Financial Daily from THE HINDU group of publications
Thursday, Apr 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 01, 2004 |
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Industry & Economy
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Economy NRI deposits push up external debt stock to $112.1 b Our Bureau
New Delhi , March 31 THE country's total stock of external debt has surged from $105.22 billion in end-December 2002 to $112.10 billion in end-December 2003. The surge of $6.88 billion has been entirely on account of an increase in outstanding non-resident Indian (NRI) deposits (up $7.11 billion, from $ 21.85 billion to $28.96 billion) and short-term debt (up $2.85 billion, from $3.84 billion to $6.69 billion). On the other hand, the stock of debt contracted through multilateral agencies and external commercial borrowings has come down by $2 billion each, from $32.56 billion and $22.54 billion as on end-December 2002 to $30.56 billion and $20.54 billion, respectively in end-December 2003. There has also been a corresponding contraction in outstanding export credits (from $5 billion to $4.77 billion) and rupee debt (from $2.8 billion to $2.6 billion). However, the bilateral debt stock has shown an increase from $16.63 billion to $17.94 billion over this period. According to a Finance Ministry release, the overall debt position was, nevertheless, comfortable, with 36.4 per cent of the total debt stock as on end-December 2003 being contracted on concessional terms. Further, the foreign currency assets with the Reserve Bank of India amounted to $97.62 billion as on December 31, 2003, which provided a cover of around 87 per cent for the total debt stock. The short-term debt to forex assets ratio stood at a mere 6.8 per cent as on end-December 2003, which meant that there was no crisis of liquidity whatsoever.
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