Reserve Bank of India: external debt rises $15.4bn to $778.2bn
India's external debt climbed by $15.4 billion, reaching $778.2 billion at the end of June 2026, according to the Reserve Bank of India.
Part of this jump came from the US dollar getting stronger against other currencies like the yen and euro, a move that actually saved India about $0.9 billion in added debt.
India debt-to-GDP dips, short-term share rises
Even though total debt went up, India's debt-to-GDP ratio nudged down slightly from 20.9% to 20.8%, meaning our economy is still growing a bit faster than our borrowing.
But there's a catch: short-term debt (the kind that needs to be paid back soon) now makes up a bigger slice of our foreign exchange reserves, up from 21.6% in March to 23% in June, which could be risky if things get shaky globally.
Most of this debt is in US dollars (about 54.8%), and loans are the biggest chunk, followed by currency and deposits.