---
title: "Public Debt of India: Meaning, Types, Articles"
description: "Public debt refers to India's central government's total liabilities against the Consolidated Fund, crucial for understanding fiscal policy and governance."
url: "https://modeldiplomat.com/learn/glossary/public-debt-of-india"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- Public debt of India comprises the central government's total liabilities raised against the Consolidated Fund of India, distinct from the broader public sector borrowing.
- What is the constitutional basis for the public debt of India?
- How does public debt differ from the fiscal deficit?
- What share of India's public debt is internal versus external?
- What debt targets does the FRBM framework set?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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In the Union Budget 2021-22, presented on 1 February 2021, Finance Minister Nirmala Sitharaman reclassified central government liabilities so that public debt comprised only borrowings against the Consolidated Fund of India.

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