India External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
India's external debt to gni was 17.10% in 2025, ranked 105th globally. This represents a 8.0% decrease from 2024. Data from World Bank, covering 1970–2025.
Overview
India's external debt to gni stood at 17.10% in 2025, a decline of +1.48pp from 2024. Based on recent trends, this figure is projected to reach 17.10% by 2025. India ranked 105th globally.
India’s external debt as a share of gross national income stood at 17.10% in 2025, ranking the country 105th globally, according to World Bank data spanning 56 years. This ratio has fluctuated significantly since 1970, when it began at 13.58%, reaching an all-time peak of 33.16% in 1993 amid balance of payments pressures and economic liberalization, before falling to a low of 11.10% in 1980. The 2025 figure reflects a moderate external debt burden relative to national income, positioning India between regional peers such as Myanmar at 16.58% and Guyana at 19.53%. While the downward trend from the 1993 high suggests improved debt management and stronger foreign exchange reserves, recent years have seen gradual increases from the early 2000s lows, partly due to rising commercial borrowing and currency depreciation. The trajectory is likely to remain stable if export growth and remittance inflows continue to outpace external borrowing, though a sharp rise in short-term debt or weakening of macroeconomic fundamentals could alter this course.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 15.66% | - | - |
| 2026* trend | 16.38% | - | - |
| 2025* trend | 17.10% | - | - |
| 2025 | 17.10% | −1.48pp | #105 |
| 2024 | 18.58% | +0.54pp | #14 |
| 2023 | 18.04% | −0.61pp | #10 |
| 2022 | 18.65% | −0.90pp | #12 |
| 2021 | 19.55% | −1.86pp | #9 |
| 2020 | 21.41% | +1.43pp | #15 |
| 2019 | 19.98% | +0.49pp | #16 |
| 2018 | 19.49% | −0.01pp | #15 |
| 2017 | 19.50% | −0.58pp | #15 |
| 2016 | 20.08% | −2.95pp | #18 |
| 2015 | 23.03% | +0.32pp | #27 |
| 2014 | 22.70% | −0.60pp | #31 |
| 2013 | 23.30% | +1.57pp | #33 |
| 2012 | 21.74% | +3.23pp | #33 |
| 2011 | 18.51% | +0.99pp | #21 |
Detected Pattern
Analysis
India matched the Fiscal Dominance Trap pattern in 2010. Historically, 72% of countries showing this pattern (278 out of 386) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
India's external debt to gni was 17.10% in 2025. Ranked 105th globally. This represents a 8.0% decrease from the previous year.
India's external debt to gni peaked at 33.16% in 1993.
The lowest external debt to gni in India was 11.10% in 1980.
India ranks 105th globally in external debt to gni as of 2025.
The World Bank indicator code is DT.DOD.DECT.GN.ZS. Data sourced from World Bank.
India's external debt to gni is projected to reach 17.10% by 2025 based on trend extrapolation.
The external debt to gni of India in 2025 was 17.10%. This ranks 105th in the world.
Cite this page
@misc{historysaid_india_external-debt-to-gni,
title = {India External Debt to GNI},
url = {https://historysaid.com/india/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}