Central Government Debt Update: The debt burden on the Government of India is continuously increasing. If we add the figures of the budget estimates of the current financial year 2024-25, then the outstanding debt on the Government of India is expected to double in seven years. In the financial year 2018-19, the central government had a debt burden of Rs 93.26 lakh crore, which is estimated to be Rs 185.27 lakh crore in 2024-25 according to the budget estimates, which is 56.8 percent of the country’s GDP. The government has given this answer in writing in the Lok Sabha.
Debt burden on government increased in 7 years
During the Question Hour in Lok Sabha, MP Khalilpur Rahman asked the Finance Minister for details of the outstanding loans on the government during the last six years. He asked the Finance Minister whether the outstanding debt on the Government of India has increased? Giving a written answer to this question, Minister of State for Finance Pankaj Chaudhary gave details of the outstanding debt on the Central Government during the last seven financial years and said that during the financial year 2018-19, the government had a total outstanding debt of Rs 93.26 lakh crore which was 49.3 percent of the GDP.
In 2020-21, the debt was 61.4% of GDP
According to the Minister of State for Finance, in 2019-20, the debt burden on the government increased to Rs 105.07 lakh crore, which was 52.3 percent of the GDP. In the financial year 2020-21, when Corona knocked on the country, the outstanding debt on the government increased to Rs 121.86 lakh crore and the total debt became 61.4 percent of the GDP. According to the Minister of State for Finance, this happened due to the Covid epidemic. In the financial year 2021-22, the outstanding debt on the central government increased to Rs 138.66 lakh crore, which was 58.8 percent of the GDP. In the financial year 2022-23, when global tensions increased, the burden of outstanding debt on the central government increased to Rs 156.13 lakh crore, which was 57.9 percent of the GDP.
Debt burden increased by 98.65 percent in 7 years
According to the Minister of State for Finance, the outstanding debt on the government increased to Rs 171.78 lakh crore in the financial year 2023-24, which is 58.2 percent of the GDP. However, this is still provision data. The debt is expected to increase further during the current financial year and it is estimated to increase to Rs 185.27 lakh crore, which can be 56.8 percent of the GDP. In such a situation, the debt of the Government of India has increased by 92.01 lakh crore or 98.65 percent in the last seven years. External debt is also included in the outstanding debt on the government. 
India will become a 5 trillion dollar economy due to the burden of debt!
Finance Minister Khalilpur Rahman asked whether the government will make India a 5 trillion dollar economy by increasing the debt burden? In response to this question, the Minister of State for Finance said, according to the World Economic Outlook released by the International Monetary Fund in April 2024, India’s GDP has reached 3.57 trillion dollars in the financial year 2023-24.
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