Economy States set to miss 20% debt-to-GDP ratio target by FY23, says report Updated : September 18, 2018 04:32 PM IST Eight states namely Himachal, Jammu & Kashmir, Kerala, Manipur, Meghalaya, Nagaland, Punjab and Rajasthan had debt-to-GSDP ratios in excess of 30 percent in FY18 Sustainability of debt-to-GDP ratio relies on the primary balance-to-GDP and the rate spread (excess of nominal growth over average interest rate on debt). Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.