value of the EU's Maastricht Treaty (3% of GDP). India's FRBM Act sets 3% for the Union fiscal deficit, a narrower basis than the general government measured here. Red points mark years that reached it.

% of GDP

FY 2001/02 · Watch line reached Overall deficit: −11 Watch line reached: −11FY 2002/03 · Watch line reached Overall deficit: −11.1 Watch line reached: −11.1FY 2003/04 · Watch line reached Overall deficit: −11.4 Watch line reached: −11.4FY 2004/05 · Watch line reached Overall deficit: −9.2 Watch line reached: −9.2FY 2005/06 · Watch line reached Overall deficit: −6.6 Watch line reached: −6.6FY 2006/07 · Watch line reached Overall deficit: −5.1 Watch line reached: −5.1FY 2007/08 · Watch line reached Overall deficit: −3.7 Watch line reached: −3.7FY 2008/09 · Watch line reached Overall deficit: −8.2 Watch line reached: −8.2FY 2009/10 · Watch line reached Overall deficit: −9.3 Watch line reached: −9.3FY 2010/11 · Watch line reached Overall deficit: −8.5 Watch line reached: −8.5FY 2011/12 · Watch line reached Overall deficit: −8 Watch line reached: −8FY 2012/13 · Watch line reached Overall deficit: −7.3 Watch line reached: −7.3FY 2013/14 · Watch line reached Overall deficit: −6.8 Watch line reached: −6.8FY 2014/15 · Watch line reached Overall deficit: −6.9 Watch line reached: −6.9FY 2015/16 · Watch line reached Overall deficit: −7.3 Watch line reached: −7.3FY 2016/17 · Watch line reached Overall deficit: −7.2 Watch line reached: −7.2FY 2017/18 · Watch line reached Overall deficit: −6.3 Watch line reached: −6.3FY 2018/19 · Watch line reached Overall deficit: −6.5 Watch line reached: −6.5FY 2019/20 · Watch line reached Overall deficit: −7.9 Watch line reached: −7.9FY 2020/21 · Watch line reached Overall deficit: −13.2 Watch line reached: −13.2FY 2021/22 · Watch line reached Overall deficit: −9.7 Watch line reached: −9.7FY 2022/23 · Watch line reached Overall deficit: −9.2 Watch line reached: −9.2FY 2023/24 · Watch line reached Overall deficit: −8.4 Watch line reached: −8.4FY 2024/25 · Watch line reached Overall deficit: −7.9 Watch line reached: −7.9FY 2025/26 · Watch line reached Overall deficit: −7.4 Watch line reached: −7.4Watch ≤ −3

The deficit was beyond 3% of GDP. Check whether growth and interest costs let that pace continue without a rising debt ratio.

Calculation and source rows

Formula: General-government net lending/borrowing, % of GDP, as published by the IMF

A deficit beyond 3% of GDP adds to debt faster than modest nominal growth erodes it. The line is a review trigger, not a verdict. Protocol No 12, EU Treaties ↗

Inputs for FY 2025/26
InputValueSource
Gross debt, % of GDPFY 2025/26 · observation b27474cf… 84.26 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Gross debt, previous yearFY 2024/25 · observation de079b1b… 84.81 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Net interest paid, % of GDPFY 2025/26 · observation babe52d8… 5.13 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Primary balance, % of GDPFY 2025/26 · observation c2de7eac… -2.24 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Overall balance, % of GDPFY 2025/26 · observation c988a442… -7.37 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Revenue, % of GDPFY 2025/26 · observation 7c68844b… 20.87 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Expenditure, % of GDPFY 2025/26 · observation 95dbe9af… 28.23 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Nominal GDP growth, %FY 2025/26 · observation 1f90f896… 8.61 World Bank WDI (national accounts) ↗Preliminary
Real GDP growth, %FY 2025/26 · observation 78802c98… 7.57 World Bank WDI (national accounts) ↗Preliminary
Primary balance, previous yearFY 2024/25 · observation 2b1b21a1… -2.98 IMF Fiscal Monitor (October 2026) ↗IMF estimate
All years
YearReadingAssessment
FY 2025/26−7.4Watch line reached
FY 2024/25−7.9Watch line reached
FY 2023/24−8.4Watch line reached
FY 2022/23−9.2Watch line reached
FY 2021/22−9.7Watch line reached
FY 2020/21−13.2Watch line reached
FY 2019/20−7.9Watch line reached
FY 2018/19−6.5Watch line reached
FY 2017/18−6.3Watch line reached
FY 2016/17−7.2Watch line reached
FY 2015/16−7.3Watch line reached
FY 2014/15−6.9Watch line reached
FY 2013/14−6.8Watch line reached
FY 2012/13−7.3Watch line reached
FY 2011/12−8Watch line reached
FY 2010/11−8.5Watch line reached
FY 2009/10−9.3Watch line reached
FY 2008/09−8.2Watch line reached
FY 2007/08−3.7Watch line reached
FY 2006/07−5.1Watch line reached
FY 2005/06−6.6Watch line reached
FY 2004/05−9.2Watch line reached
FY 2003/04−11.4Watch line reached
FY 2002/03−11.1Watch line reached
FY 2001/02−11Watch line reached

Gross debt

Watch line reached

84.3% of GDP · FY 2025/26

Watch line ≥ 60 % of GDPMaastricht reference value (60% of GDP). India's FRBM Act, as amended in 2018, set the same 60% ceiling for general-government debt. Red points mark years that reached it.

% of GDP

FY 2001/02 · Watch line reached Gross debt: 80.1 Watch line reached: 80.1FY 2002/03 · Watch line reached Gross debt: 84.3 Watch line reached: 84.3FY 2003/04 · Watch line reached Gross debt: 85.9 Watch line reached: 85.9FY 2004/05 · Watch line reached Gross debt: 84.9 Watch line reached: 84.9FY 2005/06 · Watch line reached Gross debt: 82.4 Watch line reached: 82.4FY 2006/07 · Watch line reached Gross debt: 77.9 Watch line reached: 77.9FY 2007/08 · Watch line reached Gross debt: 75.4 Watch line reached: 75.4FY 2008/09 · Watch line reached Gross debt: 74.3 Watch line reached: 74.3FY 2009/10 · Watch line reached Gross debt: 72.7 Watch line reached: 72.7FY 2010/11 · Watch line reached Gross debt: 67.7 Watch line reached: 67.7FY 2011/12 · Watch line reached Gross debt: 68.7 Watch line reached: 68.7FY 2012/13 · Watch line reached Gross debt: 68.1 Watch line reached: 68.1FY 2013/14 · Watch line reached Gross debt: 68 Watch line reached: 68FY 2014/15 · Watch line reached Gross debt: 67.6 Watch line reached: 67.6FY 2015/16 · Watch line reached Gross debt: 69.7 Watch line reached: 69.7FY 2016/17 · Watch line reached Gross debt: 69.7 Watch line reached: 69.7FY 2017/18 · Watch line reached Gross debt: 70.7 Watch line reached: 70.7FY 2018/19 · Watch line reached Gross debt: 71.6 Watch line reached: 71.6FY 2019/20 · Watch line reached Gross debt: 76.5 Watch line reached: 76.5FY 2020/21 · Watch line reached Gross debt: 90.4 Watch line reached: 90.4FY 2021/22 · Watch line reached Gross debt: 85.5 Watch line reached: 85.5FY 2022/23 · Watch line reached Gross debt: 84.4 Watch line reached: 84.4FY 2023/24 · Watch line reached Gross debt: 84.8 Watch line reached: 84.8FY 2024/25 · Watch line reached Gross debt: 84.8 Watch line reached: 84.8FY 2025/26 · Watch line reached Gross debt: 84.3 Watch line reached: 84.3Watch ≥ 60

Debt was above 60% of GDP. Whether that matters depends on the interest–growth gap and the primary balance, read in the next two screens.

Calculation and source rows

Formula: General-government gross debt, % of GDP, as published by the IMF

Gross debt is a stock. Whether it is a problem depends on the interest–growth gap, maturity and who holds it; the line only says the stock is high by this yardstick. Protocol No 12, EU Treaties ↗

Inputs for FY 2025/26
InputValueSource
Gross debt, % of GDPFY 2025/26 · observation b27474cf… 84.26 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Gross debt, previous yearFY 2024/25 · observation de079b1b… 84.81 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Net interest paid, % of GDPFY 2025/26 · observation babe52d8… 5.13 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Primary balance, % of GDPFY 2025/26 · observation c2de7eac… -2.24 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Overall balance, % of GDPFY 2025/26 · observation c988a442… -7.37 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Revenue, % of GDPFY 2025/26 · observation 7c68844b… 20.87 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Expenditure, % of GDPFY 2025/26 · observation 95dbe9af… 28.23 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Nominal GDP growth, %FY 2025/26 · observation 1f90f896… 8.61 World Bank WDI (national accounts) ↗Preliminary
Real GDP growth, %FY 2025/26 · observation 78802c98… 7.57 World Bank WDI (national accounts) ↗Preliminary
Primary balance, previous yearFY 2024/25 · observation 2b1b21a1… -2.98 IMF Fiscal Monitor (October 2026) ↗IMF estimate
All years
YearReadingAssessment
FY 2025/2684.3Watch line reached
FY 2024/2584.8Watch line reached
FY 2023/2484.8Watch line reached
FY 2022/2384.4Watch line reached
FY 2021/2285.5Watch line reached
FY 2020/2190.4Watch line reached
FY 2019/2076.5Watch line reached
FY 2018/1971.6Watch line reached
FY 2017/1870.7Watch line reached
FY 2016/1769.7Watch line reached
FY 2015/1669.7Watch line reached
FY 2014/1567.6Watch line reached
FY 2013/1468Watch line reached
FY 2012/1368.1Watch line reached
FY 2011/1268.7Watch line reached
FY 2010/1167.7Watch line reached
FY 2009/1072.7Watch line reached
FY 2008/0974.3Watch line reached
FY 2007/0875.4Watch line reached
FY 2006/0777.9Watch line reached
FY 2005/0682.4Watch line reached
FY 2004/0584.9Watch line reached
FY 2003/0485.9Watch line reached
FY 2002/0384.3Watch line reached
FY 2001/0280.1Watch line reached

Interest burden

Watch line reached

24.6% of revenue · FY 2025/26

Watch line ≥ 10 % of revenueExalytics editorial line: a tenth of revenue going to net interest. Red points mark years that reached it.

% of revenue

FY 2001/02 · Watch line reached Interest burden: 26.6 Watch line reached: 26.6FY 2002/03 · Watch line reached Interest burden: 26.8 Watch line reached: 26.8FY 2003/04 · Watch line reached Interest burden: 26.6 Watch line reached: 26.6FY 2004/05 · Watch line reached Interest burden: 26 Watch line reached: 26FY 2005/06 · Watch line reached Interest burden: 25.8 Watch line reached: 25.8FY 2006/07 · Watch line reached Interest burden: 23.8 Watch line reached: 23.8FY 2007/08 · Watch line reached Interest burden: 21.7 Watch line reached: 21.7FY 2008/09 · Watch line reached Interest burden: 23.7 Watch line reached: 23.7FY 2009/10 · Watch line reached Interest burden: 24.7 Watch line reached: 24.7FY 2010/11 · Watch line reached Interest burden: 22.4 Watch line reached: 22.4FY 2011/12 · Watch line reached Interest burden: 22.5 Watch line reached: 22.5FY 2012/13 · Watch line reached Interest burden: 22 Watch line reached: 22FY 2013/14 · Watch line reached Interest burden: 23.3 Watch line reached: 23.3FY 2014/15 · Watch line reached Interest burden: 23.5 Watch line reached: 23.5FY 2015/16 · Watch line reached Interest burden: 22.8 Watch line reached: 22.8FY 2016/17 · Watch line reached Interest burden: 22.9 Watch line reached: 22.9FY 2017/18 · Watch line reached Interest burden: 23.3 Watch line reached: 23.3FY 2018/19 · Watch line reached Interest burden: 23.4 Watch line reached: 23.4FY 2019/20 · Watch line reached Interest burden: 24.5 Watch line reached: 24.5FY 2020/21 · Watch line reached Interest burden: 30.9 Watch line reached: 30.9FY 2021/22 · Watch line reached Interest burden: 25.4 Watch line reached: 25.4FY 2022/23 · Watch line reached Interest burden: 25.3 Watch line reached: 25.3FY 2023/24 · Watch line reached Interest burden: 24.9 Watch line reached: 24.9FY 2024/25 · Watch line reached Interest burden: 22.9 Watch line reached: 22.9FY 2025/26 · Watch line reached Interest burden: 24.6 Watch line reached: 24.6Watch ≥ 10

At least a tenth of revenue went to net interest, leaving less for everything else unless revenue rises.

Calculation and source rows

Formula: 100 × net interest paid ÷ government revenue, both % of GDP

Net interest is interest paid less interest received, as the IMF publishes it. Above the line, interest crowds out other spending unless revenue rises. IMF Fiscal Monitor ↗

Inputs for FY 2025/26
InputValueSource
Gross debt, % of GDPFY 2025/26 · observation b27474cf… 84.26 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Gross debt, previous yearFY 2024/25 · observation de079b1b… 84.81 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Net interest paid, % of GDPFY 2025/26 · observation babe52d8… 5.13 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Primary balance, % of GDPFY 2025/26 · observation c2de7eac… -2.24 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Overall balance, % of GDPFY 2025/26 · observation c988a442… -7.37 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Revenue, % of GDPFY 2025/26 · observation 7c68844b… 20.87 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Expenditure, % of GDPFY 2025/26 · observation 95dbe9af… 28.23 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Nominal GDP growth, %FY 2025/26 · observation 1f90f896… 8.61 World Bank WDI (national accounts) ↗Preliminary
Real GDP growth, %FY 2025/26 · observation 78802c98… 7.57 World Bank WDI (national accounts) ↗Preliminary
Primary balance, previous yearFY 2024/25 · observation 2b1b21a1… -2.98 IMF Fiscal Monitor (October 2026) ↗IMF estimate
All years
YearReadingAssessment
FY 2025/2624.6Watch line reached
FY 2024/2522.9Watch line reached
FY 2023/2424.9Watch line reached
FY 2022/2325.3Watch line reached
FY 2021/2225.4Watch line reached
FY 2020/2130.9Watch line reached
FY 2019/2024.5Watch line reached
FY 2018/1923.4Watch line reached
FY 2017/1823.3Watch line reached
FY 2016/1722.9Watch line reached
FY 2015/1622.8Watch line reached
FY 2014/1523.5Watch line reached
FY 2013/1423.3Watch line reached
FY 2012/1322Watch line reached
FY 2011/1222.5Watch line reached
FY 2010/1122.4Watch line reached
FY 2009/1024.7Watch line reached
FY 2008/0923.7Watch line reached
FY 2007/0821.7Watch line reached
FY 2006/0723.8Watch line reached
FY 2005/0625.8Watch line reached
FY 2004/0526Watch line reached
FY 2003/0426.6Watch line reached
FY 2002/0326.8Watch line reached
FY 2001/0226.6Watch line reached

Interest–growth gap

Line not reached

−2percentage points · FY 2025/26

Watch line ≥ 0 percentage pointsDebt arithmetic: when the effective interest rate is at or above nominal growth, only a primary surplus stops the ratio rising. Red points mark years that reached it.

percentage points

FY 2002/03 · Watch line not reached Interest–growth gap: −1.2 Watch line reached: not publishedFY 2003/04 · Watch line not reached Interest–growth gap: −5.5 Watch line reached: not publishedFY 2004/05 · Watch line not reached Interest–growth gap: −7.5 Watch line reached: not publishedFY 2005/06 · Watch line not reached Interest–growth gap: −7.3 Watch line reached: not publishedFY 2006/07 · Watch line not reached Interest–growth gap: −10.2 Watch line reached: not publishedFY 2007/08 · Watch line not reached Interest–growth gap: −8 Watch line reached: not publishedFY 2008/09 · Watch line not reached Interest–growth gap: −5.5 Watch line reached: not publishedFY 2009/10 · Watch line not reached Interest–growth gap: −8.2 Watch line reached: not publishedFY 2010/11 · Watch line not reached Interest–growth gap: −12.8 Watch line reached: not publishedFY 2011/12 · Watch line not reached Interest–growth gap: −7.1 Watch line reached: not publishedFY 2012/13 · Watch line not reached Interest–growth gap: −6.6 Watch line reached: not publishedFY 2013/14 · Watch line not reached Interest–growth gap: −5.4 Watch line reached: not publishedFY 2014/15 · Watch line not reached Interest–growth gap: −3.6 Watch line reached: not publishedFY 2015/16 · Watch line not reached Interest–growth gap: −3 Watch line reached: not publishedFY 2016/17 · Watch line not reached Interest–growth gap: −4.3 Watch line reached: not publishedFY 2017/18 · Watch line not reached Interest–growth gap: −3.5 Watch line reached: not publishedFY 2018/19 · Watch line not reached Interest–growth gap: −3.2 Watch line reached: not publishedFY 2019/20 · Watch line reached Interest–growth gap: 0.7 Watch line reached: 0.7FY 2020/21 · Watch line reached Interest–growth gap: 8.6 Watch line reached: 8.6FY 2021/22 · Watch line not reached Interest–growth gap: −11.9 Watch line reached: not publishedFY 2022/23 · Watch line not reached Interest–growth gap: −3.9 Watch line reached: not publishedFY 2023/24 · Watch line not reached Interest–growth gap: −4 Watch line reached: not publishedFY 2024/25 · Watch line not reached Interest–growth gap: −3.4 Watch line reached: not publishedFY 2025/26 · Watch line not reached Interest–growth gap: −2 Watch line reached: not publishedWatch ≥ 0

Nominal growth exceeded the effective interest rate, which erodes the ratio even with a modest primary deficit.

Calculation and source rows

Formula: Effective net interest rate (net interest × (1 + g) ÷ previous debt) minus nominal GDP growth g

The effective rate is paid on the whole stock, so it moves slowly as old debt is refinanced. A negative gap lets a country run a primary deficit without a rising ratio. Blanchard (2019), Public Debt and Low Interest Rates ↗

Inputs for FY 2025/26
InputValueSource
Gross debt, % of GDPFY 2025/26 · observation b27474cf… 84.26 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Gross debt, previous yearFY 2024/25 · observation de079b1b… 84.81 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Net interest paid, % of GDPFY 2025/26 · observation babe52d8… 5.13 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Primary balance, % of GDPFY 2025/26 · observation c2de7eac… -2.24 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Overall balance, % of GDPFY 2025/26 · observation c988a442… -7.37 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Revenue, % of GDPFY 2025/26 · observation 7c68844b… 20.87 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Expenditure, % of GDPFY 2025/26 · observation 95dbe9af… 28.23 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Nominal GDP growth, %FY 2025/26 · observation 1f90f896… 8.61 World Bank WDI (national accounts) ↗Preliminary
Real GDP growth, %FY 2025/26 · observation 78802c98… 7.57 World Bank WDI (national accounts) ↗Preliminary
Primary balance, previous yearFY 2024/25 · observation 2b1b21a1… -2.98 IMF Fiscal Monitor (October 2026) ↗IMF estimate
All years
YearReadingAssessment
FY 2025/26−2Watch line not reached
FY 2024/25−3.4Watch line not reached
FY 2023/24−4Watch line not reached
FY 2022/23−3.9Watch line not reached
FY 2021/22−11.9Watch line not reached
FY 2020/218.6Watch line reached
FY 2019/200.7Watch line reached
FY 2018/19−3.2Watch line not reached
FY 2017/18−3.5Watch line not reached
FY 2016/17−4.3Watch line not reached
FY 2015/16−3Watch line not reached
FY 2014/15−3.6Watch line not reached
FY 2013/14−5.4Watch line not reached
FY 2012/13−6.6Watch line not reached
FY 2011/12−7.1Watch line not reached
FY 2010/11−12.8Watch line not reached
FY 2009/10−8.2Watch line not reached
FY 2008/09−5.5Watch line not reached
FY 2007/08−8Watch line not reached
FY 2006/07−10.2Watch line not reached
FY 2005/06−7.3Watch line not reached
FY 2004/05−7.5Watch line not reached
FY 2003/04−5.5Watch line not reached
FY 2002/03−1.2Watch line not reached
FY 2001/02—Unavailable — needs net interest, previous debt and nominal GDP growth

Primary balance versus the debt-stabilizing level

Watch line reached

−0.6% of GDP · FY 2025/26

Watch line < 0 % of GDPExalytics editorial line, from the debt identity: a primary balance below d₋₁ × (i − g) ÷ (1 + g) lets the ratio rise. Red points mark years that reached it.

% of GDP

FY 2002/03 · Watch line reached Primary balance versus the debt-stabilizing level: −5.4 Watch line reached: −5.4FY 2003/04 · Watch line reached Primary balance versus the debt-stabilizing level: −2.4 Watch line reached: −2.4FY 2004/05 · Watch line not reached Primary balance versus the debt-stabilizing level: 1.4 Watch line reached: not publishedFY 2005/06 · Watch line not reached Primary balance versus the debt-stabilizing level: 3.8 Watch line reached: not publishedFY 2006/07 · Watch line not reached Primary balance versus the debt-stabilizing level: 6.9 Watch line reached: not publishedFY 2007/08 · Watch line not reached Primary balance versus the debt-stabilizing level: 6.5 Watch line reached: not publishedFY 2008/09 · Watch line not reached Primary balance versus the debt-stabilizing level: 0.3 Watch line reached: not publishedFY 2009/10 · Watch line not reached Primary balance versus the debt-stabilizing level: 0.7 Watch line reached: not publishedFY 2010/11 · Watch line not reached Primary balance versus the debt-stabilizing level: 3.6 Watch line reached: not publishedFY 2011/12 · Watch line not reached Primary balance versus the debt-stabilizing level: 0.5 Watch line reached: not publishedFY 2012/13 · Watch line not reached Primary balance versus the debt-stabilizing level: 1 Watch line reached: not publishedFY 2013/14 · Watch line not reached Primary balance versus the debt-stabilizing level: 1 Watch line reached: not publishedFY 2014/15 · Watch line reached Primary balance versus the debt-stabilizing level: −0.2 Watch line reached: −0.2FY 2015/16 · Watch line reached Primary balance versus the debt-stabilizing level: −0.9 Watch line reached: −0.9FY 2016/17 · Watch line not reached Primary balance versus the debt-stabilizing level: 0.1 Watch line reached: not publishedFY 2017/18 · Watch line not reached Primary balance versus the debt-stabilizing level: 0.6 Watch line reached: not publishedFY 2018/19 · Watch line not reached Primary balance versus the debt-stabilizing level: 0.3 Watch line reached: not publishedFY 2019/20 · Watch line reached Primary balance versus the debt-stabilizing level: −3.6 Watch line reached: −3.6FY 2020/21 · Watch line reached Primary balance versus the debt-stabilizing level: −14.1 Watch line reached: −14.1FY 2021/22 · Watch line not reached Primary balance versus the debt-stabilizing level: 4.7 Watch line reached: not publishedFY 2022/23 · Watch line reached Primary balance versus the debt-stabilizing level: −1 Watch line reached: −1FY 2023/24 · Watch line not reached Primary balance versus the debt-stabilizing level: 0 Watch line reached: not publishedFY 2024/25 · Watch line reached Primary balance versus the debt-stabilizing level: −0.4 Watch line reached: −0.4FY 2025/26 · Watch line reached Primary balance versus the debt-stabilizing level: −0.6 Watch line reached: −0.6Watch < 0

The primary balance fell short of the level that holds the debt ratio steady; the ratio rises unless other adjustments offset it.

Calculation and source rows

Formula: Primary balance minus previous debt × (i − g) ÷ (1 + g)

This is the year's own arithmetic, so one-off growth or valuation effects can flip it. Read it alongside the interest–growth gap and the trend in debt. IMF Fiscal Monitor ↗

Inputs for FY 2025/26
InputValueSource
Gross debt, % of GDPFY 2025/26 · observation b27474cf… 84.26 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Gross debt, previous yearFY 2024/25 · observation de079b1b… 84.81 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Net interest paid, % of GDPFY 2025/26 · observation babe52d8… 5.13 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Primary balance, % of GDPFY 2025/26 · observation c2de7eac… -2.24 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Overall balance, % of GDPFY 2025/26 · observation c988a442… -7.37 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Revenue, % of GDPFY 2025/26 · observation 7c68844b… 20.87 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Expenditure, % of GDPFY 2025/26 · observation 95dbe9af… 28.23 IMF Fiscal Monitor (October 2026) ↗IMF estimate
Nominal GDP growth, %FY 2025/26 · observation 1f90f896… 8.61 World Bank WDI (national accounts) ↗Preliminary
Real GDP growth, %FY 2025/26 · observation 78802c98… 7.57 World Bank WDI (national accounts) ↗Preliminary
Primary balance, previous yearFY 2024/25 · observation 2b1b21a1… -2.98 IMF Fiscal Monitor (October 2026) ↗IMF estimate
All years
YearReadingAssessment
FY 2025/26−0.6Watch line reached
FY 2024/25−0.4Watch line reached
FY 2023/240Watch line not reached
FY 2022/23−1Watch line reached
FY 2021/224.7Watch line not reached
FY 2020/21−14.1Watch line reached
FY 2019/20−3.6Watch line reached
FY 2018/190.3Watch line not reached
FY 2017/180.6Watch line not reached
FY 2016/170.1Watch line not reached
FY 2015/16−0.9Watch line reached
FY 2014/15−0.2Watch line reached
FY 2013/141Watch line not reached
FY 2012/131Watch line not reached
FY 2011/120.5Watch line not reached
FY 2010/113.6Watch line not reached
FY 2009/100.7Watch line not reached
FY 2008/090.3Watch line not reached
FY 2007/086.5Watch line not reached
FY 2006/076.9Watch line not reached
FY 2005/063.8Watch line not reached
FY 2004/051.4Watch line not reached
FY 2003/04−2.4Watch line reached
FY 2002/03−5.4Watch line reached
FY 2001/02—Unavailable — needs the primary balance, previous debt, net interest and nominal GDP growth

Screens use only published observations from snapshot global-fiscal-2001-2025-612595a0db04, loaded 1 Nov 2026. The page's year filters do not change them. The 3% and 60% lines are the EU's reference values used as a common yardstick; national rules differ in coverage.

Conditional path · not a forecast

Debt-stabilizing scenario for India

Debt next year equals debt this year times (1 + interest rate) ÷ (1 + nominal growth), minus the primary balance. Set those three numbers and the arithmetic does the rest. For example, with debt at 80% of GDP, an average interest rate of 5% and nominal growth of 7%, a primary deficit of about 1.5% of GDP keeps the ratio at 80%. The IMF's October 2026 projection is drawn for comparison; it embeds the Fund's own growth, rate and policy assumptions.

Latest year: FY 2025/26. Ten-year averages: primary balance -3.3%, effective rate 7.1%, nominal growth 9.7%.

Debt in FY 2031/3288.0%From 84.3% in FY 2025/26 at your settings
Primary balance that holds debt steady−1.6%At your interest rate and growth; your setting is −2.2%
Primary balance needed for 84.0% by FY 2031/32−1.5%Held constant every year
IMF projection for FY 2031/3275.1%October 2026 Fiscal Monitor

With a primary deficit of 2.2% of GDP, an effective interest rate of 6.6% and nominal growth of 8.6%, India's debt ratio would rise from 84.3% to 88.0% by FY 2031/32. Because growth exceeds the interest rate, a primary deficit of up to 1.6% would hold the ratio steady. Reaching 84.0% by FY 2031/32 would take a primary deficit no larger than 1.5% every year. The IMF projects 75.1% for that year, lower than this path, on its own assumptions.

Debt ratio path, % of GDP

Solid: your settings. Dashed ochre: IMF projection. Dashed grey: the same primary balance with the interest–growth gap at the 25th and 75th percentile of the last ten years, a typical-year range rather than the extremes.

% of GDP

  • Your settings
  • IMF projection (Apr 2026)
  • Gap at decade 25th percentile
  • Gap at decade 75th percentile
FY 2025/26 Your settings: 84.3% IMF projection (Apr 2026): 84.3% Gap at decade 25th percentile: 84.3% Gap at decade 75th percentile: 84.3%FY 2026/27 Your settings: 84.9% IMF projection (Apr 2026): 83.1% Gap at decade 25th percentile: 83.1% Gap at decade 75th percentile: 84.5%FY 2027/28 Your settings: 85.5% IMF projection (Apr 2026): 81.3% Gap at decade 25th percentile: 82.0% Gap at decade 75th percentile: 84.7%FY 2028/29 Your settings: 86.2% IMF projection (Apr 2026): 79.8% Gap at decade 25th percentile: 80.9% Gap at decade 75th percentile: 85.0%FY 2029/30 Your settings: 86.8% IMF projection (Apr 2026): 78.4% Gap at decade 25th percentile: 79.9% Gap at decade 75th percentile: 85.2%FY 2030/31 Your settings: 87.4% IMF projection (Apr 2026): 77.0% Gap at decade 25th percentile: 78.9% Gap at decade 75th percentile: 85.4%FY 2031/32 Your settings: 88.0% IMF projection (Apr 2026): 75.1% Gap at decade 25th percentile: 77.9% Gap at decade 75th percentile: 85.6%Target 84.0%
Year-by-year path and formulas

d(t+1) = d(t) × (1 + i) ÷ (1 + g) − pb. Stabilizing pb = d × (i − g) ÷ (1 + g). Required pb for a target D after H years, with q = (1 + i) ÷ (1 + g): (d·q^H − D)(q − 1) ÷ (q^H − 1). The band uses the 25th and 75th percentile of the yearly interest–growth gap over the last ten published years (−4.0% to −2.3%) with your primary balance.

YearYour pathGap at 25th percentileGap at 75th percentileIMF projection
FY 2026/2784.9%83.1%84.5%83.1%
FY 2027/2885.5%82.0%84.7%81.3%
FY 2028/2986.2%80.9%85.0%79.8%
FY 2029/3086.8%79.9%85.2%78.4%
FY 2030/3187.4%78.9%85.4%77.0%
FY 2031/3288.0%77.9%85.6%75.1%

No probability is attached. The effective rate moves slowly because it is paid on the whole stock; growth and valuation shocks can move the ratio by several points in a year, as 2020 shows. Starting point: snapshot global-fiscal-2001-2025-612595a0db04.

Four countries side by side

India against peer economies

Each country's latest published year on the same IMF general-government basis. India's year runs April to March; the others are calendar years, so the periods overlap but do not coincide.

MeasureIndiaFY 2025/26Japan2025United Kingdom2025United States2025
Overall balance% of GDP; negative is a deficit−7.4%−0.7%−5.3%−7.1%
Primary balancebefore net interest−2.2%−0.5%−2.7%−3.9%
Revenue% of GDP20.9%36.3%38.2%30.5%
Expenditure% of GDP28.2%37.0%43.5%37.6%
Gross debt% of GDP84.3%204.8%102.1%124.4%
Change in debt since 2019points of GDP+7.7 pts−1.6 pts+17.5 pts+15.5 pts
Net interest ÷ revenueshare of revenue24.6%0.5%6.8%10.4%
Nominal GDP growthWorld Bank national accounts8.6%4.7%5.1%5.0%
Real GDP growthWorld Bank, constant prices7.6%1.2%1.4%2.2%
Inflation (GDP deflator)(1 + nominal) ÷ (1 + real) − 11.0%3.4%3.7%2.8%
Effective interest ratenet interest on last year's debt6.6%0.1%2.8%2.7%
Interest − growthpercentage points−2.0 pts−4.6 pts−2.4 pts−2.3 pts
Debt-stabilizing primary balance% of GDP−1.6%−9.3%−2.2%−2.7%
Primary gapactual minus stabilizing−0.6 pts+8.8 pts−0.4 pts−1.2 pts
IMF projected debt, 2031October 2026 Fiscal Monitor75.1%188.9%100.2%145.0%

India runs the widest deficit (−7.4% of GDP) and Japan carries the highest debt (204.8%). Net interest takes the largest share of revenue in India (24.6%). Japan ran primary balances at or above the debt-stabilizing level; India and United Kingdom and United States fell short; that arithmetic changes if growth slows or refinancing lifts the effective rate.

Latest year per country from snapshot global-fiscal-2001-2025-612595a0db04. Interest–growth gap and the stabilizing primary balance use World Bank nominal GDP growth; real growth and the GDP deflator come from the same national accounts. IMF projections are the Fund's October 2026 numbers, not Exalytics forecasts.

Evidence and definitions

Sources & methodology

General government, percent of GDP. India uses April–March fiscal years, labelled by their starting year. IMF estimates for 2001–2025; the IMF's 2026–2031 projections are drawn dashed and are not outturns. A negative balance means government expenditure exceeds revenue; a positive balance is a surplus.

Revenue minus expenditure equals the overall balance. Primary balance excludes net interest; their difference is net interest paid. Debt is a stock, while deficits are annual flows. National budget headlines can cover different institutions and years. Nominal and real GDP growth come from World Bank national accounts and are used only for the debt arithmetic, where inflation is the implicit GDP deflator between them; the IMF's 2026–2031 projections are shown dashed and never enter the headline figures.

The separate India Union budget-execution panel uses provisional CGA monthly accounts and each fiscal year's deficit Budget Estimate. Its percentages are not the IMF general-government percent-of-GDP measures in the annual charts.

History shown: FY 2001/02–FY 2025/26. Snapshot: global-fiscal-2001-2025-612595a0db04. Every chart offers its table, CSV, citation and Copy for AI.

IMF Fiscal Monitor (October 2026)

IMF Fiscal Monitor (October 2026)

IMF Fiscal Monitor (October 2026)

IMF Fiscal Monitor (October 2026)

IMF Fiscal Monitor (October 2026)

World Bank WDI (national accounts)

World Bank WDI (national accounts)

Definitions and source notes for India

IMF Fiscal Monitor October 2026; general government. IMF estimates (actual-outturn flags unavailable in API); 2026-2031 projections are carried separately as FISCAL_PROJECTION rows. April-March fiscal year labelled by starting year. Source code: GGXCNL_G01_GDP_PT.

IMF Fiscal Monitor October 2026; general government. IMF estimates (actual-outturn flags unavailable in API); 2026-2031 projections are carried separately as FISCAL_PROJECTION rows. April-March fiscal year labelled by starting year. Source code: GGXONLB_G01_GDP_PT.

IMF Fiscal Monitor October 2026; general government. IMF estimates (actual-outturn flags unavailable in API); 2026-2031 projections are carried separately as FISCAL_PROJECTION rows. April-March fiscal year labelled by starting year. Source code: GGR_G01_GDP_PT.

IMF Fiscal Monitor October 2026; general government. IMF estimates (actual-outturn flags unavailable in API); 2026-2031 projections are carried separately as FISCAL_PROJECTION rows. April-March fiscal year labelled by starting year. Source code: G_X_G01_GDP_PT.

IMF Fiscal Monitor October 2026; general government. IMF estimates (actual-outturn flags unavailable in API); 2026-2031 projections are carried separately as FISCAL_PROJECTION rows. April-March fiscal year labelled by starting year. Source code: G_XWDG_G01_GDP_PT.

IMF Fiscal Monitor October 2026; general government. IMF estimates (actual-outturn flags unavailable in API); 2026-2031 projections are carried separately as FISCAL_PROJECTION rows. April-March fiscal year labelled by starting year. Derived: primary balance minus overall balance.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 21398856906000 and 23152429571000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 23152429571000 and 24926137847000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 24926137847000 and 27925301414000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 27925301414000 and 31863319237500 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 31863319237500 and 36321246607300 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 36321246607300 and 42546289837700 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 42546289837700 and 48986620590700 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 48986620590700 and 55141523846600 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 55141523846600 and 63664065417500 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 63664065417500 and 76344721043800 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 76344721043800 and 87363287113700 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 87363287113700 and 99440131041500 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 99440131041500 and 112335216116400 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 112335216116400 and 124679592925500 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 124679592925500 and 137718738788600 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 137718738788600 and 153916690148700 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 153916690148700 and 170900423611300 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 170900423611300 and 188996684445900 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 188996684445900 and 201035928565900 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 201035928565900 and 198540960065000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 198540960065000 and 235973985282900 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 235973985282900 and 261176269506000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 261176269506000 and 289839093039700 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 289839093039700 and 318073085842200 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at current prices in local currency (NY.GDP.MKTP.CN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 318073085842200 and 345471567964600 INR. April-March fiscal year labelled by starting year. Latest year: preliminary national accounts. Used only for debt dynamics; the IMF ratios use IMF GDP.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 69907008757200 and 73279299275800 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 73279299275800 and 76066825735800 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 76066825735800 and 82045968414900 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 82045968414900 and 88546418486000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 88546418486000 and 95562332522400 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 95562332522400 and 103265356587600 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 103265356587600 and 111176324582100 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 111176324582100 and 114608002035600 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 114608002035600 and 123618355749400 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 123618355749400 and 134122930236000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 134122930236000 and 141152737106700 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 141152737106700 and 148854577483000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 148854577483000 and 158360589183700 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 158360589183700 and 170095469279100 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 170095469279100 and 183696734680600 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 183696734680600 and 198863298292600 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 198863298292600 and 212376821891300 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 212376821891300 and 226083306267300 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 226083306267300 and 234835978902900 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 234835978902900 and 221267802529200 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 221267802529200 and 242707750910100 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 242707750910100 and 261176269506000 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 261176269506000 and 280007665215900 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 280007665215900 and 299886190399900 INR. April-March fiscal year labelled by starting year. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

World Bank WDI, GDP at constant prices in local currency (NY.GDP.MKTP.KN); source update 2026-10-08. Derived: 100 x (GDP this year / GDP previous year - 1); levels 299886190399900 and 322577564190900 INR. April-March fiscal year labelled by starting year. Latest year: preliminary national accounts. Used only for debt dynamics; the IMF ratios use IMF GDP. Inflation in the debt arithmetic is the implicit GDP deflator: (1 + nominal growth) / (1 + real growth) - 1.

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