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India's external debt up 7.2 % at $120.9 B
By agencies
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Thursday, 31 March 2005, 20:30 IST
NEW DELHI:India's external debt was up by 7.2 percent to $120.9 billion till 2004 mainly due to a 14 percent rise in short-term capital inflows.
Long-term debt increased by a modest 6.8 percent to $114 billion till December 2004, according to the latest estimates of Finance Ministry.
Short-term debt went up by 14 percent to $6.9 billion till December 2004, the quarterly report 'India's External Debt' said.
The external debt was up by 6.4 percent ($7.3 billion) to $120.9 billion till December 2004 as against $113.6 billion at the end of September 2004.
While long-term debt was up by 6.1 percent or $6.5 billion, short-term debt was up by 12.7 percent or $774 million.
"A large part of the increase, about 57 percent or $4.1 billion, is explained by the valuation change arising out of depreciation of US dollar against major international currenci