News Karnataka
Wednesday, February 08 2023
Economy

External debt rises to $571 bn

External debt rises to 571 bn
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Mumbai: India’s external debt for the quarter ended June 2021 increased on a year-on-year as well as on sequential basis, official data showed on Thursday.

The external debt during the period under review rose. It went to $571.3 billion from $555.2 billion reported for the quarter ended June 2020.

On a sequential basis, at end-June 2021, it recorded an increase of $1.6 billion over $569.7 billion.

“The external debt to GDP ratio declined to 20.2 per cent at end-June 2021. It was 21.1 per cent at end-March 2021,” the RBI said in a statement.

“Valuation gain due to the appreciation of the US dollar vis-a-vis Indian rupee was placed at $1.7 billion. Excluding the valuation effect, it would have increased by $3.3 billion. This was instead of $1.6 billion at end-June 2021 over end-March 2021.”

As can be seen, commercial borrowings remained the largest component of external debt. They had a share of 37.4 per cent, followed by non-resident deposits at 24.8 per cent, and short-term trade credit 17.4 per cent.

“At end-June 2021, long-term debt (with original maturity of above one year) was placed at $468.8 billion, recording an increase of $0.2 billion over its level at end-March 2021.”

 

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