Among The 30 Largest Economies, India’s Debt Ranks 12th At 84% Of GDP, And The IMF Expects It To Fall To 77% By 2030
Nine Of The 30 Owe More Than A Full Year’s Output. US Government Debt Has Nearly Doubled Since 2007 And China’s Has More Than Tripled; India’s Rose 9 Points.
Above 100%60% To 100%Below 60%20072030 Projection, FallingRisingBeside Names: GDP 2025, US$; Top 8 Economies In Blue
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Hover Any Country For Its Debt In 2007, 2019, 2025 And The IMF’s 2030 Projection, Its GDP, And Any Definition Notes. Debt Is General Government Gross Debt (All Levels Of Government) As A Share Of GDP.
India, 2025
84.3%
12th Of 30; 75.4% In 2007, 77% Projected For 2030
Above 100% Of GDP
9 Of 30
Led By Japan At 204.8%
China’s Rise Since 2007
+70 Pts
29% To 99%; Second Only To Singapore
Projected To Fall By 2030
13 Of 30
Largest: Argentina, Japan, Spain, Ireland, India
The Bottom Line
India’s Government Debt Is Neither Low Nor Among The Highest: At 84% Of GDP It Is 12th Of The 30 Largest Economies. What Sets It Apart Is The Direction. Since 2007 India’s Debt Has Risen Far Less Than That Of The US, China, France, The UK Or Spain, And The IMF Expects It To Fall To 77% By 2030 While US And Chinese Debt Keep Rising.
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Change Since 2007
Change In General Government Gross Debt, 2007 To 2025, Percentage Points Of GDP. Selected Economies.
What The Data Shows
India Sits In The Middle
India’s General Government Debt, Centre And States Together, Is 84.3% Of GDP, The 12th Highest Among The 30 Largest Economies. It Is Below The US (124.4%), France, The UK And China (98.6%), And Above Germany (62.7%) And Indonesia (40.9%).
And Is Projected To Fall
The IMF Projects India’s Debt At 77% By 2030, A Fall Of 7.3 Points: The Fifth-Largest Decline Of The 30, After Argentina, Japan, Spain And Ireland. US Debt Is Projected To Rise To 141% And China’s To 120%.
The Big Rise Since 2007 Was Elsewhere
Since 2007, Before The Global Financial Crisis, US Debt Has Nearly Doubled (65% To 124%) And China’s Has More Than Tripled (29% To 99%). Spain, The UK And Japan Each Added More Than 50 Points. India’s Rose 9 Points.
Nine Economies Owe More Than A Year’s Output
Japan (204.8%), Singapore, Italy, The US, France, Canada, Belgium, The UK And Spain All Have Government Debt Above 100% Of GDP. Russia Has The Lowest, At 16.6%.
Read With Care
China
The 98.6% In The WEO Is A Middle Measure. The IMF’s Own ‘Augmented’ Estimate, Adding Local Government Financing Vehicles And Other Off-Budget Funds, Is 126.6% For 2025; Budgetary Government Debt Alone Is 68.4% (IMF Article IV, Country Report 26/44).
Singapore
Singapore’s Government Borrows To Invest Its Reserves, And By Law Cannot Spend That Money. Its Finance Ministry Says Its Financial Assets Are Well In Excess Of Its Debt.
India
The IMF Figure Covers The Centre And States, On A Fiscal Year Basis (2025 = FY26). India’s Official Debt Figure For The Centre Alone Is About 56% To 58% Of GDP. The IMF’s Estimate Rose From 81.1% A Year Ago Mainly Because The New GDP Series (Base 2022-23) Lowered Nominal GDP.
Sources & Method
Data
IMF World Economic Outlook, October 2026 (Released 13 October 2026): General Government Gross Debt, % Of GDP. 2025 Values Are Estimates; 2030 Values Are Projections. Cross-Checked Against The WEO Statistical Appendix For The US, Germany, France, Italy, Japan, The UK And Canada.
Which 30
The 30 Largest Economies By 2025 GDP In Current US Dollars, Also From The IMF WEO. Austria Is 30th ($580 Billion), Just Ahead Of Thailand ($577 Billion).
Definitions
Gross Debt Covers All Levels Of Government Except Where Noted: Saudi Arabia, Singapore And Argentina Report Central Government Only. The US, Canada And Australia Exclude Unfunded Pension Liabilities Of Government Employees’ Plans. Fiscal-Year Data For India And Singapore.
