State debt at Rs 75.52 lakh crore, fiscal strain grows

India's combined state debt reached Rs 75.52 lakh crore by March 2025, with committed expenditures consuming over 61% of revenue, according to an analysis. Karnataka nears FRBM limits, Punjab struggles with debt servicing, and rigid obligations limit fiscal flexibility. Experts call for GST reforms and fiscal consolidation to address structural imbalances.