New Delhi, July 16 -- India's non-sovereign debt could rise from approximately 84 per cent of GDP today to around 150 per cent by 2047. This structural shift will be necessary to achieve the government's Viksit Bharat vision of a USD 30+ trillion economy by the calendar year 2047.

The projected debt levels match the borrowing ratios of developed economies like the US, the UK, the euro area, and Japan during their periods of rapid economic transformation in the early 2000s.

According to a report by rating agency Crisil, the banking sector faces limitations in meeting this massive credit demand alone. Sluggish deposit growth in recent financial years and a high credit-deposit ratio of over 82 per cent as of March 2026 constrain the abilit...