At the start of F.Y. 2023, the Indian union’s debt-to-GDP ratio was 57.1% as per the RBI. The GDP for the individual states, i.e. the sum of all value given by the industries of the respective individual states, is called GSDP (Gross State Domestic Product). At the start of F.Y. 2023, this is how each state has fared:
Debt to GDP Ratio of Indian States:
According to the Reserve Bank of India (RBI), India's gross state domestic product (GSDP) is projected to grow by 7.5% in 2023-24. This is slightly lower than the growth rate of 8.7% projected for the fiscal year. The slowdown in growth is due to a number of factors, including:
1. The ongoing war in Ukraine,
2. Rising inflation, and
3. Supply chain disruptions
However, the RBI expects the growth momentum to pick up in the second half of the fiscal year, supported by strong government spending and private investment.
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