India's External Debt Dynamics (2014–2024): Structure, Sustainability, and Policy Implications

India’s external debt has witnessed a substantial increase over the past decade in the context of growing globalization, financial market deepening, and the post-pandemic fiscal consolidation. This paper explores the pattern and sustainability of India’s external debt using the official International Debt Statistics for 2014–2024. The analysis provides an overview of the composition, maturity, creditor, and sustainability indicators of India’s external debt. The results show a consistent increase in the total stock of external debt, an increasing role of the private sector, moderate debt indicators in relation to Gross National Income (GNI), and strong reserve coverage. Although, India’s rising exposure to private creditors and bond markets pose potential risks, the overall external debt of India continues to be sustainable. This is aided by prudent macroeconomic policies and ample foreign exchange reserves. The paper provides important policy insights for emerging economies in managing external vulnerabilities in an increasingly complex and volatile global financial landscape.