A nation which doesn’t trust its people, will have its own enterprise while a nation which believes in its people will invest in them. That is the fundamental difference between India vs US or China.
Indian Govt created PSUs, funded them and crowded out private capital and innovation while US dept of defence helped launched multiple defence behemoths and even today are key driver behind the success of likes of Space X etc ..
Equity is forgiving and ignore all sins / exuberance while creating reward for all parties but debt like truth is stark, doesn’t allow even marginal error and generally destroy all, its rewarding only to disciplined souls or one backed by again unlimited equity.
Flirtation with debt has rarely ended well be it individuals, corporates or nations.
Debt which ideally shall only be for creating capital assets or meeting capital expenditure, always end up funding consumption or revenue expenditure, and hence doesn’t end well.
Debt require discipline which by design Nation, corporates rarely have as the cost is generally not paid by the one who take the decision of debt. Hence its a asymmetrical proposition – all rewards but no pain and for next in command all pain and no rewards.