According to RBI data, India’s external debt increased by 10% to Rs.61.4 lakh crore (equivalent to $736.3 billion) as of March 2025. The external debt-to-GDP ratio also rose to 19.1%, highlighting higher overseas liabilities and currency valuation effects.

Key Highlights:

• India’s total external debt stood at Rs.61.4 lakh crore at the end of March 2025, up from Rs.55.8 lakh crore in March 2024.
• The debt-to-GDP ratio increased from 18.5% to 19.1% over the same period.
• A valuation effect of Rs.43,750 crore (approx. $5.3 billion) contributed to the increase due to a stronger US dollar.
• Long-term debt rose to Rs.50.2 lakh crore, while short-term debt accounted for 18.3% of total debt.
• Debt in US dollars made up 54.2% of the total, followed by Indian rupee-denominated debt at 31.1%.