The stock of external debt at end-March 2026 as well as revised data for earlier quarters are set out in Statements I (IMF format1) and II (old format). The major developments relating to India’s external debt as at end-March 2026 are presented below. Highlights
- At end-March 2026, India’s external debt was placed at US$ 762.8 billion, an increase of US$ 26.3 billion over its level at end-March 2025 (Table 1).
- The external debt to GDP ratio increased to 20.8 per cent at end-March 2026 from 19.8 per cent at end-March 2025.
- Valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee and other major currencies amounted to US$ 24.6 billion. Excluding the valuation effect, external debt would have increased by US$ 51.0 billion instead of US$ 26.3 billion at end-March 2026 over end-March 2025.
- At end-March 2026, long-term debt (with original maturity of above one year) was placed at US$ 613.5 billion, recording an increase of US$ 11.6 billion over its level at end-March 2025.
- The share of short-term debt (with original maturity of up to one year) in total external debt increased to 19.6 per cent at end-March 2026 from 18.3 per cent at end-March 2025. Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 21.6 per cent at end-March 2026 (20.1 per cent at end-March 2025).
- Short-term debt on residual maturity basis (i.e., debt obligations that include long-term debt by original maturity falling due over the next twelve months and short-term debt by original maturity) constituted 42.9 per cent of total external debt at end-March 2026 (41.2 per cent at end-March 2025) and stood at 47.3 per cent of foreign exchange reserves (45.4 per cent at end-March 2025) (Table 2).
- US dollar-denominated debt remained the largest component of India’s external debt, with a share of 55.5 per cent at end-March 2026, followed by debt denominated in the Indian rupee (29.4 per cent), yen (6.4 per cent), SDR2 (4.3 per cent), and euro (3.7 per cent).
- Outstanding debt of the general government decreased, while non-government debt increased at end-March 2026 over the level a year ago (Table 3).
- The share of outstanding debt of non-financial corporations in total external debt was the highest at 36.4 per cent, followed by deposit-taking corporations (except the central bank) (26.5 per cent), general government (22.0 per cent) and other financial corporations (10.2 per cent).
- Loans remained the largest component of external debt, with a share of 34.7 per cent, followed by currency and deposits (22.3 per cent), trade credit and advances (19.0 per cent) and debt securities (16.1 per cent) (Table 4).
- Debt service (i.e., principal repayments and interest payments) declined to 5.8 per cent of current receipts at end-March 2026 from 6.6 per cent at end-March 2025 (Table 5).
(Brij Raj)
Chief General Manager Press Release: 2026-2027/563
Table 1: External Debt – Outstanding and Variation |
(US$ billion, unless indicated otherwise) |
Sector | Outstanding as at end-March | Absolute Variation | Percentage Variation |
2024 R | 2025 PR | 2026 P | March 2025 over March 2024 | March 2026 over March 2025 | March 2025 over March 2024 | March 2026 over March 2025 |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
I. General Government | 148.7 | 168.4 | 167.5 | 19.7 | -0.9 | 13.3 | -0.6 |
II. Central Bank | 0.2 | 0.05 | 0.1 | -0.2 | 0.1 | -78.5 | 162.0 |
III. Deposit-taking Corporations, except the Central Bank | 186.8 | 202.2 | 202.1 | 15.4 | -0.1 | 8.2 | -0.1 |
IV. Other Sectors | 301.3 | 330.8 | 355.9 | 29.5 | 25.1 | 9.8 | 7.6 |
IV.1. Other financial corporations | 48.5 | 69.6 | 78.0 | 21.1 | 8.4 | 43.5 | 12.1 |
IV.2. Non-financial corporations | 252.7 | 261.1 | 277.9 | 8.4 | 16.8 | 3.3 | 6.4 |
IV.3. Households and nonprofit institutions serving households (NPISHs) | 0.01 | 0.01 | 0.01 | 0.0 | 0.0 | -7.1 | -14.0 |
V. Direct Investment: Intercompany Lending | 31.9 | 35.0 | 37.2 | 3.1 | 2.2 | 9.6 | 6.2 |
Total Debt (I to V) | 668.9 | 736.4 | 762.8 | 67.5 | 26.3 | 10.1 | 3.6 |
Memo Items: | | | | | | | |
A. Long-term Debt (original maturity)@ | 541.3 | 601.9 | 613.5 | 60.6 | 11.6 | 11.2 | 1.9 |
B. Short-term Debt (original maturity)# | 127.6 | 134.5 | 149.2 | 6.9 | 14.7 | 5.4 | 11.0 |
R: Revised. PR: Partially Revised. P: Provisional. | | | | | | | |
@: Debt with original maturity of above one year. |
#: Debt with original maturity of up to one year.
Note: Figures may not add up to total due to rounding off. |
Table 2: Residual Maturity of Outstanding External Debt as at end-March 2026 |
(US$ billion, unless indicated otherwise) |
Sector | Short-term up to one year | 1 to 2 years | 2 to 3 years | More than 3 years | Total (2 to 5) |
1 | 2 | 3 | 4 | 5 | 6 |
I. General Government | 10.4 | 11.9 | 13.5 | 131.6 | 167.5 |
I.A. Short-term Debt | 0.2 | – | – | – | 0.2 |
I.B. Long-term Debt | 10.2 | 11.9 | 13.5 | 131.6 | 167.2 |
II. Central Bank | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
II.A. Short-term Debt | 0.1 | – | – | – | 0.1 |
II.B. Long-term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
III. Deposit-taking Corporations, except the Central Bank | 127.7 | 33.9 | 9.1 | 31.4 | 202.1 |
III.A. Short-term Debt | 4.6 | – | – | – | 4.6 |
III.B. Long-term Debt | 123.1 | 33.9 | 9.1 | 31.4 | 197.5 |
IV. Other Sectors | 180.5 | 39.5 | 42.3 | 93.7 | 355.9 |
IV.A. Short-term Debt | 144.3 | – | – | – | 144.3 |
IV.B. Long-term Debt | 36.2 | 39.5 | 42.3 | 93.7 | 211.6 |
IV.1. Other financial corporations | 11.5 | 20.7 | 19.4 | 26.4 | 78.0 |
IV.1.A. Short-term Debt | 0.3 | – | – | – | 0.3 |
IV.1.B. Long-term Debt | 11.2 | 20.7 | 19.4 | 26.4 | 77.7 |
IV.2. Non-financial corporations | 168.9 | 18.8 | 22.9 | 67.4 | 277.9 |
IV.2.A. Short-term Debt | 144.0 | – | – | – | 144.0 |
IV.2.B. Long-term Debt | 25.0 | 18.8 | 22.9 | 67.4 | 133.9 |
IV.3. Households and nonprofit institutions serving households (NPISHs) | 0.01 | 0.0 | 0.0 | 0.0 | 0.01 |
IV.3.A. Short-term Debt | 0.0 | – | – | – | 0.0 |
IV.3.B. Long-term Debt | 0.01 | 0.0 | 0.0 | 0.0 | 0.01 |
V. Direct Investment: Intercompany Lending | 8.1 | 5.6 | 5.3 | 18.2 | 37.2 |
A. Total Short-term Debt | 149.2 | – | – | – | 149.2 |
B. Total Long-term Debt | 177.6 | 90.8 | 70.1 | 275.0 | 613.5 |
C. Total Debt (A+B) | 326.9 | 90.8 | 70.1 | 275.0 | 762.8 |
Memo Items: | | | | | |
Short-term Debt (residual maturity) as per cent of Total External Debt | 42.9 |
Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves | 47.3 |
Note: Figures may not add up to total due to rounding off. | |
Table 3: Government and Non-government External Debt |
(US$ billion, unless indicated otherwise) |
Component | End-March |
2023 | 2024 R | 2025 PR | 2026 P |
1 | 2 | 3 | 4 | 5 |
A. Government Debt (I+II) | 133.3 | 148.7 | 168.4 | 167.5 |
(As percentage of GDP) | (4.2) | (4.3) | (4.5) | (4.6) |
I. External Debt on Government Account under External Assistance | 91.1 | 95.4 | 101.9 | 105.2 |
II. Other Government External Debt@ | 42.3 | 53.2 | 66.5 | 62.3 |
B. Non-government Debt | 490.6 | 520.2 | 568.0 | 595.3 |
(As percentage of GDP) | (15.4) | (15.0) | (15.3) | (16.3) |
B.1. Central Bank | 0.1 | 0.2 | 0.05 | 0.1 |
B.2. Deposit-taking Corporations, except the Central Bank | 163.4 | 186.8 | 202.2 | 202.1 |
B.3. Other Financial Corporations | 55.0 | 48.5 | 69.6 | 78.0 |
B.4. Non-financial Corporations | 242.5 | 252.7 | 261.1 | 277.9 |
B.5. Households and nonprofit institutions serving households (NPISHs) | 0.01 | 0.01 | 0.01 | 0.01 |
B.6. Direct Investment: Intercompany Lending | 29.6 | 31.9 | 35.0 | 37.2 |
C. Total Debt (A+B) | 623.9 | 668.9 | 736.4 | 762.8 |
(As percentage of GDP) | (19.6) | (19.2) | (19.8) | (20.8) |
R: Revised. PR: Partially Revised. P: Provisional. |
@: Other government external debt includes defence debt, investment in treasury bills/government securities by foreign portfolio investors, foreign central banks and international institutions, and SDR allocations by the IMF.
Note: Figures may not add up to total due to rounding off. |
Table 4: Outstanding External Debt by Instruments |
(US$ billion) |
Instrument | End-March |
2023 | 2024 R | 2025 PR | 2026 P |
1 | 2 | 3 | 4 | 5 |
1. Special Drawing Rights (allocations) | 22.3 | 21.9 | 22.0 | 22.4 |
2. Currency and Deposits | 141.1 | 154.8 | 167.6 | 170.4 |
3. Debt Securities | 104.9 | 115.2 | 130.1 | 123.0 |
4. Loans | 201.8 | 221.4 | 250.6 | 264.9 |
5. Trade Credit and Advances | 124.3 | 123.7 | 131.2 | 144.9 |
6. Other Debt Liabilities | 0.0 | 0.0 | 0.0 | 0.0 |
7. Direct Investment: Intercompany Lending | 29.6 | 31.9 | 35.0 | 37.2 |
Total Debt | 623.9 | 668.9 | 736.4 | 762.8 |
R: Revised. PR: Partially Revised. P: Provisional.
Note: Figures may not add up to total due to rounding off. |
Table 5: India’s Key External Debt Indicators |
(Per cent, unless indicated otherwise) |
End-March | External Debt
(US$ billion) | Ratio of External Debt to GDP | Debt Service Ratio | Ratio of Foreign Exchange Reserves to Total Debt | Ratio of Concessional Debt to Total Debt | Ratio of Short-term Debt (original maturity) to Foreign Exchange Reserves | Ratio of Short-term Debt (original maturity) to Total Debt |
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
1991 | 83.8 | 28.3 | 35.3 | 7.0 | 45.9 | 146.5 | 10.2 |
1996 | 93.7 | 26.6 | 26.2 | 23.1 | 44.7 | 23.2 | 5.4 |
2001 | 101.3 | 22.1 | 16.6 | 41.7 | 35.4 | 8.6 | 3.6 |
2006 | 139.1 | 17.1 | 10.1# | 109.0 | 28.4 | 12.9 | 14.0 |
2007 | 172.4 | 17.7 | 4.7 | 115.6 | 23.0 | 14.1 | 16.3 |
2008 | 224.4 | 18.3 | 4.8 | 138.0 | 19.7 | 14.8 | 20.4 |
2009 | 224.5 | 20.7 | 4.4 | 112.2 | 18.7 | 17.2 | 19.3 |
2010 | 260.9 | 18.5 | 5.8 | 106.9 | 16.8 | 18.8 | 20.1 |
2011 | 317.9 | 18.6 | 4.4 | 95.9 | 14.9 | 21.3 | 20.4 |
2012 | 360.8 | 21.1 | 6.0 | 81.6 | 13.3 | 26.6 | 21.7 |
2013 | 409.4 | 22.4 | 5.9 | 71.3 | 11.1 | 33.1 | 23.6 |
2014 | 446.2 | 23.9 | 5.9 | 68.2 | 10.4 | 30.1 | 20.5 |
2015 | 474.7 | 23.8 | 7.6 | 72.0 | 8.8 | 25.0 | 18.0 |
2016 | 484.8 | 23.4 | 8.8 | 74.3 | 9.0 | 23.2 | 17.2 |
2017 | 471.0 | 19.8 | 8.3 | 78.5 | 9.4 | 23.8 | 18.7 |
2018 | 529.3 | 20.1 | 7.5 | 80.2 | 9.1 | 24.1 | 19.3 |
2019 | 543.1 | 19.9 | 6.4 | 76.0 | 8.7 | 26.3 | 20.0 |
2020 | 558.3 | 20.9 | 6.5 | 85.6 | 8.8 | 22.4 | 19.1 |
2021 | 573.4 | 21.1 | 8.2 | 100.6 | 9.0 | 17.5 | 17.6 |
2022 | 618.8 | 19.9 | 5.2 | 98.1 | 8.3 | 20.0 | 19.7 |
2023 | 623.9 | 19.6 | 5.3 | 92.7 | 8.2 | 22.2 | 20.6 |
2024 R | 668.9 | 19.2 | 6.7 | 96.6 | 7.4 | 19.7 | 19.1 |
2025 PR | 736.4 | 19.8 | 6.6 | 90.8 | 6.9 | 20.1 | 18.3 |
2026 P | 762.8 | 20.8 | 5.8 | 90.6 | 6.7 | 21.6 | 19.6 |
R: Revised. PR: Partially Revised. P: Provisional. |
# works out to 6.3 per cent with the exclusion of India Millennium Deposits (IMDs) repayments of US$ 7.1 billion and pre-payment of external debt of US$ 23.5 million. |
1 The concepts set out in the IMF’s 2013 External Debt Statistics (EDS) Guide are harmonized with those of the System of National Accounts (SNA) 2008 and the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6) published in 2009.2 SDR: Special Drawing Rights. |
