What is the concept of public debt?

Public debt is the total amount borrowed by the Government to finance its development activities. Internal loans comprise more than 90% of the loans taken by the Central Government. The different sources of public debt are short-term borrowings, external assistance, treasury bills dated government securities (G-Secs). The Public debt manager for the government is the Reserve Bank of India (RBI).You can read about the Fiscal Responsibility & Budget Management (FRBM) Act in the given link.

Further readings:

1. Previous Years Economic Mains Questions for UPSC GS-3
2. Indian Economy Notes For UPSC