The combined debt-to-GDP ratio of states is expected to remain at 31 per cent by end-March 2022 which is worryingly higher than the target of 20 per cent to be achieved by 2022-23, according to a RBI report.The Reserve Bank’s annual publication titled ‘State Finances: A Study of Budgets of 2021-22’ further said as the impact of the second Covid-19 wave wanes, State Governments need to take credible steps to address debt sustainability concerns. “The combined debt to GDP ratio of States which stood at 31 per cent at end-March 2021 and is expected to remain at that level by end-March 2022, is worryingly higher than the target of 20 per cent to be achieved by 2022-23, as per the recommendations of the FRBM Review Committee,” it said.