India’s external debt at the end of March 2024 was at $663.8 billion, an increase of $39.7 billion from its level at end-March 2023.
The external debt-to-GDP ratio declined to 18.7% at end-March 2024 from 19.0% at end-March 2023, according to data released by RBI on Tuesday.
Valuation effect due to the appreciation of the U.S. dollar vis-à-vis the Indian rupee and other major currencies such as yen, euro and SDR amounted to $8.7 billion.
U.S. dollar-denominated debt remained the largest component of India’s external debt, with a share of 53.8% at end-March 2024, followed by debt denominated in the Indian rupee (31.5%), yen (5.8%), SDR (5.4%), and euro (2.8%). Outstanding debt of both government and non-government sectors increased at end-March 2024 over the year earlier level.
Loans remained the largest component of external debt at 33.4%, followed by currency and deposits (23.3%), trade credit and advances (17.9%) and debt securities (17.3%).