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rahul (service)     01 April 2009

India’s external debt as at the end of December 2008

India’s external debt as at the end of December 2008

           

India’s total external debt stock is placed at US $ 230.85 billion at end-December 2008 as against US $224.65 billion at end-September 2008, recording an increase of US $ 6.2 billion or 2.8 per cent over the end-September 2008 level.

 

Long-term debt at US $ 183.37 billion recorded an increase of US $ 9.4 billion during the quarter ended December 2008, and accounted for 79.4 per cent of total external debt. Short-term debt, which had increased in the first two quarters of 2008-09, declined by US $ 3.2 billion during the quarter ended December 2008 to US $ 47.48 billion, with a share of 20.6 per cent in total external debt.

 

In terms of components of long-term external debt, commercial borrowings increased by US $ 4.6 billion to US $ 66.16 billion at end-December 2008 with its share in total external debt increasing to 28.7 per cent (27.4 per cent at end-September 2008). Bilateral debt outstanding at US $ 21.43 billion posted an increase of US $ 2.6 billion, while multilateral debt was up by US $ 0.98 billion to US $ 39.9 billion at the end of December 2008. Export credit outstanding also increased from US $ 12.32 billion at end-September 2008 to US $ 13.94 billion at end-December 2008. Over the quarter, NRI deposits recorded a decline of US $ 0.33 billion and Rupee debt was lower by US $ 55 million.

 

Government (sovereign) external debt stood at US $ 57.4 billion at end-December 2008 while non-Government debt amounted to US $ 173.5 billion. The share of non-Government debt to total external debt stood at 75.2 per cent at the end of December 2008.

 

In terms of currency composition of external debt, the share of US dollar denominated debt was the highest at 53.1 per cent, followed by Japanese Yen (15.9 per cent), Indian Rupee (15.8 per cent), SDR (9.3 per cent), Euro (3.8 per cent) and Pound Sterling (1.8 per cent).

 

The ratio of foreign exchange reserves to total external debt as at end December 2008 stood at a comfortable level of 110.9 per cent.

 

The complete text of this report is available on the Ministry of Finance Website: https://www.finmin.nic.in and the Reserve Bank of India’s website: https://www.rbi.org.in.



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