Business Daily from THE HINDU group of publications
Wednesday, Jul 01, 2009
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Business Daily from THE HINDU group of publications Wednesday, Jul 01, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Foreign Trade Money & Banking - Credit Market Web Extras - Economy External debt increases due to rise in trade credits Our Bureau Mumbai, June 30 India’s external debt increased by $5.3 billion in FY2009 to $229.9 billion from $224.6 billion, due to increase in trade credits. The external debt to GDP ratio was 22 per cent, as against 19 per cent last year. Trade credits increased to $14.604 billion from $10.358 billion last year, an increase of $4.24 billion. The impact of the appreciation of the US dollar against other major international currencies as well as the rupee led to a decline of $13.4 billion in the external debt. But for the valuation changes, the external debt would have actually increased by $18.7 billion over the previous year. ComponentsAmong the components of external debt, commercial borrowings had the highest share of 27.3 per cent, followed by short-term debt at 21.5 per cent, NRI deposits at 18.1 per cent and multilateral debt at 17.2 per cent.
Outstanding NRI deposits declined to $41.554 billion from $43.672 billion, due to valuation effects as there were positive inflows under NRI deposits during 2008-09, the RBI said. With fewer approvals in FY2009 vis-À-vis 2008, ECBs marginally increased by 0.5 per cent to $62.676 billion, as against $62.337 billion in FY2008. In FY 2008 ECBs had increased by 50.4 per cent over the previous year. The currency composition of external debt shows that the share of US dollar increased to 57.1 per cent (54.4 per cent), Euro increased to 4.1 per cent (3.6 per cent) and Yen increased to 14.2 (12 per cent). The share of SDR fell to 9.2 per cent (10 per cent), Indian rupee decreased to 13.2 per cent (17.5 per cent) and pound fell to 1.9 per cent (2.2 per cent). India’s foreign exchange reserves provided a cover of 109.6 per cent to the external debt stock at the end of March 2009, as compared with 137.9 per cent. External debt rises marginally External debt down $1.2 b in Sept quarter External debt up 5.5% in quarter-ended Sept 2007 More Stories on : Foreign Trade | Credit Market | Economy
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