External debt to GDP
- How often
- Every quarterAbout three months after the quarter
- Last released
- 30 Sep 2026Q1 2026-27 (Apr–Jun 2026)
April–June 2026, down from 20.9% in January–March 2026.
Events on this chart
Source: RBI, released 30 Sep 2026 · Chart: Clarity UPSC
- Previous
- 20.9%Q4 2025-26 (Jan–Mar 2026)
- Highest
- 20.9%Q4 2025-26 (Jan–Mar 2026)
- Lowest
- 19.8%Q4 2024-25 (Jan–Mar 2025)
3 readings since Q4 2024-25 (Jan–Mar 2025).
Story
External debt measured against the size of the economy.
What is happening now As of Q1 2026-27 (Apr–Jun 2026)
External debt was 20.8% of Gross Domestic Product (GDP) at the end of June 2026, slightly below 20.9% at the end of March 2026, the Reserve Bank of India (RBI) reports. At the end of March 2025 it was 19.8%. The debt itself grew by $15.4 billion in the quarter, to $778.2 billion. Government debt came to 4.7% of GDP and the debt of companies, banks and other borrowers to 16.2%.
The RBI's October 2026 Bulletin says this ratio and India's other external vulnerability indicators remained contained at the end of June 2026. Reserves covered 85.9% of the debt, down from 90.6% at the end of March.
Why it matters
This ratio shows whether India's foreign debt is large compared with the economy that must earn the money to repay it. A low ratio means the debt is easier to carry; a rising ratio shows foreign borrowing growing faster than the economy.
The Reserve Bank of India (RBI) counts it among India's main external vulnerability indicators, read together with short-term debt, debt service and reserves. Lenders and investors use the same measures to judge how exposed India would be if foreign money stopped flowing in.
What it is
This ratio compares India's external debt at the end of a quarter with the size of the economy. The Reserve Bank of India (RBI) publishes it with each quarterly external debt release.
The ratio rises when debt grows faster than Gross Domestic Product (GDP) measured in dollars. A weaker rupee pulls both ways: it shrinks GDP in dollars, which raises the ratio, and it shrinks rupee-denominated debt, which lowers it.
A low ratio means the economy can carry its foreign debt more easily. The Economic Survey 2025-26 notes that external debt is less than 5% of the Government of India's total debt.
Read this number
- The publisher
- The Reserve Bank of India is India's central bank. It manages money supply, bank regulation, the rupee and the country's foreign exchange reserves.
Terms on this page (2)
- GDP
- Gross Domestic Product
- RBI
- Reserve Bank of India
History
- 1990-91External debt, including deposits of Non-Resident Indians (NRIs), reaches an estimated 23% of Gross Domestic Product (GDP).
- 2016–2025The ratio averages about 20.2% between March 2016 and March 2025.
- Mar 2026The ratio rises to 20.9% (revised), from 19.8% a year earlier.
Readings
| Period | Value | Status | Released |
|---|---|---|---|
| Q1 2026-27 (Apr–Jun 2026) | 20.8% | Provisional | 30 Sep 2026 |
| Q4 2025-26 (Jan–Mar 2026) | 20.9%revised from 20.8% | Revised | 30 Sep 2026 |
| Q4 2024-25 (Jan–Mar 2025) | 19.8% | Revised | 29 Jun 2026 |
For UPSC
Read the ratio together with short-term debt, reserves to debt and debt service. External debt is a small part of the Government of India's own debt, which is mostly borrowed at home.