India’s External Debt as at the end of June 2026

September 30, 2026

India’s External Debt as at the end of June 2026

The stock of external debt at end-June 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-June 2026 are presented below.

Highlights

• At end-June 2026, India’s external debt was placed at US$ 778.2 billion, an increase of US$ 15.4 billion over its level at end-March 2026 (Table 1).
• The external debt to GDP ratio moderated to 20.8 per cent at end-June 2026 from 20.9 per cent at end-March 2026.
• Valuation gains due to the appreciation of the US dollar vis-à-vis major currencies such as Yen and Euro amounted to US$ 0.9 billion. Excluding the valuation effect, external debt would have increased by US$ 16.4 billion instead of US$ 15.4 billion at end-June 2026 over end-March 2026.
• At end-June 2026, long-term debt (with original maturity of above one year) was placed at US$ 624.7 billion, recording an increase of US$ 11.2 billion over its level at end-March 2026.
• The share of short-term debt (with original maturity of up to one year) in total external debt increased to 19.7 per cent at end-June 2026 from 19.6 per cent at end-March 2026. Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 23.0 per cent at end-June 2026 (21.6 per cent at end-March 2026).
• 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 43.4 per cent of total external debt at end-June 2026 (42.9 per cent at end-March 2026) and stood at 50.5 per cent of foreign exchange reserves (47.3 per cent at end-March 2026) (Table 2).
• US dollar-denominated debt remained the largest component of India’s external debt, with a share of 54.8 per cent at end-June 2026, followed by debt denominated in the Indian rupee (29.8 per cent), Yen (6.9 per cent), SDR2 (4.1 per cent), and Euro (3.5 per cent).
• Outstanding debt of both government and non-government sectors increased at end-June 2026 over its level at end-March 2026 (Table 3).

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^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.

प्रेस प्रकाशनी PRESS RELEASE
भारतीय ǐरज़वर् बैंक
RESERVE BANK OF INDIA
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• The share of outstanding debt of non-financial corporations in total external debt was the highest at 36.1 per cent, followed by deposit-taking corporations (except the central bank) (26.2 per cent), general government (22.4 per cent) and other financial corporations (10.2 per cent).
• Loans remained the largest component of external debt, with a share of 34.3 per cent, followed by currency and deposits (22.2 per cent), trade credit and advances (19.1 per cent) and debt securities (16.5 per cent) (Table 4).
• Debt service (i.e., principal repayments and interest payments) stood at 5.6 per cent of current receipts at end-June 2026, same as end-March 2026 (Table 5).

(Brij Raj)
Press Release: 2026-2027/1220 Chief General Manager

Table 1: External Debt – Outstanding and Variation

(US$ billion, unless indicated otherwise)

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-June 2026

(US$ billion, unless indicated otherwise)