Debt is one of the most discussed, and least calmly analysed, aspects of public finance. This post looks at India’s debt as a balance sheet item, not as a headline risk. Debt Has Grown - Predictably Between FY 2020-21 and FY 2024-25, total debt has increased steadily each year. Internal debt remains the dominant component. External debt is a much smaller share and has grown gradually. This is not unusual for a large, growing economy investing in infrastructure and services. I

Most people know how to read a company’s balance sheet. Very few realise that the Government of India also publishes one. Maybe, not as a headline number. But as a structured statement of assets, liabilities, and net position. This post is about introducing that balance sheet, and making it intuitive. India Has a Balance Sheet Too. At its simplest, India’s balance sheet answers one question.  What does the government own, and what does it owe? Just like a company, the balance