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66 Economic Survey 2021-22

Table 6: Debt Position of the Central Government (in ` lakh crore)

2020-
Components 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
21 PA
1 2 3 4 5 6 7 8
A. Public Debt (A1+A2) 51.05 57.11 61.50 68.45 75.49 85.65 105.24
A1. Internal Debt (a+b) 47.38 53.05 57.42 64.01 70.75 80.20 99.09

a. Marketable Securities 43.08 47.28 50.49 55.10 59.69 65.60 78.60
b. Non-marketable 4.29 5.77 6.93 8.91 11.06 14.60 20.50
Securities
A2. External Debt 3.66 4.07 4.08 4.45 4.74 5.44 6.15
B. Public Account - 7.62 8.16 8.57 9.15 9.96 13.70 12.74
Other Liabilities

C. Extra-Budgetary - - 0.09 0.24 0.99 1.12 1.43
Resources (EBRs)

D. Total Liabilities
(A+B+C) 58.66 65.27 70.16 77.85 86.35 99.91 117.04

Source: Union Budget and Finance Accounts (Various Issues); Provisional Accounts, CGA.
2.39 Figure 18 shows that total liabilities of the Central Government, as a ratio of GDP,
which were relatively stable over the past decade have risen sharply in 2020-21. This increase
is on account of higher borrowing resorted to due to COVID-19 pandemic as well as sharp
contraction in the GDP. The Debt-GDP is however expected to follow a downward trajectory in
the upcoming years.

Figure 18: Trend in Centre’s Debt-GDP ratio

65 59.3

60
Per cent of GDP 55

50
49.1
45
45.7

40
2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21

Source: Various issues of Status Paper on Government Debt
Note: The figures for 2020-21 are Provisional