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India — Debt as % of GDP
1990 – present · Live World Bank data
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Key events
1991
Balance of payments crisis
India nearly ran out of foreign reserves. The IMF bailout forced sweeping economic liberalisation.
▲ +6% debt spike
2008
Global financial crisis
India launched a large fiscal stimulus, boosting public spending at the cost of higher debt.
▲ +5% over 2 years
2020
Covid-19 pandemic shock
The economy contracted 7.3%. Emergency spending drove debt to its highest level in 40 years.
▲ +16% in one year