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.