Uttar Pradesh’s public debt will swell more than 8 per cent, from Rs 5.65 trillion in 2020-21 to Rs 6.11 trillion in financial year 2021-22 due to the economic impact of the coronavirus pandemic, India’s most populous state estimates. Topping the debt is market borrowings of more than Rs 4.18 trillion by the state government and its agencies, according to UP’s annual budget. The debt still conforms to the Fiscal Responsibility and Budget Management (FRBM) Act, which mandates states to tame aggregate debt below 30 per cent of their gross state domestic product (GSDP). At an estimated Rs 6.11 trillion in financial year 2021-22, the public debt ratio stands at 28.1 per cent vis-à-vis the projected GSDP of Rs 21.72 trillion.