Indian firms filed $2.73 billion in ECBs during May 2025; total FY25 filings surged 26% to a record $61.18 billion.

• ECB proposals were entirely under the automatic route in May 2025, with no cases under the approval route.
• FY25 external commercial borrowing filings mark India’s highest annual total, highlighting strong funding demand.
• NBFCs and corporates drive the surge, using ECBs for expansion, refinancing, and capital needs amid rising costs.