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

By June 2026, India's external debt had risen to $778.2 billion, up $15.4 billion from the end of March 2026. The ratio of external debt to GDP fell slightly to 20.8%, down from 20.9% in the previous quarter. Increases in the value of the US dollar resulted in gains of $0.9 billion. Excluding this effect, debt would have increased by $16.4 billion over the prior period.

As of June 2026, long-term debt, with maturities over one year, totaled $624.7 billion, growing by $11.2 billion since March 2026. Short-term debt, due within a year, accounted for 19.7% of total external debt, up from 19.6% in March 2026. This short-term debt represented 23.0% of foreign exchange reserves, up from 21.6% in March 2026.

Residual maturity debt, which includes long-term obligations maturing within twelve months, constituted 43.4% of total debt and 50.5% of foreign exchange reserves. The majority of India's external debt, 54.8%, was denominated in US dollars, followed by Indian rupees (29.8%), Yen (6.9%), SDRs (4.1%), and Euros (3.5%). Both the government and non-government sectors saw increases in outstanding debt by June 2026 compared to March 2026.

Non-financial corporations held the largest share of outstanding debt at 36.1%, followed by deposit-taking corporations (26.2%), general government (22.4%), and other financial corporations (10.2%). Loans made up the largest portion of external debt, at 34.3%, while currency and deposits accounted for 22.2%, trade credit and advances 19.1%, and debt securities 16.5%.

Debt service, comprising principal repayments and interest payments, was 5.6% of current receipts in June 2026, identical to the figure in March 2026.