General government gross debt
Centre and states combined — the IMF's preferred measure for debt sustainability, and the reason quoted figures differ so widely. The Union Budget's own number covers only the Centre and is roughly thirty points lower. Neither is wrong; they measure different things.
contested
General government — Centre and states combined — on the IMF's definition, the one used for debt-sustainability analysis. Down from a 2020 peak near 89%. The Union Budget's central-government figure is about 55.6% for FY2026-27; the two are not contradictory, they cover different entities, and quoting the lower one as 'India's debt' is the most common error in this series. Above the IMF's informal 60% benchmark but widely judged sustainable: growth is fast and almost all of the debt is rupee-denominated and domestically held. In absolute terms roughly $3.4 trillion, eighth largest in the world.
Source
International Monetary Fund — https://www.imf.org/external/datamapper/GGXWDG_NGDP@WEO