India's external debt witnessed a decline of 2.8 percent in the June quarter, over its level at end-March 2018, on account of a decrease in commercial borrowings, short-term debt and non-resident Indian (NRI) deposits, shows a data from the Reserve Bank of India (RBI).
At end-June 2018, India’s external debt was placed at $ 514.4 billion, recording a decrease of $ 14.9 billion over its level at end-March 2018, the data showed.
"The decrease in the magnitude of external debt was primarily due to valuation gains resulting from the appreciation of the US dollar against the Indian rupee and major currencies," RBI said.
The external debt to GDP ratio stood at 20.4 percent at end-June 2018, a shade lower than its level of 20.5 percent at end-March 2018.
Commercial borrowings continued to be the largest component of external debt with a share of 37.8 percent, followed by NRI deposits (24.2 percent) and short-term trade credit (18.8 percent), according to the data.
While, long-term debt with original maturity of above one year was placed at $ 415.7 billion, recording a decline of $ 11.4 billion over its level at end-March 2018, the share of long-term debt in total external debt was at 80.8 percent.
US dollar denominated debt continued to be the largest component of India’s external debt with a share of 50.1 percent at end-June 2018, followed by the Indian rupee (35.4 percent), SDR (5.4 percent), Japanese yen (4.7 percent) and euro (3.3 percent).
First Published: Sept 28, 2018 5:47 PM IST
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