Debt is very much part and parcel of the life of an average Indian. For instance, the household debt jumped from 30.1 per cent in FY18, the year of GST implementation, to a massive 37.3 per cent in FY21, according to a report by SBI Research. In FY19 and FY20, household debt saw an increase of 31.7 per cent and 32.5 per cent, respectively.