Financial Daily from THE HINDU group of publications
Friday, Oct 01, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 01, 2004 |
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Industry & Economy
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Economy External debt at $112.6 b Our Bureau
Mumbai , Sept. 30 INDIA'S total external debt stood at $112.6 billion as on June 30, 2004, registering an increase of $121 million during April-June 2004. Excluding valuation effects on account of the appreciation of the US dollar against other major international currencies, it would have risen by $2 billion, said a RBI release here on Thursday. The country's external debt stock, measured in rupees, rose by 5.9 per cent during the period. Meanwhile, the US dollar continued to dominate the currency composition of India's external debt at 43.5 per cent. The rupee debts accounted for 20.1 per cent, SDRs (special drawing rights) for 16 per cent and the Japanese yen for 11.3 per cent. The debt components saw multilateral debt, external commercial borrowings and short-term debt show an increase while other components recorded a decline. Short-term debt recorded the highest expansion at $1.17 billion (24.7 per cent) during the quarter, reflecting substantial increase in both POL (petroleum, oil and lubricant) and non-POL imports. Among the key indicators of the sustainability of external debt, the ratio of short-term debt to total debt posted a modest rise, reflected in an upward movement in the ratio of short-term debt to foreign exchange reserves. India's foreign exchange reserves exceeded the external debt by $6.9 billion providing a cover of 106.1 per cent to the external debt stock.
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