Commercial borrowings, NRI deposits push up external debt to $365.3 bn

New Delhi: The country's external debt stood at $365.3 billion as of September, up $20 billion over March 2012, due to higher commercial borrowings and NRI deposits.

"This is an increase of about $20 billion (5.8 percent) over the level at end-March 2012. The rise in external debt is largely due to higher NRI deposits, short-term debt and commercial borrowings," the Finance Ministry said in a statement.

 Commercial borrowings, NRI deposits push up external debt to 5.3 bn

The long-term debt stood at $280.8 billion at the end of September. Reuters

The long-term debt stood at $280.8 billion at the end of September, showing an increase of 5.1 percent over the end-March. Short-term debt, which accounts for 23 percent of the total external debt, increased by 8.1 percent to $84.5 billion.

Component-wise, the share of commercial borrowings stood highest at 29.8 percent, followed by NRI deposits at 18.3 percent and multilateral debt at 13.9 percent. Debt denominated in dollars remained the highest with a share of 55.7 percent in total external debt followed by the Indian rupee (22.9 percent) and Japanese Yen (8.6 percent).

India's foreign exchange reserves provided a cover of 80.7 percent to the total external debt stock at September end, against 85.2 percent at end-March 2012, the statement added.

PTI

Updated Date: Dec 20, 2014 14:59:56 IST