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Date : Jun 27, 2025
India’s External Debt as at the end of March 2025

The stock of external debt at end-March 2025 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 2025 are presented below.

Highlights

  • At end-March 2025, India’s external debt was placed at US$ 736.3 billion, an increase of US$ 67.5 billion over its level at end-March 2024 (Table 1).

  • The external debt to GDP ratio increased to 19.1 per cent at end-March 2025 from 18.5 per cent at end-March 2024.

  • Valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee and other currencies amounted to US$ 5.3 billion. Excluding the valuation effect, external debt would have increased by US$ 72.9 billion instead of US$ 67.5 billion at end-March 2025 over end-March 2024.

  • At end-March 2025, long-term debt (with original maturity of above one year) was placed at US$ 601.9 billion, recording an increase of US$ 60.6 billion over its level at end-March 2024.

  • The share of short-term debt (with original maturity of up to one year) in total external debt declined to 18.3 per cent at end-March 2025 from 19.1 per cent at end-March 2024. However, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 20.1 per cent at end-March 2025 (19.7 per cent at end-March 2024).

  • 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 41.2 per cent of total external debt at end-March 2025 (43.4 per cent at end-March 2024) and stood at 45.4 per cent of foreign exchange reserves (44.9 per cent at end-March 2024) (Table 2).

  • US dollar-denominated debt remained the largest component of India’s external debt, with a share of 54.2 per cent at end-March 2025, followed by debt denominated in the Indian rupee (31.1 per cent), yen (6.2 per cent), SDR2 (4.6 per cent), and euro (3.2 per cent).

  • Outstanding debt of both government and non-government sectors increased at end-March 2025 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 35.5 per cent, followed by deposit-taking corporations (except the central bank) (27.5 per cent), general government (22.9 per cent) and other financial corporations (9.4 per cent).

  • Loans remained the largest component of external debt, with a share of 34.0 per cent, followed by currency and deposits (22.8 per cent), trade credit and advances (17.8 per cent) and debt securities (17.7 per cent) (Table 4).

  • Debt service (i.e., principal repayments and interest payments) marginally declined to 6.6 per cent of current receipts at end-March 2025 from 6.7 per cent at end-March 2024 (Table 5).

(Puneet Pancholy)  
Chief General Manager

Press Release: 2025-2026/614

Table 1: External Debt – Outstanding and Variation
(US$ billion, unless indicated otherwise)
Sector Outstanding as at end-March Absolute Variation Percentage Variation
2023 R 2024 PR 2025 P March 2024 over March 2023 March 2025 over March 2024 March 2024 over March 2023 March 2025 over March 2024
1 2 3 4 5 6 7 8
I. General Government 133.3 148.7 168.4 15.3 19.7 11.5 13.3
II. Central Bank 0.1 0.2 0.0 0.1 -0.2 56.3 -78.5
III. Deposit-taking Corporations, except the Central Bank 163.4 186.8 202.1 23.4 15.3 14.3 8.2
IV. Other Sectors 297.5 301.3 330.9 3.8 29.6 1.3 9.8
  IV.1. Other financial corporations 55.0 48.3 69.2 -6.6 20.8 -12.1 43.1
  IV.2. Non-financial corporations 242.5 253.0 261.7 10.5 8.8 4.3 3.5
  IV.3. Households and nonprofit institutions serving households (NPISHs) 0.0 0.0 0.0 0.0 0.0 -17.4 -7.1
V. Direct Investment: Intercompany Lending 29.6 31.8 34.9 2.2 3.1 7.5 9.7
Total Debt (I to V) 623.9 668.8 736.3 44.9 67.5 7.2 10.1
Memo Items:              
A. Long-term Debt (original maturity)@ 495.5 541.2 601.9 45.7 60.6 9.2 11.2
B. Short-term Debt (original maturity)# 128.4 127.6 134.5 -0.8 6.9 -0.6 5.4
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 2025
(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 10.3 12.4 12.5 133.2 168.4
  I.A. Short-term Debt 0.3 – – – 0.3
  I.B. Long-term Debt 10.0 12.4 12.5 133.2 168.1
II. Central Bank 0.0 0.0 0.0 0.0 0.0
  II.A. Short-term Debt 0.0 – – – 0.0
  II.B. Long-term Debt 0.0 0.0 0.0 0.0 0.0
III. Deposit-taking Corporations, except the Central Bank 122.4 34.5 8.8 36.4 202.1
  III.A. Short-term Debt 2.9 – – – 2.9
  III.B. Long-term Debt 119.5 34.5 8.8 36.4 199.3
IV. Other Sectors 164.0 27.9 38.4 100.5 330.9
  IV.A. Short-term Debt 131.3 – – – 131.3
  IV.B. Long-term Debt 32.7 27.9 38.4 100.5 199.6
      IV.1. Other financial corporations 6.8 11.3 20.1 31.0 69.2
        IV.1.A. Short-term Debt 1.1 – – – 1.1
        IV.1.B. Long-term Debt 5.7 11.3 20.1 31.0 68.1
      IV.2. Non-financial corporations 157.3 16.6 18.3 69.6 261.7
        IV.2.A. Short-term Debt 130.2 – – – 130.2
        IV.2.B. Long-term Debt 27.0 16.6 18.3 69.6 131.5
      IV.3. Households and nonprofit institutions serving households (NPISHs) 0.0 0.0 0.0 0.0 0.0
        IV.3.A. Short-term Debt 0.0 – – – 0.0
        IV.3.B. Long-term Debt 0.0 0.0 0.0 0.0 0.0
V. Direct Investment: Intercompany Lending 7.0 4.4 5.4 18.0 34.9
A. Total Short-term Debt 134.5       134.5
B. Total Long-term Debt 169.2 79.3 65.2 288.1 601.9
C. Total Debt (A+B) 303.7 79.3 65.2 288.1 736.3
Memo Items:          
Short-term Debt (residual maturity) as per cent of Total External Debt 41.2
Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves 45.4
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
2022 2023 R 2024 PR 2025 P
1 2 3 4 5
A. Government Debt (I+II) 130.8 133.3 148.7 168.4
    (As percentage of GDP) (4.2) (4.1) (4.1) (4.4)
    I. External Debt on Government Account under External Assistance 86.7 91.1 95.4 101.9
    II. Other Government External Debt@ 44.1 42.3 53.2 66.5
B. Non-government Debt 488.0 490.6 520.1 567.9
    (As percentage of GDP) (15.7) (15.0) (14.4) (14.7)
  B.1. Central Bank 0.1 0.1 0.2 0.0
  B.2. Deposit-taking Corporations, except the Central Bank 160.4 163.4 186.8 202.1
  B.3. Other Financial Corporations 51.1 55.0 48.3 69.2
  B.4. Non-financial Corporations 248.8 242.5 253.0 261.7
  B.5. Households and nonprofit institutions serving households (NPISHs) 0.0 0.0 0.0 0.0
  B.6. Direct Investment: Intercompany Lending 27.6 29.6 31.8 34.9
C. Total Debt (A+B) 618.8 623.9 668.8 736.3
    (As percentage of GDP) (19.9) (19.1) (18.5) (19.1)
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
2022 2023 R 2024 PR 2025 P
1 2 3 4 5
1. Special Drawing Rights (allocations) 22.9 22.3 21.9 22.0
2. Currency and Deposits 141.0 141.1 154.8 167.6
3. Debt Securities 112.6 104.9 115.2 130.1
4. Loans 196.9 201.8 221.4 250.6
5. Trade Credit and Advances 117.8 124.3 123.7 131.2
6. Other Debt Liabilities 0.0 0.0 0.0 0.0
7. Direct Investment: Intercompany Lending 27.6 29.6 31.8 34.9
Total Debt 618.8 623.9 668.8 736.3
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 R 623.9 19.1 5.3 92.7 8.2 22.2 20.6
2024 PR 668.8 18.5 6.7 96.7 7.4 19.7 19.1
2025 P 736.3 19.1 6.6 90.8 6.9 20.1 18.3
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.

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