India’s absolute external debt up 6% as of Mar ’24 amid higher servicing costs

In March 2024, India's external debt reached $663.8 billion, showing a $39.7 billion increase from the previous year. The valuation effect and a decline in short-term debt share contributed to this change, with debt service ratio rising to 6.7% of current receipts. Additionally, the ratio of international financial assets to liabilities increased to 74.0%.