Three debt numbers, all true

You will see Kerala's debt quoted as 35.5%, 33.22%, and 38.8% of GSDP — and all three are correct. They differ by **basis** and **boundary**: - **35.50% (Budget Estimate, budget boundary)** — what the FY26 budget projected. - **33.22% (Revised Estimate, budget boundary)** — the updated within-year figure. - **38.80% (derived, consolidated boundary)** — the budget plus KIIFB and KSSPL borrowing that the state ultimately stands behind. A debt number without its year, basis, and boundary is meaningless — so every debt figure on this site carries all three tags. **Why this matters to you:** when two people quote different debt numbers, they may both be right and simply using different bases. The tags tell you which.