India's total external debt for the end - March quarter 2017 rose to $471. 9 billion, from $456. 1 billion reported for the end - December period, official data showed on Friday.
However, on a year - on - year (YoY) basis the debt level declined by 2. 7 per cent over the corresponding period of the previous fiscal.
"At end - March 2017, India's external debt witnessed a decline of 2. 7 per cent over its level at end - March 2016, primarily on account of a decline in Non - resident Indian (NRI) deposits and commercial borrowings, " the Reserve Bank of India (RBI) said.
"The decline in the magnitude of external debt was partly due to valuation loss resulting from the depreciation of the US dollar vis - Ã - vis the Indian rupee. "
According to the RBI, external debt to GDP ratio stood at 20. 2 per cent as at end - March 2017, lower than its level of 23. 5 per cent at end - March 2016.
As per standard practice, India's external debt statistics for the quarters ending March and June are released by the RBI with a lag of one quarter and those for the quarters ending September and December by the Ministry of Finance.