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As the coronavirus pandemic brings the economy to a grinding halt, raising the need for the higher government spending, India's gross debt is likely to touch ₹ 170 lakh crore, which is 87.6% of the GDP, according to the SBI Ecowrap.
The report also said that the higher debt amount will shift the FRBM target of combined debt to 60 % of GDP by FY23 by seven years with the target now seen achievable in FY30 only.
In the financial year 2019-20, India's debt stood at ₹ 146.9 lakh crore, 72.2 % of GDP, increasing from ₹ 58.8 lakh crore in FY12.
"The GDP collapse is pushing up the debt to GDP ratio by at least 4%, implying that growth rather than continued fiscal conservatism is the only mantra to get us back on track," it said.
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