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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
LOK SABHA
UNSTARRED QUESTION NO. 3728
TO BE ANSWERED ON MONDAY, THE 16th MARCH, 2026
PHALGUNA 25, 1947 (SAKA)
Outstanding Debt of Union Government
3728. Ms. S Jothimani:
Will the Minister of FINANCE be pleased to state:
(a) the outstanding debt of the Union Government from 2004–05 to 2025–26, indicating
internal debt, external debt and liabilities under the Public Account separately, year-wise;
(b) the debt-to-GDP ratio of the Union Government for each of the above years;
(c) the annual interest payments made on Union Government debt during the said period, and
their share in total revenue receipts;
(d) the major factors contributing to the increase in public debt since 2004, including fiscal
deficits, off-budget borrowings and extraordinary expenditures; and
(e) the steps taken or proposed to be taken by the Government to manage and reduce the debt
burden while ensuring adequate expenditure on social and developmental priorities?
ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PANKAJ CHAUDHARY)
(a) to (b): The outstanding debt of the Union Government from 2004–05 to 2025–26,
indicating internal debt, external debt and liabilities under the Public Account and debt-to-GDP
ratio are in the Table below
(₹ in lakh crore)
Public Debt to GDP
Financial Internal External
Account Total Debt ratio (Base year
Year Debt Debt#
liabilities 2011-12)
2004-05 12.76 1.91 6.58 21.25 66.7
2005-06 13.90 1.94 7.76 23.60 65.0
2006-07 15.45 2.01 8.91 26.37 62.0
2007-08 18.08 2.10 9.17 29.35 59.9
2008-09 20.29 2.64 10.08 33.00 59.8
2009-10 23.49 2.49 10.35 36.33 57.1
2010-11 26.67 2.79 11.14 40.60 53.2
2011-12 32.17 3.23 11.17 46.56 53.3
2012-13 37.65 3.32 11.29 52.25 52.5
2013-14 42.41 3.74 12.45 58.60 52.2Public Debt to GDP
Financial Internal External
Account Total Debt ratio (Base year
Year Debt Debt#
liabilities 2011-12)
2014-15 47.38 3.66 13.07 64.11 51.4
2015-16 53.05 4.07 13.87 70.98 51.5
2016-17* 57.54 4.08 14.66 76.28 49.6
2017-18* 63.76 4.45 15.84 84.05 49.2
2018-19* 70.90 4.74 17.39 93.03 49.2
2019-20* 81.08 5.44 19.27 105.79 52.6
2020-21* 98.14 6.15 17.82 122.10 61.5
2021-22* 115.65 6.58 16.65 138.88 58.9
2022-23* 132.11 7.48 16.57 156.17 58.1
2023-24* 146.64 7.96 17.14 171.73 57.0
2024-25* 159.83 8.74 17.38 185.95 56.2
2025-26* (RE) 173.71 9.07 17.75 200.53 56.1
Source: Budget Documents
* As per FRBM Definition, Internal Debt is net of cash balance and includes EBR.
# External Debt at current exchange rate.
(c): The annual interest payments made on Union Government debt and their share in total
revenue receipts from 2004–05 to 2025–26 are in the Table below.
Revenue Receipts Interest payment % age of Revenue
Financial Year
(₹ in lakh crore) (₹ in lakh crore) Receipts
2004-05 3.06 1.27 41.5%
2005-06 3.47 1.33 38.2%
2006-07 4.34 1.50 34.6%
2007-08 5.42 1.71 31.6%
2008-09 5.40 1.92 35.6%
2009-10 5.73 2.13 37.2%
2010-11 7.88 2.34 29.7%
2011-12 7.51 2.73 36.4%
2012-13 8.79 3.13 35.6%
2013-14 10.15 3.74 36.9%
2014-15 11.01 4.02 36.5%
2015-16 11.95 4.42 37.0%
2016-17 13.74 4.81 35.0%
2017-18 14.35 5.29 36.9%
2018-19 15.53 5.83 37.5%
2019-20 16.84 6.12 36.3%
2020-21 16.34 6.80 41.6%
2021-22 21.70 8.05 37.1%
2022-23 23.83 9.29 39.0%
2023-24 27.29 10.64 39.0%
2024-25 30.36 11.16 36.8%
2025-26 (RE) 33.42 12.74 38.1%
Source: Budget Documents(d): Public Debt to GDP ratio, which includes fiscal deficit, off-budget borrowings & extra-
ordinary expenditure has followed a downward glide path except during the Covid years 2019-
20 & 2020-21. Public Debt to GDP ratio has increased during FY 2019-20 & 2020-21 mainly
on account of the stimulus provided to support the economy, however, since 2020-21 the debt
to GDP ratio has followed a downward glide path.
(e): Government focuses on income- generation expenditure (effective capital expenditure)
to progressively reduce the debt burden. For example, in BE 2026-27, the Government’s net
borrowing of ₹16.96 lakh crore has been fully used for meeting effective capital expenditure
of ₹ 17.15 lakh crore which includes expenditure on critical development sectors such as health,
education and infrastructure.
***