India's external debt hits $736.3 billion in March 2025, up 67.5B from March 2024, driven by dollar appreciation and valuation effects.

• Long-term debt rose $60.6B; short-term share fell to 18.3%, but reserves ratio hit 20.1%.
• USD debt dominates (54.2%); non-financial corporations hold 35.5% of total external debt.
• Loans lead at 34%; debt service drops to 6.6% of current receipts from 6.7% in 2024.