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

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.