Indian companies ramped up overseas borrowings in 2024, exceeding $32 billion by October, surpassing the total for 2023. Non-bank finance companies led the charge, borrowing over $16 billion, primarily for on-lending. High US interest rates didn’t deter borrowing, with many companies prioritizing access to larger loan sizes and managing rupee exposure.
Indian companies ramped up overseas borrowings in 2024, exceeding $32 billion by October, surpassing the total for 2023. Non-bank finance companies led the charge, borrowing over $16 billion, primarily for on-lending. High US interest rates didn’t deter borrowing, with many companies prioritizing access to larger loan sizes and managing rupee exposure.