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Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

India’s External Debt Edges Past $629 Billion

OMMCOM NEWS by OMMCOM NEWS
September 28, 2023
in Business
RBI

New Delhi: India’s external debt rose by $4.7 billion in the April-June quarter to touch the USD 629.1 billion mark, although the debt-GDP ratio declined, RBI data released on Thursday showed.

“The external debt to GDP ratio declined to 18.6 per cent at end-June 2023 from 18.8 per cent at end-March 2023,” RBI said.

Valuation effect due to the appreciation of the US dollar vis-à-vis the major currencies such as yen and SDR amounted to USD 3.1 billion.

US dollar-denominated debt remained the largest component of India’s external debt, with a share of 54.4 per cent at end-June 2023, followed by debt denominated in the Indian rupee (30.4 per cent), SDR (5.9 per cent), yen (5.7 per cent), and the euro (3.0 per cent).

Excluding the valuation effect, external debt would have increased by $7.8 billion instead of $4.7 billion at end-June 2023 over end-March 2023, RBI said.

According to the data, at end-June 2023, long-term debt (with original maturity of above one year) was placed at USD 505.5 billion, recording an increase of USD 9.6 billion over its level at end of the preceding quarter.

The share of short-term debt (with original maturity of up to one year) in total external debt declined to 19.6 per cent at end-June 2023 from 20.6 per cent at end-March 2023.

RBI further said outstanding debt of the general government decreased, while non-government debt increased at end-June 2023.

Loans remained the largest component of external debt, with a share of 32.9 per cent, followed by currency and deposits, trade credit and advances and debt securities.

(IANS)

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