Industry & Economy
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Economy
External debt down by $5 b at $119.2 b
Our Bureau
New Delhi
,
March 31
India's external debt came down by $5 billion to $119.2 billion at the end of December 2005 compared to $124.2 billion at the end of the previous quarter ending September 2005, according to an official release.
The almost 4 per cent reduction in external debt was mainly on account of a drop in external commercial borrowings and redemption of India Millennium Deposit scheme by the State Bank of India in December.
During the period, total long-term external debt fell by $5.4 billion to $110.26 billion while short term debt increased by $533 million to $8.9 billion till December end.
The external debt to GDP ratio has dropped to 17.3 per cent as of March-end 2005 from 17.8 per cent in the previous year. The proportion of short-term debt in total debt as well as the ratio of short-term debt to foreign current assets rose to 7.5 per cent and 6.8 per cent, respectively, in December-end 2005.
In case of long-term debt, multilateral debt increased by $370 million to $31.79 billion in December as compared to $31.42 billion in the previous quarter.
However, this was offset by a decline in bilateral credits by $322 million, which stood at $15.55 billion.
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