New Delhi: 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'.
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"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).
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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).
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