CAG Report on Rising Public Debt

On 4th September 2025, the Comptroller and Auditor General (CAG) released a decadal analysis of the fiscal health of India’s 28 states, highlighting a sharp rise in public debt over the last decade.

Major Highlights

  • Debt Growth in a Decade: States’ total public debt increased 3.39 times from 2013-14 to 2022-23.
    • Debt as a share of Gross State Domestic Product (GSDP) rose from 16.66% to 22.96%, showing a heavier fiscal burden.
    • States’ debt stood at 22.17% of India’s country’s Gross Domestic Product (GDP) in 2022-23.

State-wise Debt-to-GSDP Ratios

  • Highest: Punjab (40.35%), Nagaland (37.15%), West Bengal (33.70%).
  • Lowest: Odisha (8.45%), Maharashtra (14.64%), ....
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