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Motilal Oswal Report
The outstanding debt of India’s non-financial sector (NFS) stood at Rs 322 trillion, or 167.3% of gross domestic product, in Q1 FY21 (or Q2 CY20), up from around 153% in the past few quarters.
9.1% YoY growth in NFS debt and 0.6% YoY decline in annualized nominal GDP led to a jump in NFS’ debt-to-GDP ratio in Q1 FY21.
Within NFS, general government (center and states) debt grew at a 30-quarter high pace of 14.3% YoY.
Moreover, non-government non-financial (NGNF ) debt grew 4.6% YoY in Q1 FY21 (against record-low growth levels of 4% in Q4 FY20).
Within the NGNF sector, household debt grew at near-record lows of 6% YoY in Q1 FY21 (8.9% in Q4 FY20, but slowest growth of 5.7% in Q4 FY09).
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