Business Daily from THE HINDU group of publications
Tuesday, Apr 01, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Apr 01, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Economy External debt up $ 10.3 b in third quarter Our Bureau New Delhi, March 31 The country’s external debt rose to $ 201.4 billion as on December 31, 2007, an increase of $ 10.3 billion over the quarter. The increase in debt was mainly brought about by external commercial borrowing and short-term debt. Valuation change on account of depreciation of US dollar vis-À-vis major international currency and Indian rupee accounted for $ 1.1 billion of the increase during the quarter, an official release said. As compared to the debt level of $ 169.7 billion at end-March 2007, India’s external debt at end-December 2007 increased by $ 31,8 billion. For the quarter ended December 31, 2007, long term debt rose by $ 6.3 billion to $ 166.2 billion and short-term debt by $ 4 billion to $ 35.2 billion over the quarter. Amongst the components of long-term debt, commercial borrowing increased by $ 4.9 billion (9.4 per cent) to $ 57 billion. While NRI deposits declined by 1.5 per cent ($ 0.6 billion) to $ 43 billion, multilateral debt, bilateral debt and export credit increased marginally to reach $ 37.9 billion, $ 17.3 billion and $ 8.9 billion, respectively, at end-December 2007. Rupee debt continued to remain around the level of $ 2 billion. Under short-term debt, while trade related credits rose by around $ 4 billion, FII debt investment in Government papers rose by $ 262 million over the quarter. More Stories on : Economy
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