India external debt rises to $778.2bn, debt-to-GDP ratio eases to 20.8%

India's external debt increased by $15.4 billion to $778.2 billion at end-June 2026, while the debt-to-GDP ratio moderated slightly to 20.8% from 20.9% at end-March. The rise is partly attributed to valuation gains from US dollar appreciation. The modest ratio decline signals stable external leverage, with implications for sovereign credit perception and capital flow dynamics.