India's Central Government Debt (% of GDP), 1990-2022

India’s central government debt fluctuated significantly over the decades, starting at 49.9% of GDP in 1990. Debt dropped to 42.09% in 1992 after economic reforms but spiked to 59.82% in 2002 due to fiscal expansion.

Post-2003, debt declined gradually, reaching 44.13% in 2018. However, the pandemic caused a notable increase, with debt standing at 55.45% in 2022, reflecting pandemic-related expenditures and slowed economic growth.