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  3. External debt of the country rise 1.7% at the end of September

External debt of the country rise 1.7% at the end of September

01 Jan 2016 Evaluate

Raising some concern of the government, the external debt of the country rose 1.7% to $483.2 billion at the end of September an increase of $8.0 billion over the level at end-March 2015, due to long-term liabilities, especially commercial borrowings and non-resident Indian deposits.

Finance Ministry in its release has said the increase would have been higher than $8 billion if not for valuation gains from the appreciation of the US dollar against the rupee and most major currencies, estimated at $5.7 billion. The rise in external debt during the period was due to long-term external debt particularly commercial borrowings and NRI deposits. However, on a sequential basis, total external debt at September-end declined by $291 million from the June end. Also, excluding the valuation effect, the increase in debt would have been higher by $13.7 billion at end-September 2015 over the end-March 2015 level.

Long-term debt, which accounted for 82.2% of total external debt in September, was placed at $397.1 bn, an increase of 1.9% from March. Short-term external debt increased 0.7% to $86.1 billion. Share of commercial borrowings was highest at 37.7% of total external debt, followed by NRI deposits at 25.2% and multilateral debt at 11%. At end-September 2015, long-term external debt accounted for 82.2% of India's total external debt, while the remaining 17.8% was short-term external debt.

Sovereign external debt stood at $88.9 billion in September 2015 while non-government debt amounted to $394.3 billion, it added. The statement noted that the share of dollar denominated debt continued to be the highest in external debt stock at 57.7% at end-September 2015, followed by the rupee 28.3%, SDR 5.8%, Japanese yen 4.0%, and euro 2.4%. The ratio of short-term external debt to foreign exchange reserves was 24.6% at end-September 2015, as against 25.0% at end-March 2015.

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