The Government of India has informed that the country’s external debt stood at about 746 billion US dollars as of September 2025. Detailed data on foreign debt is published through the Quarterly External Debt Reports and the Annual Status Report on India’s External Debt, prepared by the Department of Economic Affairs.
India’s total external debt is about $746 billion. If this amount is divided across India’s population of about 1.46 billion people, the average comes to roughly:
This calculation uses an exchange rate of $1 = ₹92.24.
External debt is the total amount of money that a country borrows from foreign lenders. These lenders can include foreign governments, international organizations, foreign banks, and global investors.
Countries borrow money from abroad to support economic growth, finance development projects, manage fiscal needs, or maintain foreign exchange reserves.
- Multilateral institutions such as the World Bank and Asian Development Bank
- Bilateral loans from foreign governments
- External commercial borrowings from international markets
- Deposits from Non-Resident Indians (NRIs)
- Short-term trade credit and foreign currency loans
- To finance infrastructure projects
- To support economic development
- To manage trade deficits
- To strengthen foreign exchange reserves
External debt is usually measured in foreign currencies such as US dollars. Governments carefully monitor this debt to ensure that repayment obligations remain manageable and do not affect economic stability.
- External Debt to GDP Ratio
- Debt Service Ratio
- Foreign Exchange Reserves to External Debt Ratio
- Share of Short-Term Debt
Composition of India’s External Debt
According to the latest data available up to September 2025, India’s external debt totals USD 746 billion. The debt includes borrowings from different sources such as multilateral institutions, bilateral lenders, commercial borrowings, and deposits from non-resident Indians. The major components of India’s external debt are:
- Commercial borrowings: USD 294.8 billion
- Non-resident Indian (NRI) deposits: USD 165.8 billion
- Short-term debt: USD 137 billion
- Multilateral loans: USD 80.7 billion
- Bilateral loans: USD 41.2 billion
- International Monetary Fund (IMF): USD 22.7 billion
- Trade credit: USD 3 billion
- Rupee debt: USD 745 million
India’s External Debt from 1991 till 2025
| Year | External Debt (US$ billion) |
|---|---|
| 1991 | 83.8 |
| 1996 | 93.7 |
| 2001 | 101.3 |
| 2006 | 139.1 |
| 2007 | 172.4 |
| 2008 | 224.4 |
| 2009 | 224.5 |
| 2010 | 260.9 |
| 2011 | 317.9 |
| 2012 | 360.8 |
| 2013 | 409.4 |
| 2014 | 446.2 |
| 2015 | 474.7 |
| 2016 | 484.8 |
| 2017 | 471.0 |
| 2018 | 529.3 |
| 2019 | 543.1 |
| 2020 | 558.3 |
| 2021 | 573.4 |
| 2022 | 618.8 |
| 2023 | 623.9 |
| 2024 | 668.8 |
| 2025 | 736.3 |
| June 2025 | 746.7 |
| September 2025 | 746.0 |
Outside External Debts (US$ billion)
| Instruments | Sep 2024 PR | Jun 2025 PR | Sep 2025 P |
| SDR | 22.4 | 22.7 | 22.7 |
| Currency and deposits | 164.1 | 171.7 | 168.9 |
| Debt securities | 123.4 | 125.2 | 125.7 |
| Loans | 239.4 | 260.2 | 258.3 |
| Trade credits and advances | 131.2 | 131.1 | 134.0 |
| Other debt liabilities | 0.0 | 0.0 | 0.0 |
| Direct investment: Intercompany lending | 32.6 | 35.8 | 36.4 |
| Gross External Debt | 713.2 | 746.7 | 746.0 |
Government and Non-Government External Debt (US$ billion)
| Sector/Instrument | Sep 2024 PR | Jun 2025 PR | Sep 2025 P |
| A. General Government (I+II) | 162.0 | 168.0 | 168.8 |
| (as a percentage of GDP) | (4.3) | (4.3) | (4.3) |
| I. External Assistance under Govt. Account | 100.2 | 104.6 | 104.2 |
| II. Other Govt. External Debt@ | 61.7 | 63.3 | 64.5 |
| B. Non-Government Debt | 551.2 | 578.7 | 577.2 |
| (as a percentage of GDP) | (14.7) | (14.7) | (14.9) |
| B.1. Central Bank | 0.3 | 0.1 | 0.1 |
| B.2. Deposit-taking Corporations, except the Central Bank | 198.3 | 204.7 | 197.4 |
| B.3. Other financial corporations | 58.3 | 71.0 | 72.4 |
| B.4. Non-financial corporations | 261.7 | 267.2 | 271.0 |
| B.5. Households and non-profit institutions serving households (NPISHs) | 0.0 | 0.0 | 0.0 |
| B.6. Direct Investment: Intercompany Lending | 32.6 | 35.8 | 36.4 |
| Gross External Debt (A+B) | 713.2 | 746.7 | 746.0 |
Click here to download PDF of India’s External Debt from Department of Economic Affairs
