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NRI deposits raise India's external debt by 6.6%

By TIOL News Service
 

NEW DELHI, AUG 28, 2015: INDIA's external debt stock stood at USD 475.8 billion at end-March 2015, increasing by USD 29.5 billion (6.6 per cent) over the level at end-March 2014. The rise in external debt was due to the rise in long-term debt particularly commercial borrowings and NRI deposits.

At end-March 2015, long-term external debt was USD 391.1 billion, showing an increase of 10.3 per cent over the level at end-March 2014. At this level, long-term external debt accounted for 82.2 per cent of total external debt at end-March 2015 vis-à-vis 79.5 per cent at end-March 2014.

Short-term external debt stood at USD 84.7 billion at end-March 2015, showing a decline of 7.6 per cent over USD 91.7 billion at the end-March 2014. This owed mainly to the decline in FII investment in Government Treasury bills. Thus, the share of short-term external debt in total external debt declined from 20.5 per cent at end-March 2014 to 17.8 per cent at end-March 2015.

Government (sovereign) external debt stood at USD 89.7 billion at end-March 2015 vis-a-vis USD 83.7 billion at end-March 2014. The share of Government external debt in total external debt was 18.9 per cent at end-March 2015 vis-à-vis 18.8 per cent at end-March 2014.

India's external debt has remained within manageable limits as indicated by the external debt-GDP ratio of 23.8 per cent during 2014-15. External debt of the country continues to be dominated by the long-term borrowings. India's external debt position in recent years is given below:

Table: India's Key External Debt Indicators

(Per cent)

At end March

External Debt(USD billion)

External Debt to GDP

Debt Service Ratio

Foreign Exchange Reserves to Total Debt

Concessional Debt to Total Debt

Short-Term to Foreign Exchange Reserves

Short- Term Debt to Total Debt

1

2

3

4

5

6

7

8

2012-13

409.5

22.3

5.9

71.3

11.1

33.1

23.6

2013-14 PR

446.3

23.6

5.9

68.2

10.4

30.1

20.5

2014-15 QE

475.8

23.8

7.5

71.8

8.8

24.8

17.8

PR: Partially Revised; QE: Quick Estimates.

A cross country comparison based on “International Debt Statistics 2015” of the World Bank which presents the debt data for 2013, shows that India continues to be among the less vulnerable countries with its external debt indicators comparing well with other indebted developing countries. India's key debt indicators, especially debt to GNI and debt service ratios continue to be comfortable.

The complete 'India's External Debt: A Status Report 2014-15'


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