Financial Daily from THE HINDU group of publications
Saturday, Dec 31, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 31, 2005 |
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Industry & Economy
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Economy External debt up at $124.3 billion Our Bureau
New Delhi , Dec. 30 THE country's total external debt as of end-September 2005 stood at $124.3 billion, which is a 1.8 per cent increase over the external debt level of $122.10 billion at end-June 2005. However, as compared to end-March 2005, the stock of external debt at end-September 2005 showed a smaller rise of 0.9 per cent or $1.05 billion. Component-wise, both long-term and short-term contributed almost equal amount to the increase in debt stock. Long-term debt outstanding stood at $116.0 billion at end-September 2005. This represented a rise of $1.2 billion over the quarter entirely due to increase in external commercial borrowings. Short-term debt increased by 14.1 per cent over the quarter to $8.303 billion at end-September 2005 on account of a rise in trade credits. Increase in trade credits was attributed to higher oil and non-oil imports during the current fiscal year so far. In terms of their share in total debt stock, multilateral debt constituted 25.3 per cent of the total debt at end September 2005. Non-Resident deposits accounted for 26.4 per cent, followed by commercial borrowings at 22.9 per cent. The share of bilateral debt was 12.8 per cent. Export credit and Rupee debt accounted for 4.2 and 1.7 per cent, respectively. The share of short-term debt was 6.7 per cent. An official release said there was no significant change in the currency composition of India's external debt over the quarter. As in the past, the US dollar continued to be the major currency in India's external debt basket with a share of 45.9 per cent at end-September 2005.
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