Mumbai | India’s total external debt stood at USD 762.8 billion at the end of March 2026, registering an increase of USD 26.3 billion over the year-ago period, according to the RBI data released on Monday.
Valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee and other major currencies amounted to USD 24.6 billion, according to the data on 'India’s External Debt as at the end of March 2026'.
"Excluding the valuation effect, external debt would have increased by USD 51 billion instead of USD 26.3 billion at end-March 2026 over end-March 2025," the Reserve Bank of India said.
The central bank also said that the external debt to GDP ratio increased to 20.8 per cent at end-March 2026 from 19.8 per cent during the corresponding period a year ago.
At the end of March 2026, RBI said, long-term debt (with original maturity of above one year) stood at USD 613.5 billion, recording an increase of USD 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," it said.
Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 21.6 per cent at end-March 2026 from 20.1 per cent at end-March 2025.
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).
RBI further said outstanding debt of the general government decreased, while non-government debt increased at end-March 2026 over the level a year ago.
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 per cent) and debt securities (16.1 per cent).
