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Rediff.com  » Business » External debt up 12.8% to $296 billion in Apr-Sep

External debt up 12.8% to $296 billion in Apr-Sep

Source: PTI
December 31, 2010 18:00 IST
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With spurt in overseas borrowings by corporates and rupee appreciation against major currencies, India's external debt has gone up by 12.8 per cent to $295.8 billion in the first six months of the current fiscal.

According to a finance ministry statement, external debt stood at $262.3 billion at the end of March 2010 and increased by $33.5 billion during the April-September period.

In fact, rupee appreciation led to rise in external debt by $6.3 billion, or 18.8 per cent of the total increase, during the period.

The long-term debt rose by 9.5 per cent to $229.8 billion, while short-term debt increased by 25.8 per cent to $66 billion during the first half.

Amongst the components of long-term debt, which accounted for nearly 80 per cent of the total debt, the share of commercial borrowings stood at 27.8 per cent.

"The increase in India's external debt at end-September 2010 over end-March 2010 level was mainly on account of higher commercial borrowings and short-term debt," the statement said.

The share of government debt in total external debt stood at 24.4 per cent, or $72.3 billion, as against $67.1 billion at the end of March.

The share of US dollar in the external debt portfolio was at 53.9 per cent at end-September. While the share of NRI deposits was at 16.9 per cent, multilateral debt accounted for 15.8 per cent of the total debt at the end of September.

"The share of US dollar denominated debt was the highest in external debt stock at 53.9 per cent at end-September 2010 followed by the Indian Rupee (18.8 per cent)," the statement added.

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