India
The fastest-growing large economy. Its deficits are high, but fast nominal growth has helped keep its debt ratio roughly stable.
How much it owes, and what it costs
Government debt in India is about 83% of GDP this year, on IMF estimates, 7 points higher than in 2019. The government is running a deficit of 7.5% of GDP: even before paying 5.3% of GDP in interest, it spends more than it collects. The IMF expects debt to fall to about 75% by 2031.
| Measure | 2019 | 2025 | 2026IMF estimate | 2031IMF forecast | 2007–26 |
|---|---|---|---|---|---|
| Government debt% of GDP, gross | 76.5% | 84.3% | 83.1% | 75.1% | |
| Budget balance% of GDP, minus = deficit | −7.8% | −7.4% | −7.5% | −6.7% | |
| Primary balancebudget before interest | −3.1% | −2.2% | −2.2% | −1.7% | |
| Interest cost% of GDP, net | 4.8% | 5.1% | 5.3% | 4.9% |
Long-term foreign-currency ratings, checked 25 October 2026. AAA is the highest grade; below BBB− is “high yield”.
What it earns and spends abroad
India runs a current account deficit of 1.5% of GDP (about $62bn): it spends more abroad than it earns, and relies on foreign investors to fund the gap.
| Measure | 2019 | 2025 | 2026IMF estimate | 2007–26 |
|---|---|---|---|---|
| Current account% of GDP | −0.9% | −0.7% | −1.5% | |
| Current accountUS$ billions | −25 | −27 | −62 |
Growth, prices and borrowing costs
The IMF expects the economy to grow 7.0% this year in real terms, with inflation averaging 5.0%.
| Measure | 2025 | 2026IMF estimate | 2027IMF forecast |
|---|---|---|---|
| Growthreal GDP, % | 7.8% | 7.0% | 7.0% |
| Inflationaverage for the year, % | 2.0% | 5.0% | 4.4% |
| Unemployment% of workforce | 5.0% | 5.0% | 5.0% |
The mechanics behind it
Terms on this page
Other country profiles
Sources and notes
- Government finances, current account, growth, inflation and unemployment: IMF World Economic Outlook and Fiscal Monitor, via the IMF DataMapper (checked 2026-10-24). The IMF publishes them in April and October.
- 2026 figures are IMF estimates, and later years are IMF forecasts. Earlier years are actual data, sometimes revised.
- Debt is general government gross debt: central, regional and local government and social security. Interest cost is net interest, worked out as the primary balance minus the overall balance.
- Credit ratings: long-term foreign-currency ratings from S&P Global, Moody’s and Fitch, checked on the date shown. Agencies can change them at any time.
- Policy rates, 10-year yields, monthly inflation and exchange rates: as on The numbers page.