Indian firms' external commercial borrowings (ECBs) stood at $2.91 billion in April 2025, according to Reserve Bank of India (RBI) data. This marked a sharp decline of 73% compared to over $11 billion in March 2025. Out of the intents filed in April 2025, the amount for those using the automatic route was $1.90 billion, and via the approval route, it was $ 1.01 billion.

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