What India can teach a world drowning in debt

IMF's recently released global database shows that the world has a lot to learn from India's thrifty habits

The International Monetary Fund (IMF) on Monday released its latest working paper on global debt. This year’s working report has been prepared by three IMF economists Samba Mbaye, Mariaaluz Badia and Kyngla Chae. The report has some startling observations to make about a world drowning in debt and the changing geographical distribution of indebtedness.

Firstly, global debt is at a record high of $164 trillion which is more than twice the global Gross Domestic Product (GDP). The report notes, “It is striking that the top three borrowers in the world (United States, China, and Japan) account for more than half