🇮🇳 India

Public Sector Debt · 2026

Total Debt

87.0%

of GDP

Global Rank

#40

of 192

Interest Burden

15%

of govt revenue

S&P Rating

BBB-

Credit rating

SOE Debt

+6.1%

2 categories

5yr Change

-7pp

improving

Interest Cost

5.1%

of GDP (govt only)

Where the Debt Sits

Central Government

Subnational

Central Government: 51.4%Subnational: 29.5%Energy SOEs: 3.8%Infrastructure: 2.3%

Who Holds This Debt

Holder Breakdown

Domestic 98%

Domestic: 98%Foreign: 2%

Currency Denomination

Local 91%

Local currency: 91%Foreign currency: 9%

Full Debt Breakdown

Central Government51.4% of GDP

Dated Government SecuritiesIMF WEO — General Government DebtMarket loans, primary deficit financing tool.

34.9%

Small Savings & Provident FundsIMF WEO — General Government DebtNon-marketable, politically sensitive savings pool.

8.9%

External Debt (sovereign)IMF WEO — General Government DebtMultilateral/bilateral. Deliberately kept low.

4.6%

Treasury BillsIMF WEO — General Government Debt91/182/364-day bills.

3.0%

Subnational / Regional29.5% of GDP

SubnationalIMF WEO — General Government Debt

29.5%

Energy SOEs3.8% of GDP

State electricity distribution companies (DISCOMs)IEEFA / SaurenergyDebt Rs 7.42T; accumulated losses Rs 7.08T in FY24.

2.3%

Oil & gas SOEs (ONGC, Indian Oil, BPCL, GAIL)Company annual reportsGovernment-owned energy companies. Combined debt ~$60B. Subsidize domestic fuel prices.

1.5%

Infrastructure SOEs2.3% of GDP

Indian RailwaysIndian Railways Annual ReportWorld's 4th largest railway network. ~1.2 million employees. Capital expenditure funded by government borrowing.

1.3%

NHAI and other infrastructure SOEsNHAI Annual Report / CAG auditNational Highways Authority + other infrastructure bodies. Funded by government-backed bonds.

1.0%

Total Corporate Debt51.9% of GDP

Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025SOE portion est. ~15-20% GDP (ONGC, NTPC, Coal India, Railways, BSNL).

51.9%

Household Debt45.5% of GDP

Household debtBIS Credit Statistics Q3 2025Growing fast. Mortgages, personal loans, micro-credit.

45.5%

Unfunded Pension Liabilities45.0% of GDP

Civil service + EPS unfunded pension (est.)RBI Bulletin 2023; IMF Equitable Pensions Ch.1610 states reverting to unfunded OPS adds ~15% GDP.

45.0%

State Bank Liabilities7.7% of GDP

State-owned banks (SBI, Bank of Baroda, PNB, etc.)RBI Financial Stability Report12 public sector banks. Government owns majority stakes. Combined assets ~$2.5T, significant NPAs historically.

7.7%

All Layers Total237.1%