On May 22, 2020, the Ministry of Finance released Status Paper on Government Debt 2018-19. According to the report, the overall debt of centres and states declined by 68.7% in March 2018 to 68.6% in 2019.
Highlights
- The Status Paper on Government Debt is being produced by the Ministry of Finance since 2010.
- Current debt of India stands at Rs 1.3 crore crore.
Key Findings of paper
- The debt of central government dropped marginally from 45.8% in 2017-18 to 45.7% in 2019, The external debt was 2.7% of GDP.
- The Average Interest Cost of the centre remained unchanged in the year 2018 to 2019.
- Around 94% of centre’s liabilities were of domestic debts.
- The tenure of the longest security was 37 years.
Government Debt
- The Government Debts are classified as internal debt and external debt.
- The Internal Debts include non-marketable and marketable debt.
- External debt refers to debt borrowed from all the sources outside the country.
- Government Liabilities are classified into liabilities in public account and debt contracted against Consolidated Funds of India.
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