India’s per capita debt burden up 7.21% at Rs44,095 in FY15

India is fourth in terms of absolute external debt from among 20 developing countries, even as per capita debt burden of the country increased by Rs2,966 to Rs44,095 in 2014-15, as per World Bank's International Debt Statistics 2015.

This represents an increase of 7.21 per cent from the corresponding per capita debt level of Rs41,129 in 2013-14.

India's external debt service payment stood at $3.72 million in 2014-15 against $3.89 million in 2013-14 and $3.66 million in fiscal 2012-13, according to the report.

Domestic debt service payment in the government account stood at Rs4,04,000 crore, Rs4,85,000 crore and Rs5,56,000 crore in 2012-13, 2013-14 and 2014-15, respectively.

The total outstanding liability (total debt yet to be paid) of the country as of 31 March 2015 stood at Rs68,95,000 crore.

The debt load comprised external and internal debt and other liabilities, government's provisional accounts showed.

The increase in per capita debt was mostly an outcome of higher developmental expenditure to achieve a better growth rate, the World Bank noted.

However, the government has reverted to the path of fiscal consolidation with a gradual exit from the expansionary measures in a calibrated manner.

The government has announced a fiscal road map to bring down fiscal deficit to 3 per cent by 2016-17 with a reduction of 0.5-0.6 per cent every year.