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The World Bank in its latest International Debt Report has showed that India's total external debt surged to $646.79 billion in 2023, a $31 billion increase, while interest payment also jumped from $15.08 billion in 2022 to $22.54 billion in 2023.

According to the report, the long-term debt stocks have risen 7 per cent to $498 billion in 2023, while short-term debt stocks declined marginally to $126.32 billion in 2023. The external debt stock as a percentage of exports was 80 per cent, while debt servicing was 10 per cent of exports in 2023.

The report further noted that net debt inflows during the year worked out to be $33.42 billion, while the net equity inflows was higher at $46.94 billion in 2023. Meanwhile, the International Debt Report (IDR) is a longstanding annual publication of the World Bank featuring external debt statistics and analysis for the low- and middle-income countries that report to the World Bank Debtor Reporting System (DRS).