Indian companies borrowed record $4.43 billion in December 2025
Indian companies borrowed a record $4.43 billion from foreign lenders in December 2025—the highest monthly amount so far this financial year, says the RBI.
The money mainly went into importing equipment, launching new projects, and upgrading operations across sectors like manufacturing and infrastructure.
Major borrowers and their purposes
Big names like Air India ($274.9 million for new planes) and IndiGo ($463.7 million for equipment) topped the list, along with Power Finance Corporation ($499.8 million), Export-Import Bank of India ($350 million), Indian Oil Corporation ($300 million), and Indian Railway Finance Corporation ($299.5 million)—with funds intended for uses ranging from aircraft purchases and equipment to on-lending and refinancing.
Overseas borrowing down 41% year-on-year
Even with December's spike, total overseas borrowing for April-December FY26 was $25.57 billion—down 41% from last year's $43.32 billion at this point.