India's external debt stood at US$762.8 billion at the end of March 2026, an increase of US$26.3 billion from a year earlier, according to data released by the Reserve Bank of India (RBI). The country's external debt-to-GDP ratio rose to 20.8% from 19.8% a year ago.

Long-term external debt increased to US$613.5 billion, while the share of short-term debt in total external debt rose to 19.6%. The US dollar remained the dominant borrowing currency, accounting for 55.5% of total external debt, followed by the Indian rupee (29.4%).

Among borrower categories, non-financial corporations accounted for the largest share of external debt at 36.4%, while loans remained the biggest component of external borrowings, contributing 34.7% of the total. Meanwhile, India's debt servicing burden improved, with the debt service ratio declining to 5.8% of current receipts from 6.6% a year earlier.