India's debt growth remains subdued in 3QFY21

Household debt grew at a decent 9.6% Y-o-Y in 3QFY21. Household debt rose to a new high of 35.8% of GDP up from 35.2%/32.5% in 2QFY21/4QFY20.  

Non-financial corporate (NFC) debt grew 2% Y-o-Y in 3QFY21, similar to 2QFY21 levels.

Central government debt grew to a 15-year high of 56.9% of GDP during the quarter.

States' debt (based on actual deficit data for 18 states) is estimated to have increased 13.5% Y-o-Y to reach 30% of GDP for the first time in 14 years.

India's non-financial sector (NFS) debt grew 10.3% Y-o-Y in 3QFY21, marking the highest growth in six quarters. Shivani Sharma, Pragati Srivastava