India's Reddy warns on debt risks

India's high consolidated public debt to GDP ratio is a major area of vulnerability, said Y.V. Reddy, the governor of the Reserve Bank of India.

Reddy said that the policies used to manage the public debt, which now stands at over 70% of GDP, considered the risks involved, saying that they were "carefully crafted by taking recourse to all instruments at the command of the Reserve Bank in a coordinated manner."

"At the same time, reforms in government securities markets have been undertaken in a

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