India’s exterior debt stood at $558.5 billion in March, a rise of $15.Four billion in contrast with the year-ago interval, in accordance with RBI information.
Industrial borrowings remained the most important part of the exterior debt, with a share of 39.4%, adopted by non-resident deposits at 23.4% and short-term commerce credit score at 18.2%.
The info confirmed valuation positive factors because of the appreciation of the U.S. greenback towards the Indian rupee and different main currencies have been at $16.6 billion. “Excluding the valuation impact, the rise in exterior debt would have been $32 billion as a substitute of $15.Four billion at end-March 2020 over end-March 2019,” it stated.
On the finish of March, long-term debt, with authentic maturity of above one 12 months, was positioned at $451.7 billion, an increase of $17 billion over the extent recorded in March 2019.
Brief-term debt on residual maturity foundation constituted 42.4% of the full exterior debt and 49.5% of overseas change reserves on the finish of March.
“U.S. dollar-denominated debt continued to be the most important part of India’s exterior debt, with a share of 53.7% at end-March 2020, adopted by the Indian rupee (31.9%), yen (5.6%), SDR (4.5%) and the euro (3.5%),” the RBI stated.
The RBI additionally stated debt service (principal repayments plus curiosity funds) elevated marginally to six.5% of present receipts on the finish of March in comparison with 6.4% in the identical interval a 12 months in the past. This displays greater curiosity funds on industrial borrowings and decrease present receipts, it added.