According to CAG report, total public debt of 28 states was ₹59,60,428 crore by FY 2022-23 end, which is 22.96% of their combined Gross State Domestic Product of ₹2,59,57,705 crore. Punjab had the highest debt-to-GSDP ratio of 40.35%, followed by Nagaland (37.15%) and West Bengal (33.7%). The lowest debt ratio was recorded by Odisha (8.45%), Maharashtra (14.64%) and Gujarat (16.37%).