New Delhi [India], September 30 : India's external debt stood at USD 747.2 billion at the end of June 2025, marking an increase of USD 11.2 billion over the level recorded at end-March 2025, according to data released by the Reserve Bank of India (RBI) on Tuesday.
The data shows that the external debt to GDP ratio moderated slightly to 18.9 per cent at end-June 2025 from 19.1 per cent at end-March 2025.
The rise in external debt includes a valuation loss of USD 5.1 billion due to the depreciation of the US dollar against the Indian rupee and other major currencies such as the yen, euro, and Special Drawing Rights (SDR). Excluding this valuation effect, the increase in external debt would have been USD 6.2 billion.
The data further shows that the long-term debt rose to USD 611.7 billion, up by USD 10.3 billion over the previous quarter.
In contrast, the share of short-term debt (original maturity up to one year) declined to 18.1 per cent of total external debt, from 18.3 per cent at end-March 2025.
The highlight of the data shows that the short-term debt, on a residual maturity basis, constituted 40.7 per cent of total external debt and 43.6 per cent of foreign exchange reserves, both slightly lower than the previous quarter's levels.
US dollar-denominated debt remained the largest component at 53.8 per cent, followed by Indian rupee-denominated debt (30.6 per cent), yen (6.6 per cent), SDR (4.6 per cent), and euro (3.5 per cent).
While the general government's outstanding external debt decreased, the non-government sector's debt increased. Non-financial corporations held the largest share at 35.9 per cent, followed by deposit-taking corporations excluding the central bank (27.4 per cent), general government (22.5 per cent), and other financial corporations (9.5 per cent).
Loans remained the largest component of external debt at 34.8 per cent, followed by currency and deposits (23.0 per cent), trade credit and advances (17.7 per cent), and debt securities (16.8 per cent).
Debt service stood at 6.6 per cent of current receipts, unchanged from the previous quarter, the data shows.