Saturday, 31 December 2016

India’s external debt stands at $484.3 billion

The fall in external debt during the period was due to commercial borrowings and short term external debt. However, on a sequential basis, total external debt at end-September 2016 increased by US$ 4,768 million from the end-June 2016 level. 

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Department of Economic Affairs, Ministry of Finance has been compiling and releasing quarterly statistics on India’s External Debt for the quarters ending September and December every year. This relates to India’s External Debt at end-September 2016.

The salient features of the Report are:

At end-September 2016, India’s external debt stock stood at $ 484.3 billion, recording a decline of $ 0.8 billion (0.2%) over the level at end-March 2016. The fall in external debt during the period was due to commercial borrowings and short term external debt. However, on a sequential basis, total external debt at end-September 2016 increased by $ 4,768 million from the end-June 2016 level.         

The maturity pattern of India’s external debt indicates dominance of long-term borrowings. At end-September 2016, long-term external debt accounted for 83.2% of India’s total external debt, while the remaining (16.8%) was short-term external debt.
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Long-term debt at end-September 2016 was placed at $ 403.1 billion, showing an increase of $ 1.4 billion (0.4%) over the level at end-March 2016. Short-term external debt witnessed a decline of 2.6% and stood at $ 81.2 billion at end-September 2016.

Valuation loss (depreciation of US dollar against the Indian rupee and most other major currencies) was placed at $ 1.0 billion. This implies that excluding the valuation effect, the decrease in debt would have been higher by $ 1.8 billion at end-September 2016 over the end-March 2016 level.

The shares of Government (Sovereign) and non-Government debt in the total external debt were 20.1% and 79.9% respectively, at end-September 2016.

US dollar denominated debt accounted for 55.6 per cent of India’s total external debt at end-September 2016, followed by Indian rupee (30.1%), SDR (5.8%), Japanese Yen (4.8%) Pound Sterling (0.7%), Euro (2.4%) and others (0.6%).

The ratio of short-term external debt by original maturity to foreign exchange reserves stood at 21.8% at end-September 2016 lower than the 22.6% at end June 2016 and 23.1% at end-March 2016.

On a residual maturity basis, short-term debt constituted 42.0 per cent of total external debt at end-September 2016 (42.4% at end-June 2016 and 42.6% at end-March 2016) and stood at 54.7% of total foreign exchange reserves (55.9% at end-June 2016 and 57.4% at end-March 2016).

The ratio of concessional debt to total external debt was 9.4% at end-September 2016, same as at end-June 2016 and a marginal increase from the 9.0% at end-March 2016.




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