India's debt has been increasing rapidly over the past few years, reaching ₹155 lakh crore in 2021. The primary reasons behind this increase are as follows:

• Increased government spending: The government has increased its spending on various initiatives and schemes aimed at improving the country's infrastructure, health care, and education. This has led to a rise in the demand for resources and an increase in government borrowing to finance these initiatives.
• Economic slowdown: The Indian economy has been struggling in recent years due to various factors such as the global economic slowdown, demonetization, and the implementation of GST. This has led to a decrease in tax revenues, forcing the government to rely on borrowing to meet its expenses.
• Currency depreciation: The Indian rupee has been steadily depreciating against major currencies, making it more expensive for the government to borrow from international markets.

The increase in India's debt has several impacts. Firstly, the interest payments on the debt have been increasing, reducing the government's ability to spend on other sectors. Secondly, the high level of debt may lead to concerns over the country's ability to repay its debt obligations, potentially leading to higher interest rates on future borrowings. Finally, the increase in debt may impact India's credit rating, making it harder and more expensive for the country to borrow from international markets in the future.