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Graphic of the day: State debt

Arunachal and Punjab lead a debt surge as state-level fiscal disparities widen across India’s FY26 balance sheets

By Samreen Wani
Last Updated: Dec 17, 2025, 13:11 IST1 min
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Parliament data reveals high debt levels in several Indian states for 2025-26. While Maharashtra (19%), Gujarat (17.9%) and Odisha (16.3%) remain outliers, states like Arunachal Pradesh (57%), Punjab (46.6%) and Himachal Pradesh (45.2%) are trapped in high debt. Speaking in Parliament, Finance Minister Nirmala Sitharaman flagged the fiscal fragility of certain states, highlighting their high debt-to-GSDP ratios as a significant concern.
Parliament data reveals high debt levels in several Indian states for 2025-26. While Maharashtra (19%), Gujarat (17.9%) and Odisha (16.3%) remain outliers, states like Arunachal Pradesh (57%), Punjab (46.6%) and Himachal Pradesh (45.2%) are trapped in high debt. Speaking in Parliament, Finance Minister Nirmala Sitharaman flagged the fiscal fragility of certain states, highlighting their high debt-to-GSDP ratios as a significant concern.

First Published: Dec 17, 2025, 14:59

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