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India state fiscal health: Delhi, Arunachal mark extremes of debt burden

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India state fiscal health: Delhi, Arunachal mark extremes of debt burden

Home / Economy / News / India state fiscal health: Delhi, Arunachal mark extremes of debt burden

Delhi has the lowest debt burden among states and Union Territories, while Arunachal Pradesh has the highest, based on FY25 Budget Estimates

State finances vary widely in debt burden, with outstanding liabilities differing significantly across states. | Illustration: Ajaya Mohanty

Sarjna Rai New Delhi 4 min read Last Updated : Aug 31 2026 | 10:53 AM IST

Delhi had the lowest debt burden among states and Union Territories for which comparable data was available in 2024-25 Budget Estimates (BE), at 1.3 per cent of GSDP, according to Business Standard's India State Fiscal Health Tracker .

It was followed by Odisha (16.3 per cent), Gujarat (17.9 per cent), Maharashtra (19.0 per cent) and Uttarakhand (24.2 per cent).

Arunachal Pradesh had the highest debt burden at 57.0 per cent of GSDP, followed by Punjab (46.6 per cent), Himachal Pradesh (45.2 per cent), West Bengal (39.3 per cent) and Meghalaya (38.8 per cent).

According to the Reserve Bank of India’s 2025 Handbook of Statistics on Indian States, these figures are based on Budget Estimates for financial year 2024-25. The tracker compares states and UTs across eight separate fiscal indicators.

Debt burden shows how large a state's outstanding liabilities are compared with the size of its economy. It is expressed as a percentage of Gross State Domestic Product (GSDP), the total value of goods and services produced in the state.

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