Who does India owe? A breakdown of India's external debt
India's external debt has skyrocketed to a whopping $646.8 billion, according to the International Debt Report 2024 from the World Bank. This marks a major jump from $290 billion in 2010 to $646 billion at the end of December 2023. The report also states that 77% of this total debt is long-term while 23% is short-term in nature.
Multilateral institutions and countries: India's major creditors
A large part of India's external debt, nearly one-third, is owed to multilateral institutions like the World Bank. The World Bank alone accounts for 11% of India's total dues. Among creditor countries, Japan has an 11% share of the debt while Russia and Germany account for 2% each, the report reveals.
India's interest payments and private bondholder debt rise
In 2023, India paid $22.5 billion as interest on its external debt, a sharp rise from last year's $15 billion and a whopping jump from the $4.6 billion paid in 2010. The country also owes a significant amount to private bondholders, with this amount being $74.2 billion or 35% of its total external debt, up from just $14.7 billion in 2010.
