India’s External Debt as at the End of June 2026 RBI Report

The Reserve Bank of India has released the official data detailing India’s external debt position at the end of June 2026. This comprehensive report outlines the stock of external debt, sectoral composition, instrument-wise breakdown, and key macroeconomic vulnerability indicators compared against previous quarters.

Overview of India's External Debt

According to the latest data published by the Reserve Bank of India, the total stock of external debt at the end of June 2026 stood at US$ 778.2 billion. This reflects an increase of US$ 15.4 billion compared to the figures recorded at the end of March 2026. Despite the absolute increase in debt value, the external debt to GDP ratio showed a slight moderation, dropping to 20.8 per cent at end-June 2026 from 20.9 per cent at end-March 2026.

Valuation effects played a notable role in the changing debt numbers during this period. Valuation gains resulting from the appreciation of the US dollar against major global currencies, such as the Japanese Yen and the Euro, amounted to US$ 0.9 billion. If this valuation impact is excluded, India's external debt would have registered an increase of US$ 16.4 billion rather than US$ 15.4 billion over the quarter ending March 2026.

Key External Debt Statistics Table

Parameter / Indicator	End-March 2026 (PR)	End-June 2026 (P)	Absolute Variation	Percentage Variation
General Government Debt	US$ 167.5 billion	US$ 174.3 billion	US$ 6.8 billion	4.0%
Central Bank Debt	US$ 0.1 billion	US$ 0.1 billion	US$ 0.01 billion	11.5%
Deposit-taking Corporations	US$ 202.1 billion	US$ 203.8 billion	US$ 1.7 billion	0.8%
Other Sectors	US$ 355.9 billion	US$ 361.0 billion	US$ 5.1 billion	1.4%
Direct Investment: Intercompany Lending	US$ 37.2 billion	US$ 39.1 billion	US$ 1.9 billion	5.1%
Total External Debt	US$ 762.8 billion	US$ 778.2 billion	US$ 15.4 billion	2.0%

Maturity Profile and Composition

Long-term debt, defined as debt with an original maturity of above one year, was placed at US$ 624.7 billion at the end of June 2026, marking an increase of US$ 11.2 billion over the preceding quarter. Meanwhile, short-term debt with an original maturity of up to one year saw its share in total external debt rise marginally to 19.7 per cent, up from 19.6 per cent at end-March 2026. The ratio of short-term original maturity debt to foreign exchange reserves climbed to 23.0 per cent at the close of June 2026, compared to 21.6 per cent in March 2026.

When evaluated on a residual maturity basis—which factors in long-term debt obligations falling due over the next twelve months alongside short-term debt—short-term obligations accounted for 43.4 per cent of the total external debt. This metric stood at 50.5 per cent of foreign exchange reserves at end-June 2026.

Currency and Instrument Breakdown

US dollar-denominated debt continues to form the largest share of India's external debt portfolio, representing 54.8 per cent at the end of June 2026. This is followed by debt denominated in the Indian rupee at 29.8 per cent, the Japanese Yen at 6.9 per cent, Special Drawing Rights (SDR) at 4.1 per cent, and the Euro at 3.5 per cent.

Regarding financial instruments, loans constituted the largest segment of external debt at 34.3 per cent, followed closely by currency and deposits at 22.2 per cent, trade credit and advances at 19.1 per cent, and debt securities at 16.5 per cent. Outstanding debt for both government and non-government sectors increased over the quarter, with non-financial corporations holding the highest sectoral share at 36.1 per cent.

Important Dates and Release Information

Event Description	Date
Data Reference Period	June 30, 2026
Press Release Date	September 30, 2026

Debt Servicing and Economic Implications

Debt service obligations, encompassing both principal repayments and interest payments, remained steady at 5.6 per cent of current receipts at the end of June 2026, identical to the ratio recorded at the end of March 2026. Analysts, policymakers, and researchers can review the detailed statements, including IMF format data and historical comparisons, by visiting the official Reserve Bank of India website.