India’s external debt rose to $620.7 billion at end-March 2022, recording an increase of $47.1 billion over the year earlier period, as per Reserve Bank of India (RBI) data.
The external debt to GDP ratio declined to 19.9% at end-March 2022 from 21.2% a year earlier.
Valuation gains on account of the appreciation of the U.S. dollar vis-à-vis Indian rupee and major currencies such as Yen, SDR2, and Euro was estimated at $11.7 billion. Excluding the valuation effect, external debt would have increased by $58.8 billion.
India’s long-term debt (with original maturity of above one year) rose to $499.1 billion, recording an increase of $26.5 billion over its level at end-March 2021, RBI data showed.
U.S. dollar-denominated debt remained the largest component of India’s external debt, with a share of 53.2%.
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