India's external debt was US$ 778.2 billion at the end of June 2026 (RBI), up US$ 15.4 billion from end-March 2026. It was 20.8% of GDP, down from 20.9%. Long-term debt was US$ 624.7 billion and short-term debt was 23.0% of foreign exchange reserves.
Source · RBI, figure for June 2026 · checked
| Period | Value (US$ billion) |
|---|---|
| Jun 2026 | 778.2 |
| Mar 2026 | 762.8 |
| Mar 2025 | 736.4 |
| Mar 2024 | 668.9 |
External debt is what residents of India owe to non-residents: the government, banks, companies and others. The June 2026 figure is provisional; the March 2026 figure is partially revised.
| Measure | Figure | Source |
|---|---|---|
| External debt, end-June 2026 | US$ 778.2 billion | RBI, 30 September 2026 |
| External debt, end-March 2026 | US$ 762.8 billion | RBI, 30 September 2026 |
| External debt to GDP, end-June 2026 | 20.8% | RBI, 30 September 2026 |
| Long-term debt (over one year), end-June 2026 | US$ 624.7 billion | RBI, 30 September 2026 |
| Short-term debt to forex reserves, end-June 2026 | 23.0% | RBI, 30 September 2026 |
At end-June 2026, India’s external debt was placed at US$ 778.2 billion, an increase of US$ 15.4 billion over its level at end-March 2026 ( Table 1 ). The external debt to GDP ratio moderated to 20.8 per cent at end-June 2026 from 20.9 per cent at end-March 2026.
Total Debt (I to V) 746.8 762.8 778.2 31.4 15.4 4.2 2.0 Memo Items: A. Long-term Debt (original maturity)@ 612.1 613.5 624.7 12.6 11.2 2.1 1.8 B. Short-term Debt (original maturity)# 134.6 149.2 153.5 18.9 4.3 14.0 2.9
Total Debt (I to V) 668.9 736.4 762.8 67.5 26.3 10.1 3.6
Valuation gains due to the appreciation of the US dollar vis-à-vis major currencies such as Yen and Euro amounted to US$ 0.9 billion. Excluding the valuation effect, external debt would have increased by US$ 16.4 billion instead of US$ 15.4 billion at end-June 2026 over end-March 2026.
Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 23.0 per cent at end-June 2026 (21.6 per cent at end-March 2026).
US dollar-denominated debt remained the largest component of India’s external debt, with a share of 54.8 per cent at end-June 2026, followed by debt denominated in the Indian rupee (29.8 per cent)
US$ 778.2 billion at the end of June 2026, up US$ 15.4 billion over March 2026 (RBI, provisional).
US dollar debt is the largest part at 54.8%, followed by rupee-denominated debt at 29.8% (RBI, end-June 2026).
It was 20.8% of GDP at end-June 2026, down from 20.9% at end-March 2026.
This figure is from RBI's own release or a report quoting it. We recheck it quarterly. If you have a newer or better source, send it to us.
Numbers like this, sourced and dated, in the daily brief. Nine stories every morning at 09:15 IST.
Get the brief free →