India’s central government liabilities in the 2026/27 Receipt Budget

The table combines different estimate stages

The 2024/25 column is a completed year. The 2025/26 column is a revised estimate and the 2026/27 column is a budget estimate. Both estimate columns come from the same Receipt Budget vintage. March 2027 is therefore a projection. Source 1 Source 2

Internal debt is the larger part of public debt

The March 2027 public debt subtotal contains ₹190.22 lakh crore of internal debt and ₹7.11 lakh crore of external debt at book value. Market loans alone account for about ₹133.63 lakh crore of the internal debt figure. Source 1

Other liabilities sit beside public debt

The budget separately records other liabilities, including deposits and reserve funds. Within internal debt, it also lists securities issued against small savings. The table shows the categories on their original statement basis so that components can be read within the appropriate subtotal. Source 1 Source 2

The Receipt Budget also gives a differently adjusted debt figure

Its separate March 2027 figure of ₹218.63 lakh crore uses current exchange rates for external debt, includes extra-budgetary resources and adjusts for cash balances. The liability statement above uses book value and reports a ₹300 crore offset from the total to the net liability figure. Source 1 Source 2

Sources

• India Receipt Budget 2026/27 statement of central government liabilities
• India Receipt Budget 2026/27 debt position and valuation definitions