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March
2007
India
’s
External Debt for the quarter ended-December 2006
[Hindi]
India
’s
External Debt for the quarter ended-December 2006
India
's external debt stock
increased by US$6.2 billion to US$142.7 billion (Rs.632,051 crore)
as at the end of December 2006 from US$136.5 (Rs. 627,112 crore)
billion at end-September 2006 (Table
1). The rise in external debt outstanding at end-December 2006
was due to an increase in multilateral debt, external commercial
borrowings and NRI deposits, offset by a marginal decline in
short-term debt.
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Table
1:
India
's External Debt
|
|
(US
$ million)
|
|
Items
|
Debt
Outstanding at end
|
Variation
|
|
Absolute
|
Per
cent
|
|
March
2006 R
|
Sept
2006 R
|
Dec
2006 QE
|
Mar.
06 to Dec 06
(4-2)
|
Sept
06 to Dec 06
(4-3)
|
Mar.
06 to Dec 06
|
Sept
06 to Dec 06
|
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
|
1.
Multilateral
|
32,559
|
33,594
|
34,569
|
2,010
|
975
|
6.2
|
2.9
|
|
2.
Bilateral
|
15,727
|
15,734
|
15,770
|
43
|
36
|
0.3
|
0.2
|
|
3.
IMF
|
0
|
0
|
0
|
0
|
0
|
0.0
|
0.0
|
|
4.
Export credit
|
5,398
|
5,658
|
5,957
|
559
|
299
|
10.4
|
5.3
|
|
5.
Commercial borrowings
|
26,869
|
32,421
|
35,980
|
9,111
|
3,559
|
33.9
|
11.0
|
|
6.
NRI Deposits (long-term)
|
35,134
|
36,515
|
38,382
|
3,248
|
1,867
|
9.2
|
5.1
|
|
7.
Rupee debt
|
2,031
|
1,921
|
1,983
|
-48
|
62
|
-2.3
|
3.2
|
|
8.
Long-term debt
(1 to 7)
|
117,718
|
125,843
|
132,641
|
14,923
|
6,798
|
12.7
|
5.4
|
|
9.
Short-term debt
|
8,696
|
10,625
|
10,015
|
1,319
|
-610
|
15.2
|
-5.7
|
|
10.
Total debt (8+9)
|
126,414
|
136,468
|
142,656
|
16,242
|
6,188
|
12.8
|
4.5
|
|
R:
Revised
QE: Quick Estimates
|
While long-term debt outstanding increased over the quarter
by US$6,798 million to US$132,641
million,
short-term debt declined by US $610 million (5.7 per cent) to
US$10,015 million at end-December 2006. Under long-term debt, all
the components showed an increase over the quarter.
The largest increase was recorded by commercial borrowings;
an increase of 11.0 per cent over the quarter taking the amount
outstanding to US$ 35,980 million.
While multilateral debt rose by US$975 million, bilateral
debt showed an increase of US$ 36 million. Export credit outstanding
rose by US$299 million. While Rupee debt remained broadly at the
same level as at the end of previous quarter, NRI deposits rose by
US$1,867 million to US$38,382 million.
Non-Resident
deposits continued to account for the largest share of 26.9 per cent
in the total debt outstanding at end-December 2006, followed by
commercial borrowings at 25.2 per cent and multilateral debt at 24.2
per cent. The share of bilateral debt was 11.1 per cent. Export
credit and Rupee debt accounted for 4.2 per cent and 1.4 per cent,
respectively. The share of short-term debt was 7.0 per cent as
compared to 7.8 per cent at end-September 2006.
India
’s foreign currency reserves (foreign currency assets of the RBI,
gold, SDRs and Reserve Tranche Position in the International
Monetary Fund) stood at US$177.3 billion at end-December 2006.
Foreign currency assets of the RBI were valued at US$170.2
billion as on December 31, 2006 providing a cover of around 119 per
cent to total external debt stock.
US
dollar continued to be the major currency of composition in
India
’s external debt portfolio. The share of US dollar in the debt
stock of the country which increased from 45.4 per cent at end-March
2006 to 46.7 per cent in the quarter ended September 2006, had
marginally come down to 46.3 per cent at end-December 2006.
Government continued to pursue prudent external debt
management policies to maintain external debt within manageable
limits. These include
emphasis on raising funds under Government borrowing on
concessional terms and from less expensive sources with longer
maturities, monitoring of short-term debt, prepaying high cost
loans, rationalising interest rates on NRI deposits, restricting
end-use of external commercial borrowings, limiting trade credits
and encouraging non-debt creating capital flows.
The
complete text of this report is available on the Ministry of Finance
Website:
F.No.
1(13)/2007-EDMU
New Delhi
March 30, 2007
The
Press Information Bureau is requested to place this Press Release in
public domain.
(R.C.Srinivasan)
Senior
Economic Adviser
Shri
B.S.Chauhan,
Director (Press Relations),
Department of Economic Affairs,
Ministry of Finance,
North Block,
New Delhi
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