India’s external debt rises to $475.8 bn

Mumbai, June 30 (IANS) India’s external debt grew by 6.6 percent or $29.5 billion in the March-end period and stood at $475.8 billion, official data showed on Tuesday.

According to the data furnished by the Reserve Bank of India (RBI), the total external debt stood at $475.8 billion from $446.3 billion in the corresponding period of last year.

“India’s external debt at end-March 2015 showed an increase due to the rise in commercial borrowings and non-resident Indian (NRI) deposits,” the RBI was quoted in a statement.

“Further, the increase in the magnitude of external debt was partly offset by the valuation gains resulting from the appreciation of the US dollar vis-a-vis Indian rupee and other major currencies.”

The proportion of external debt to the country’s gross domestic product (GDP) increased to 23.8 percent at March-end 2015 as compared to 23.6 percent during the corresponding period of last year.

The long-term debt rose to $391.1 billion from $354.6 billion at March-end 2015, recording an increase of 10.3 percent over the March-end 2014 level.

However, the short-term debt declined by 7.6 percent during the period under review and stood at $84.7 billion from $91.7 billion.

Component-wise, the commercial borrowings grew by 21.7 percent at $181.9 billion from $149.5 billion.

The NRI deposits increased by 10.9 percent at $115.92 billion from $103.8 billion in the March-end period of 2014.

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