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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
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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).
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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.
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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.
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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.
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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).
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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).
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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).
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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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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).
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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).
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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)
Chief General Manager
Press Release: 2026-2027/1220
| Table 1: External Debt – Outstanding and Variation |
| (US$ billion, unless indicated otherwise) |
| Sector |
Outstanding as at end of |
Absolute Variation |
Percentage Variation |
| June 2025 PR |
March 2026 PR |
June 2026 P |
June 2026 over June 2025 |
June 2026 over March 2026 |
June 2026 over June 2025 |
June 2026 over March 2026 |
| 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
| I. General Government |
168.0 |
167.5 |
174.3 |
6.3 |
6.8 |
3.7 |
4.0 |
| II. Central Bank |
0.1 |
0.1 |
0.1 |
0.1 |
0.01 |
69.4 |
11.5 |
| III. Deposit-taking Corporations, except the Central Bank |
204.7 |
202.1 |
203.8 |
-0.9 |
1.7 |
-0.4 |
0.8 |
| IV. Other Sectors |
338.3 |
355.9 |
361.0 |
22.7 |
5.1 |
6.7 |
1.4 |
| IV.1. Other financial corporations |
71.0 |
78.1 |
79.7 |
8.8 |
1.7 |
12.4 |
2.2 |
| IV.2. Non-financial corporations |
267.3 |
277.9 |
281.2 |
13.9 |
3.4 |
5.2 |
1.2 |
| IV.3. Households and nonprofit institutions serving households (NPISHs) |
0.01 |
0.01 |
0.01 |
0.0 |
0.0 |
-10.4 |
0.4 |
| V. Direct Investment: Intercompany Lending |
35.8 |
37.2 |
39.1 |
3.3 |
1.9 |
9.2 |
5.1 |
| Total Debt (I to V) |
746.8 |
762.8 |
778.2 |
31.4 |
15.4 |
4.2 |
2.0 |
| Memo Items: |
|
|
|
|
|
|
|
| A. Long-term Debt (original maturity)@ |
612.1 |
613.5 |
624.7 |
12.6 |
11.2 |
2.1 |
1.8 |
| B. Short-term Debt (original maturity)# |
134.6 |
149.2 |
153.5 |
18.9 |
4.3 |
14.0 |
2.9 |
| 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) |
| 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 |
13.7 |
11.3 |
14.5 |
134.7 |
174.3 |
| I.A. Short-term Debt |
1.6 |
– |
– |
– |
1.6 |
| I.B. Long-term Debt |
12.1 |
11.3 |
14.5 |
134.7 |
172.6 |
| 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 |
128.4 |
33.1 |
9.5 |
32.7 |
203.8 |
| III.A. Short-term Debt |
3.9 |
– |
– |
– |
3.9 |
| III.B. Long-term Debt |
124.5 |
33.1 |
9.5 |
32.7 |
199.8 |
| IV. Other Sectors |
187.1 |
45.4 |
35.8 |
92.7 |
361.0 |
| IV.A. Short-term Debt |
147.8 |
– |
– |
– |
147.8 |
| IV.B. Long-term Debt |
39.3 |
45.4 |
35.8 |
92.7 |
213.2 |
| IV.1. Other financial corporations |
13.3 |
22.4 |
18.5 |
25.6 |
79.7 |
| IV.1.A. Short-term Debt |
0.3 |
– |
– |
– |
0.3 |
| IV.1.B. Long-term Debt |
13.0 |
22.4 |
18.5 |
25.6 |
79.4 |
| IV.2. Non-financial corporations |
173.8 |
23.0 |
17.3 |
67.1 |
281.2 |
| IV.2.A. Short-term Debt |
147.5 |
– |
– |
– |
147.5 |
| IV.2.B. Long-term Debt |
26.3 |
23.0 |
17.3 |
67.1 |
133.7 |
| 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 |
6.2 |
4.8 |
19.9 |
39.1 |
| A. Total Short-term Debt |
153.5 |
– |
– |
– |
153.5 |
| B. Total Long-term Debt |
184.0 |
96.1 |
64.5 |
280.1 |
624.7 |
| C. Total Debt (A+B) |
337.5 |
96.1 |
64.5 |
280.1 |
778.2 |
| Memo Items: |
|
|
|
|
|
| Short-term Debt (residual maturity) as per cent of Total External Debt |
43.4 |
| Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves |
50.5 |
| 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 |
End-June |
| 2024 |
2025 PR |
2026 PR |
2026 P |
| 1 |
2 |
3 |
4 |
5 |
| A. Government Debt (I+II) |
148.7 |
168.4 |
167.5 |
174.3 |
| (As percentage of GDP) |
(4.3) |
(4.5) |
(4.6) |
(4.7) |
| I. External Debt on Government Account under External Assistance |
95.4 |
101.9 |
105.2 |
105.2 |
| II. Other Government External Debt@ |
53.2 |
66.5 |
62.3 |
69.1 |
| B. Non-government Debt |
520.2 |
568.0 |
595.3 |
603.9 |
| (As percentage of GDP) |
(14.9) |
(15.3) |
(16.3) |
(16.2) |
| B.1. Central Bank |
0.2 |
0.05 |
0.1 |
0.1 |
| B.2. Deposit-taking Corporations, except the Central Bank |
186.8 |
202.2 |
202.1 |
203.8 |
| B.3. Other Financial Corporations |
48.5 |
69.6 |
78.1 |
79.7 |
| B.4. Non-financial Corporations |
252.7 |
261.1 |
277.9 |
281.2 |
| B.5. Households and nonprofit institutions serving households (NPISHs) |
0.01 |
0.01 |
0.01 |
0.01 |
| B.6. Direct Investment: Intercompany Lending |
31.9 |
35.0 |
37.2 |
39.1 |
| C. Total Debt (A+B) |
668.9 |
736.4 |
762.8 |
778.2 |
| (As percentage of GDP) |
(19.2) |
(19.8) |
(20.9) |
(20.8) |
| 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 |
End-June |
| 2024 |
2025 PR |
2026 PR |
2026 P |
| 1 |
2 |
3 |
4 |
5 |
| 1. Special Drawing Rights (allocations) |
21.9 |
22.0 |
22.4 |
22.4 |
| 2. Currency and Deposits |
154.8 |
167.6 |
170.4 |
172.6 |
| 3. Debt Securities |
115.2 |
130.1 |
123.0 |
128.7 |
| 4. Loans |
221.4 |
250.5 |
264.9 |
267.0 |
| 5. Trade Credit and Advances |
123.7 |
131.2 |
144.9 |
148.4 |
| 6. Other Debt Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
| 7. Direct Investment: Intercompany Lending |
31.9 |
35.0 |
37.2 |
39.1 |
| Total Debt |
668.9 |
736.4 |
762.8 |
778.2 |
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 |
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 PR |
762.8 |
20.9 |
5.6 |
90.6 |
6.7 |
21.6 |
19.6 |
| End-June 2026 P |
778.2 |
20.8 |
5.6 |
85.9 |
6.5 |
23.0 |
19.7 |
| 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. |
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