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Our Bureau

New Delhi , Dec. 29

The country's external debt surged by $4.31 billion in second quarter of this fiscal to touch $136.51 billion in end-September as compared to $132.20 billion on June 30 this year. In the first quarter, the external debt stock had increased by $5.81 billion to $132.20 billion as on end-June 2006.

The $4.31 billion increase in the second quarter was mainly on account of $2.84 billion increase in long-term debt and $1.47 billion increase in short-term debt.

Additional external commercial borrowings of $1.36 billion and increase in NRI deposits of $0.91 billion accounted largely for the increase in long-term debt. While the stock of commercial borrowings stood at $32.46 billion at end-September, NRI deposits outstanding stood at $36.56 billion.

The rupee debt remained broadly at the same level as that of previous quarter.

Under the long-term debt component, multilateral debt rose by $493 million. This was partially offset by drop in bilateral credits to the extent of $100 million.

The increase in short-term debt can be attributed to the rise in trade credits, which was due to higher import bill in the current year. The short-term debt had increased by 16.2 per cent over the quarter to $10.579 billion at end-September 2006 ($9.10 billion at end-June 2006).

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