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

When budgets expand, not all ministries grow equally. A handful absorb a disproportionate share of incremental spending, and that concentration usually tells us more about policy direction than headline allocations ever do. Looking at expenditure growth over the last five years, five ministries stand out, not just for how much their budgets increased, but for how differently that money is being used. This deep dive looks at where the additional spending is actually landing in