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External debt up 10% at $123.3 B
By agencies
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Friday, 01 July 2005, 19:30 IST
MUMBAI: India's external debt has been put at $123.3 billion, up $11.6 billion from $111.7 billion in March 2004. The 10.4 percent rise was the highest accretion in any single year since 1990-91, said a RBI release.
The US dollar continued to dominate the currency composition of India's external debt at 45 percent. Indian rupee followed at 19 percent, SDRs (16 percent), Japanese yen (11 percent) and euro (5 percent).
ECBs, short-term and long-term trade credits, multilateral debt and NRI deposits were the key drivers to the growth in the external debt stock.
ECBs have risen to $26.9 billion from $22.1 billion last year, while bilateral debt fell marginally at $17.2 billion from $17.3 billion. Rupee debt fell to $2.3 billion from $2.7 billion. ECBs mainly took the form of syndicated loans and issues of bonds including foreign currency convertible bonds. NRI deposits also showed a rise to $32.6 billion in 2004-05 from $31.2 billion.
Short-term debt recorded the highest growth of 69.8 percent during the year, a reflection of a sharp rise in POL and non-POL imports. It increased from $4.43 billion to $ 7.52 billion There was a prepayment of debt amounting to $35.1 million during the year as compared $3.8 billion in the previous fiscal. The ratio of short term to total debt posted a rise - from 4 percent last year to 6.1 percent in 2004-05.