In managing national debt, France could borrow a leaf from India

European giant's subsidies and welfare spending blamed for stretched financial resources

France’s mounting debt has become a flashpoint in economic debates, with critics blaming decades of high public spending and subsidies for the country’s burden. The numbers underline how France’s trajectory has diverged from other advanced economies — and India, which has a lighter debt burden despite fiscal challenges.

 

France’s debt crossed 110 per cent of the gross domestic product (GDP) in 2023-24, from below 100 per cent in 2014. During the pandemic, the ratio ballooned to almost 115 per cent. The debt to GDP ratio of the United States and United Kingdom increased too during the pandemic but has largely