India's external debt rises to $762.8 billion in FY26, debt-to-GDP ratio climbs

India's external debt rose to $762.8 billion at end-March 2026, with the debt-to-GDP ratio climbing year-on-year. The increase was partly driven by a $24.6 billion valuation effect from USD appreciation against the rupee; excluding this, external debt would have risen by $51 billion. Short-term debt's share in total external debt increased to 19.6% from 18.3%, though the debt service ratio improved to 5.8% of current receipts from 6.6% a year earlier.