Business Daily from THE HINDU group of publications
Tuesday, Jul 01, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jul 01, 2008 ePaper | Mobile/PDA Version | Audio |
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Forex Corporate - Overseas Borrowings External debt up 30%
Our Bureau
Mumbai, June 30 India’s external debt position as on March 2008 was at $221.2 billion, up 30.4 per cent over end-March 2007, according to figures from the Reserve Bank of India today. The external debt was $169.7 billion as on March 2007. While all components of external debt showed an increase during the year, External Commercial Borrowings , including Foreign Currency Convertible Bonds, recorded the maximum increase. They grew to $62 billion, from $42 billion last year and the share in the total external debt was 28 per cent. This was mainly due to the rising financing requirements of the Indian companies on account of their ongoing technological upgradation and capacity expansion, said the RBI. Short term debt, which is the second largest component in external debt with a share of 20 per cent, grew from $26 billion to $44 billion. Among other components of external debt, multilateral debt increased to $39.3 billion, bilateral increased to $19.6 billion and NRI deposits increased to $43.6 billion. Valuation effectThe valuation effect reflecting the depreciation of the dollar against other major international currencies and the rupee, accounted for $ 9.9 billion of the increase. More Stories on : Forex | Overseas Borrowings | RBI & Other Central Banks
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