India's external debt at $426 bn in December
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India's external debt at $426 bn in December

Last Updated: Friday, March 28, 2014, 15:08
 
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India's external debt at $426 bn in December
New Delhi: India's external debt was at USD 426 billion - including the government's debt of USD 76.4 billion - at the end of December.

"Government (Sovereign) external debt stood at USD 76.4 billion, (17.9 percent of total external debt) at end- December 2013 as against USD 81.7 billion (20.2 percent) at end-March 2013," the Finance Ministry said today.

The total external debt of USD 426 billion showed an increase of USD 21.1 billion over the March-end level.

"The rise in external debt during the period was due to long-term debt particularly NRI deposits. A sharp increase in NRI deposits reflected the impact of fresh FCNR(B) deposits mobilised under the swap scheme during September-November 2013," it said in the latest quarterly report.

The ministry further said that the long-term debt was USD 333.3 billion at the end of December, showing an increase of 8.1 percent over March, 2013 level, while short-term debt declined by 4.1 percent to USD 92.7 billion.

"The share of US dollar denominated debt was the highest in external debt stock and stood at 63.6 percent at end- December 2013, followed by debt denominated in Indian rupee (19.4 percent), SDR (7.1 percent), Japanese yen (5.0 percent) and Euro (3.1 percent)," it added.

India's foreign exchange reserves provided 69 percent cover to the total external debt as of December end, as against 72.1 percent as of March-end, 2013.

The ministry said the debt has remained within manageable limits as indicated by the external debt to GDP ratio of 23.3 percent, vis-a-vis 21.8 percent at end-March 2013, and debt service ratio of 5.9 percent in 2012-13.

"India's external debt has remained within manageable limits due to prudent external debt management policy of the Government of India," it said.

The policy continues to focus on monitoring long and short-term debt, raising sovereign loans on concessional terms with longer maturities, regulating external commercial borrowings through end-use, all-in-cost and maturity restrictions, and rationalising interest rates on Non-Resident Indian deposits, it added.



PTI

First Published: Friday, March 28, 2014, 15:08


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