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Recently, Indian economic performance has been on a continuous upward trajectory in terms of GDP growth amidst external debt. This study considers in the context of management the measure of maintaining the positive trend of Indian economic growth, taking into account the potentially damaging impact of debt in the near future. To this end, the annual time series frequency data from 1975‐2016 is employed for econometrics analysis. The study utilizes the co‐integration technique in conjunction with Granger causality tests for causality direction among the variables under consideration in this study. The empirical findings of our study are as follows: debt ratio to GDP has a significant positive relationship with GDP growth and trade openness is significant but exerts a negative relationship with the economic growth of India. Furthermore, FDI has a positive and significant link with the …