RBI reports India external debt $762.8bn, up $26.3bn, debt-to-GDP 20.8%
India's external debt climbed to $762.8 billion by March 2026, up $26.3 billion from last year, says the Reserve Bank of India (RBI).
The debt-to-GDP ratio also nudged up to 20.8%.
The main reason? The US dollar strengthened against the rupee and other currencies, which actually reduced the dollar value of the debt; without this valuation effect, the increase would have been $51 billion.
India's external debt mostly US dollars
Most of India's external debt is in US dollars (55.5%), with rupees, yen, SDRs, and euros, making up the rest.
Loans and deposits are the biggest pieces of this debt puzzle.
Notably, short-term debts grew a bit faster this year, now making up nearly one-fifth of total external debt, while non-government borrowing went up but government borrowing actually dropped a little.