Although in absolute terms at the end of March 2024, India's external debt stood at $663.8 billion, an increase of $39.7 billion from its level at the end of March 2023, there was also an increase in GDP of the country due to high economic growth. This resulted in a decrease in the debt-to-GDP ratio.
RBI data also shows:
* The valuation effect due to the appreciation of the US dollar against the Indian rupee and other major currencies such as the yen, euro and SDRs amounted to $8.7 billion.
Excluding the valuation effect, external debt would have increased by $48.4 billion instead of $39.7 billion at the end of March 2024 compared to the end of March 2023.
* At the end of March 2024, long-term debt (with original maturity greater than one year) stood at $541.2 billion, an increase of $45.6 billion from its level at the end of March 2023.
* The share of short-term debt (with original maturity of up to one year) in total external debt decreased to 18.5 percent at the end of March 2024 from 20.6 percent at the end of March 2023.
Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves decreased to 19 percent at the end of March 2024 (22.2 percent at the end of March 2023).
* Short-term debt on a residual maturity basis constituted 42.9 percent of total external debt at the end of March 2024 (44.0 percent at the end of March 2023) and stood at 44.0 percent. 1 percent of foreign exchange reserves (47.4 percent at the end of March). 2023).
* US dollar-denominated debt remained the largest component of India's external debt, with a share of 53.8 percent as of end-March 2024, followed by Indian rupee-denominated debt (31.5 percent ), yen (5.8 percent) and SDR. (5.4 percent) and the euro (2.8 percent).
* Outstanding debt of the government and non-government sectors increased at the end of March 2024 from the level a year ago.
* The proportion of outstanding debt of non-financial corporations in total external debt was the highest: 37.4 percent.
* Loans remained the largest component of external debt, with a share of 33.4 percent, followed by cash and deposits (23.3 percent), commercial credits and advances (17.9 percent ) and debt securities (17.3 percent).
* Debt service (i.e. principal repayments and interest payments) increased to 6.7 percent of current income at the end of March 2024 from 5.3 percent at the end of March 2023 , reflecting higher debt service.
RBI data also shows:
* The valuation effect due to the appreciation of the US dollar against the Indian rupee and other major currencies such as the yen, euro and SDRs amounted to $8.7 billion.
Excluding the valuation effect, external debt would have increased by $48.4 billion instead of $39.7 billion at the end of March 2024 compared to the end of March 2023.
* At the end of March 2024, long-term debt (with original maturity greater than one year) stood at $541.2 billion, an increase of $45.6 billion from its level at the end of March 2023.
* The share of short-term debt (with original maturity of up to one year) in total external debt decreased to 18.5 percent at the end of March 2024 from 20.6 percent at the end of March 2023.
Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves decreased to 19 percent at the end of March 2024 (22.2 percent at the end of March 2023).
* Short-term debt on a residual maturity basis constituted 42.9 percent of total external debt at the end of March 2024 (44.0 percent at the end of March 2023) and stood at 44.0 percent. 1 percent of foreign exchange reserves (47.4 percent at the end of March). 2023).
* US dollar-denominated debt remained the largest component of India's external debt, with a share of 53.8 percent as of end-March 2024, followed by Indian rupee-denominated debt (31.5 percent ), yen (5.8 percent) and SDR. (5.4 percent) and the euro (2.8 percent).
* Outstanding debt of the government and non-government sectors increased at the end of March 2024 from the level a year ago.
* The proportion of outstanding debt of non-financial corporations in total external debt was the highest: 37.4 percent.
* Loans remained the largest component of external debt, with a share of 33.4 percent, followed by cash and deposits (23.3 percent), commercial credits and advances (17.9 percent ) and debt securities (17.3 percent).
* Debt service (i.e. principal repayments and interest payments) increased to 6.7 percent of current income at the end of March 2024 from 5.3 percent at the end of March 2023 , reflecting higher debt service.
