Mumbai, Feb. 10 -- India's total External Commercial Borrowings (ECB) stood at USD 4.43 billion in December 2025, as per the data released by the Reserve Bank of India (RBI), reflecting sustained overseas funding by Indian companies for expansion, capacity creation and balance-sheet support.

A review of the data shows that ECB funds during the month were primarily utilised for import of capital goods, new project execution, modernisation of facilities, and on-lending by financial institutions.

Manufacturing, financial services, infrastructure and transportation sectors accounted for a significant share of the borrowings, underlining continued investment activity across the economy.

External Commercial Borrowings refer to loans raised b...