New Delhi, Oct. 28 -- India is the only emerging market economy among nine countries with a gross domestic product (GDP) of more than $1 trillion that is projected to reduce its public debt-to-GDP ratio between 2025 and 2031, Reserve Bank of India (RBI) Deputy Governor Poonam Gupta said on Wednesday.

India's general government debt is projected to decline from 84.3% of GDP in 2025-26 to 75.1% in 2031-32, according to Gupta's address at the Business Standard BFSI Insight Summit. The projection comes at a time when public debt is expected to rise across most major economies, limiting governments' ability to respond to future economic shocks.

The other eight emerging market economies with GDP above $1 trillion covered in the assessment are...