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India's external debt narrowly down at $388.5 billion in April-June quarter news
01 October 2013

India's external debt at the end of the first quarter of the current fiscal (as of 20 June 2013) stood at $388.5 billion, showing a decline of $3.6 billion or 0.9 per cent over end-March 2013 level, the Reserve Bank of India (RBI) said in a release today.

The 0.9 per cent sequential decline in external debt as of end-June 2013 was largely due valuation gains resulting from appreciation of the US dollar against the Indian rupee and other international currencies as well as decline in the level of external commercial borrowings (ECBs), RBI said.

ECBs, however, continued to be the largest component of India's external debt, with a share of 30.7 per cent of total external debt, followed by short-term debt (24.9 per cent) and NRI deposits (18.3 per cent).

The share of short-term debt in total debt rose over the preceding as well as corresponding quarter of the previous year. Long-term debt at $291.8 billion and short-term debt at $96.8 billion accounted for 75.1 per cent and 24.9 per cent, respectively, of the country's total external debt as of end-June 2013.

The ratio of short-term debt (original maturity) to foreign exchange reserves rose to 34.3 per cent as of end-June 2013 from 33.1 per cent at end-March 2013.

Based on residual maturity, short-term debt accounted for 43.8 per cent of total external debt as of end-June 2013.

Within the short-term debt, the share of NRI deposits was 28.1 per cent.

The valuation gain during the first quarter of 2013-14 amounted to $9.5 billion, reflecting the appreciation of the US dollar against the rupee and other major currencies.

Excluding valuation gains, the stock of external debt as of end-June 2013 would have increased by 5.9 billion, RBI noted.

US dollar denominated debt continued to have the largest share of 58.9 per cent in the country's total external debt as of end-June 2013, followed by rupee debt (22.6 per cent), SDR (7.6 per cent), Japanese yen (6.0 per cent) and euro (3.2 per cent).

Government (sovereign) external debt stood at $78.4 billion as of end-June 2013, against $81.7 billion at end-March 2013. The shares of government and non-government external debt in the total external debt were 20.2 per cent and 79.8 per cent, respectively, as of end-June 2013.

The data on external debt outstanding as at end-June 2013, along with revised data for the earlier quarters are set out in Statement 1 and 2.

''External debt as at end-June 2013 recorded a decline over the end-March 2013 largely due to valuation gains resulting from appreciation of US dollar against Indian rupee and other international currencies as well as decline in the level of external commercial borrowings (ECBs),'' it said.

The valuation gain during the first quarter of 2013-14, the RBI said, amounted to $9.5 billion reflecting the appreciation of dollar against the rupee and other major currencies.

''Thus, excluding the valuation gains, the stock of external debt as at end-June 2013 would have increased by $5.9 billion,'' the central bank said.

As per the RBI data, the share of ECBs continued to be the highest at 30.7 per cent of total external debt, followed by short term debt (24.9 per cent) and NRI deposits (18.3 per cent).

The share of short-term debt in total debt rose over the preceding as well as corresponding quarter of the previous year.

The long-term debt at $291.8 billion and short-term debt at $96.8 billion accounted for 75.1 per cent and 24.9 per cent, respectively, of the total external debt, the data revealed.

Based on residual maturity, the short-term debt accounted for 43.8 per cent of total external debt as at April-June 2013 quarter. Within the short-term debt, the share of NRI deposits was 28.1 per cent.

The US dollar denominated debt continued to be the largest with a share of 58.9 per cent in the total external debt as at end-June 2013, followed by rupee (22.6 per cent), SDR (7.6 per cent), Japanese Yen (6.0 per cent) and Euro (3.2 per cent).

As per the RBI, government (Sovereign) external debt stood at US$ 78.4 billion as at end-June 2013 as against $81.7 billion as at end-March 2013.

The shares of government and non-government external debt in the total external debt were 20.2 per cent and 79.8 per cent, respectively, as at end-June 2013.





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India's external debt narrowly down at $388.5 billion in April-June quarter