India's debt-GDP ratio drops to 18.7% in March

India's external debt to GDP ratio declined to 18.7 per cent at end-March 2024 from 19.0 per cent at end-March 2023, reflecting a strengthening of the country's macroeconomic fundamentals.

Although in absolute terms at the end-March 2024, India's external debt stood at $663.8 billion, an increase of $39.7 billion over its level at end-March 2023 there was also an increase in the country's GDP due to the high economic growth. This resulted in a decline in the debt to GDP ratio.