India's external debt went up 12.4% to $529.7 billion in March

India's external debt increased 12.4 per cent in March 2018 from a year-ago figures, primarily on account of an increase in commercial borrowings, short-term debt, and deposits from non-resident Indians (NRIs).

At the end of March 2018, India's external debt was at $529.7 billion, recording an increase of $58.4 billion over its level at the end of March 2017, the RBI said in a notification.

The external debt level, however, suffered from valuation loss after the US dollar depreciated against major currencies that time. The dollar has started strengthening now. Excluding the valuation effect, the increase in external debt would