India External Debt
Total external debt stocks DT.DOD.DECT.CD
India's external debt was $732.9B in 2025, ranked 2nd globally. This represents a 2.3% increase from 2024. Data from World Bank, covering 1970–2025.
Overview
India's external debt stood at $732.9B in 2025, a rise of +$16.4B from 2024. Based on recent trends, this figure is projected to reach $732.9B by 2025. India ranked 2nd globally.
India's external debt has experienced a significant upward trajectory since 1970, when it stood at 8,425,121,119.40. By 2025, the country's external debt has reached an all-time high of 732,855,561,807.36, ranking second globally. This rapid growth has outpaced that of some of its peer countries, with China's external debt, for instance, reaching 2,462,809,165,347.20 in 2025. India's external debt as a percentage of its GDP has also been rising, although the World Bank does not provide this data for 2025. As of 1970, India's external debt was a relatively small fraction of its GDP, but it has since become a significant concern for policymakers. The upward trend is likely to continue due to India's growing economic integration with the global economy and increasing capital requirements for its infrastructure development projects. However, a significant increase in foreign investment and export earnings could potentially alter this trajectory.
Data & projection
| Year | External Debt | YoY change | Rank |
|---|---|---|---|
| 2027* trend | $800.6B | - | - |
| 2026* trend | $766.7B | - | - |
| 2025* trend | $732.9B | - | - |
| 2025 | $732.9B | +$16.4B | #2 |
| 2024 | $716.5B | +$68.9B | #116 |
| 2023 | $647.6B | +$32.0B | #117 |
| 2022 | $615.5B | +$3.5B | #119 |
| 2021 | $612.0B | +$47.0B | #119 |
| 2020 | $565.0B | +$4.0B | #118 |
| 2019 | $561.0B | +$39.8B | #117 |
| 2018 | $521.2B | +$9.6B | #117 |
| 2017 | $511.6B | +$56.0B | #116 |
| 2016 | $455.5B | −$23.3B | #116 |
| 2015 | $478.8B | +$21.3B | #116 |
| 2014 | $457.5B | +$30.3B | #114 |
| 2013 | $427.2B | +$34.7B | #114 |
| 2012 | $392.6B | +$58.2B | #114 |
| 2011 | $334.4B | +$44.0B | #113 |
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 improve within 24 months. View full analysis →
Frequently Asked Questions
India's external debt was $732.9B in 2025. Ranked 2nd globally. This represents a 2.3% increase from the previous year.
India's external debt peaked at $732.9B in 2025.
The lowest external debt in India was $8.4B in 1970.
India ranks 2nd globally in external debt as of 2025.
The World Bank indicator code is DT.DOD.DECT.CD. Data sourced from World Bank.
India's external debt is projected to reach $732.9B by 2025 based on trend extrapolation.
India's external debt was approximately 732.86 billion ($732.9B) in 2025.
The external debt of India in 2025 was $732.9B. This ranks 2nd in the world.
Cite this page
@misc{historysaid_india_external-debt,
title = {India External Debt},
url = {https://historysaid.com/india/external-debt/},
publisher = {HistorySaid},
year = {2026}
}