 "debt, loans")
Towards the end of the 1990s, there was a steady build-up in general government (Centre and states) debt in India. But, as seen in Chart 1, this upward trend reversed in the middle of the previous decade, with the government adopting the Fiscal Responsibility and Budget Management Act (FRBM), 2003.
Despite this, India continues to have one of the highest debt burdens among the emerging economies. As seen in Chart 2, general government debt in India currently stands at 67.3 per cent of the gross domestic product, compared to the emerging market average of 39.9 per cent.
The expert committee,
