India spends a third of its revenue just servicing its debt — the most among major economies.
| Country | Interest-to-revenue | Debt-to-GDP |
|---|---|---|
| India | ~37% | ~84% |
| United States | ~19% | ~124% |
| United Kingdom | ~13% | ~102% |
| Japan | ~13.5% | ~207% |
| Germany | ~3-4% | ~63% |
Interest-to-revenue = the share of what the government collects that goes straight to interest. Figures are each country's own budget basis; the tracked series behind this reading are on the IMF's single general-government definition.
The reading — and its limits
The two columns don't line up — and that's the point. Japan owes far more relative to its economy (~207%) yet pays a smaller share of revenue in interest than India does on ~84% debt. The reason is the rate at which the debt was raised: India borrows at much higher interest rates, so a given amount of debt costs far more to service each year. The burden is set by the rate, not just the size of the debt. Over 25 years the point proves itself: Japan's debt ratio rose from 118% to 214% while its interest burden fell by more than half.
Method Interest-to-revenue from each country's own treasury/budget primary (India = Union Budget interest payments / revenue receipts). Debt-to-GDP from the IMF (general government gross debt, 2025). Tracked over time as ten series on the IMF's consistent general-government basis, 2000 onward.
Computed 7 August 2026