India The external debt of India has reached $663.8 billion (Rs 55,380 billion). This is an increase of $39.7 billion (₹3,312 billion) from the level of March 2023. If the valuation effect is removed, then this external debt would have increased by $48.4 billion instead of $39.7 billion. The Reserve Bank of India gave this information on Tuesday. External debt is the part of the total debt of a country, which is taken from foreign debtors. It includes commercial banks, governments and international financial institutions. Despite this increase, the country’s external debt to GDP ratio came down to 18.7 percent at the end of March 2024. It was at 19 percent at the end of March 2023. This ratio includes both government and non-government debt.
The country’s external debt is 4.2 percent of GDP
According to data provided by the central bank, the government’s external debt is 4.2 per cent of GDP. While the external debt of non-government sectors is 14.5 per cent. RBI said in a statement, ‘At the end of March 2024, US dollar denominated debt was a major part of India’s external debt, accounting for 53.8 per cent. It was followed by Indian Rupees (31.5 per cent), Yen (5.8 per cent), SDR 5.4 per cent and Euro 2.8 per cent.’ Apart from this, loans remained a major part of external debt. Their share was 33.4 per cent. It was followed by currency and deposits at 23.3 per cent, trade credit and advances at 17.9 per cent and debt securities at 17.3 per cent.
Long term debt of $541 billion
In this, long term debt (with original maturity of more than one year) was $ 541.2 billion. This has increased by $ 45.6 billion compared to a year ago. At the same time, short term debt (with original maturity up to 1 year) in total external debt decreased to 18.5 percent by March 2024. It was 20.6 percent in March 2023.
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