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The Reserve Bank of India (RBI) reports that since 2019-20, Indian households have been taking on financial debt far more quickly than they are building financial assets. Debt is a critical economic tool enabling governments, businesses, and individuals to finance development, innovation, and stability. This guide explores the types, mechanics, and risks of debt , highlighting its pivotal role in economic growth while emphasizing sustainable management. The outstanding debt of Indian states has seen a sharp rise over the past five years, reflecting increased borrowing amid economic challenges. Debt is the practice of borrowing a tangible item, primarily money by an individual, business, or government, from another person, financial institution, or state. The one who accepts the funds is the borrower or debtor, while the one giving it is the lender or creditor. It may be in the form of cash, mortgages, bonds, notes, and personal or commercial or student or credit card loans.
