India’s external debt soars to $296 billionDecember 31st, 2010 - 7:04 pm ICT by IANS
New Delhi, Dec 31 (IANS) India’s external debt rose to $295.8 billion by Sep 30, 2010, an increase of $33.5 billion during the first six months of current fiscal, on increased short-term borrowings and depreciation in value of the US dollar. Long-term debt increased by 9.5 percent to $229.8 billion, while short-term debt soared 25.8 percent to $66 billion during the first two quarters of fiscal 2010-11, according to data released by the finance ministry Friday.
India’s total external debt rose to $295.8 billion by Sep 30, 2010, from $262.3 billion recorded at end-March 2010, registering an increase of 12.8 percent.
Of the total increase of $33.5 billion, 18.8 percent or $6.3 billion was because of the valuation effect arising from depreciation of the US dollar against major international currencies, a finance ministry statement said.
Short-term debt accounted for 22.3 percent of India’s total external debt while the rest 77.7 percent was long-term debt.
Component-wise, the share of commercial borrowings stood highest at 27.8 percent followed by Non-Resident Indian (NRI) deposits 16.9 percent and multilateral debt 15.8 percent.
The ratio of short-term external debt to foreign exchange reserves was 22.5 percent at end-September 2010 as compared to 18.8 percent at end-March 2010.
The share of US dollar denominated debt was the highest in external debt stock at 53.9 percent at the end of second quarter of fiscal 2010-11, followed by Indian rupee 18.8 percent, Japanese Yen 11.8 percent, SDR 9.8 percent and Euro 3.6 percent.
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Tags: debt stock, depreciation, euro 3, external debt, finance ministry, foreign exchange reserves, India, indian rupee, international currencies, japanese yen, ministry statement, multilateral debt, New Delhi, nri deposits, quarters, second quarter, six months, soars, term borrowings, term debt