BIS: India against its peers
These bundles put India’s credit, debt service, property prices, exchange rate, policy rate and dollar borrowing beside 13 peer economies, plus the BIS emerging-market and advanced-economy aggregates. They are under macro/global/bis/* and macro/global/stats/india_credit_gap. Code: compute/bis.py and publish/bis.py; step bis.
Peers: the US, euro area, UK, Japan, China, Korea, Indonesia, Brazil, South Africa, Mexico, Turkey, Australia and Canada.
Source: the Bank for International Settlements, through its SDMX API: Data bank datasets bis_series (1,533 series) and bis_daily (35 series). The Data bank compared every observation with the BIS Data Portal bulk files and found 0 differences.
Licence: reproduced under the BIS terms of permitted use, citing “Source: BIS”. BIS compiles most series from national central banks and statistical offices. Some property prices come from commercial providers, which BIS flags in the COMPILING_ORG field.
| Bundle | Series | Unit |
|---|---|---|
credit_gap_india, credit_gap_peers, credit_gap_latest | WS_CREDIT_GAP: private non-financial credit-to-GDP ratio, its HP trend, and the gap | % of GDP; gap in pp |
total_credit_india, total_credit_peers, total_credit_latest | WS_TC: credit from all sectors to households, non-financial companies, the private non-financial sector and government, adjusted for breaks | % of GDP |
dsr, dsr_latest | WS_DSR: debt service ratios | % of income |
property_real_yoy | WS_SPP: real residential property prices | % y/y |
eer_india, eer_latest | WS_EER: broad (64-economy) real and nominal effective exchange rates | index 2020 = 100; % y/y |
global_liquidity | WS_GLI: US dollar credit to non-banks in India and in emerging markets; euro and yen growth | US$ bn; % y/y |
policy_rates_weekly, policy_rates_latest | WS_CBPOL (daily) | % a year |
Rules
- Valuation: total credit is at market value where BIS publishes it. Otherwise it is at nominal value, which is the case for India’s government debt.
- Dates: quarterly values are dated by the first day of the quarter.
- Policy rates: a rate is carried forward over gaps of up to 10 days for the weekly view, but never past BIS’s last observation for that country.
- Year-on-year: compares the same month or quarter a year earlier.
Checks (2026-10-02)
- India’s credit gap, Q1 2026: ratio 105.1, trend 100.8, gap +4.3 pp (Q1 2025: −5.0 pp). It equals the BIS Data Portal figures.
- Gap = ratio − trend within 1×10⁻⁴ pp across all areas and quarters.
- Under Basel III guidance the countercyclical buffer starts to build at a 2 pp gap.
- India’s debt, Q1 2026: households 49.1% of GDP, companies 56.0%, government 83.5%. The private debt service ratio is 12.5%.
- India’s REER, Aug 2026: BIS broad REER −7.3% y/y. RBI’s 40-currency REER is −6.8%, and the two series’ monthly changes correlate 0.93.
- Policy rates:
- India’s dates match RBI’s decisions: 6.25 on 2025-02-07, 6.00 on 2025-04-09, 5.50 on 2025-06-06 and 5.25 on 2025-12-05.
- BIS lags for India: its last observation is 2026-07-23. The RBI page uses RBI’s own series for the headline.
- Every euro-area change matches the ECB deposit rate.
Caveat: these ratios describe the stock of debt. A rising credit gap has preceded banking stress in BIS research, but many gaps closed without one. The site shows them as context, not as a warning signal.