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Date : 30 Sep 2013
India’s External Debt at the end of June 2013

As per the standard practice, India's external debt statistics for the quarters ending March and June are released by the Reserve Bank of India and those for the quarters ending September and December by the Ministry of Finance, Government of India. The external debt data are released with a lag of one quarter. The external debt data, as compiled in the standard format, as at end-June 2013 in Rupees and US dollar terms and revised data for the earlier quarters are set out in Statements 1 and 2.

The major developments relating to India’s external debt as at end-June 2013 are set out below:

External debt as at end-June 2013 recorded a decline over end-March 2013 largely due to valuation gains resulting from appreciation of US dollar against Indian rupee and other international currencies as well as decline in the level of external commercial borrowings (ECBs).

  1. India’s external debt, as at end-June 2013, was placed at US$ 388.5 billion showing a decline of US$ 3.6 billion or 0.9 per cent over end-March 2013 (Table 1).

  2. In terms of major components, the share of ECBs continued to be the highest at 30.7 per cent of total external debt, followed by short term debt (24.9 per cent) and NRI deposits (18.3 per cent).

  3. The share of short-term debt in total debt rose over the preceding as well as corresponding quarter of the previous year. The long-term debt at US$ 291.8 billion and short-term debt at US$ 96.8 billion accounted for 75.1 per cent and 24.9 per cent, respectively, of the total external debt as at end-June 2013.

  4. The ratio of short-term debt (original maturity) to foreign exchange reserves rose to 34.3 per cent as at end-June 2013 from 33.1 per cent as at end-March 2013.

  5. Based on residual maturity, the short-term debt accounted for 43.8 per cent of total external debt as at end-June 2013. Within the short-term debt, the share of NRI deposits was 28.1 per cent (Table 2).

  6. The valuation gain during the first quarter of 2013-14 amounted to US$ 9.5 billion reflecting the appreciation of US dollar against the Indian rupee and other major currencies. Thus, excluding the valuation gains, the stock of external debt as at end-June 2013 would have increased by 5.9 billion.

  7. The US Dollar denominated debt continued to be the largest with a share of 58.9 per cent in the total external debt as at end-June 2013, followed by Indian rupee (22.6 per cent), SDR (7.6 per cent), Japanese Yen (6.0 per cent) and Euro (3.2 per cent).

  8. Government (Sovereign) external debt stood at US$ 78.4 billion as at end-June 2013 as against US$ 81.7 billion as at end-March 2013. The shares of Government and non-Government external debt in the total external debt were 20.2 per cent and 79.8 per cent, respectively, as at end-June 2013 (Table 3 & 4).

The data on external debt outstanding as at end-June 2013, along with revised data for the earlier quarters are set out in Statement 1 and 2.

Table 1: External Debt – Outstanding and Variation

(US$ million)

Item

Outstanding at the end-of

Absolute variation

Percentage Variation

Jun 2012 PR

Mar 2013 PR

Jun 2013 P

Jun-13 over Jun-12

Jun-13 over Mar-13

Jun-13 over Jun-12

Jun-13 over Mar-13

1

2

3

4

5

6

7

8

1. Multilateral

49,726

51,607

51,747

2,020

139

4.1

0.3

2. Bilateral

27,400

25,154

24,775

-2,625

-380

-9.6

-1.5

3. IMF

6,037

5,964

5,983

-54

19

-0.9

0.3

4. Trade Credit

19,191

17,910

17,497

-1,695

-413

-8.8

-2.3

5. External Commercial Borrowings

104,515

122,717

119,405

14,890

-3,312

14.2

-2.7

6. NRI Deposits

60,874

70,823

71,123

10,249

300

16.8

0.4

7. Rupee Debt

1,219

1,258

1,249

30

-9

2.5

-0.7

8. Short-Term Debt

80,451

96,698

96,760

16,309

62

20.3

0.1

Of which:

(i) Short-Term Trade Credit

70,508

86,787

89,238

18,730

2,451

26.6

2.8

Total Debt (1 to 8)

349,414

392,131

388,538

39,124

-3,593

11.2

-0.9

Memo Items

A. Long-Term Debt (1 to 7)

268,963

295,433

291,778

22,815

-3,655

8.5

-1.2

B. Short-Term Debt

80,451

96,698

96,760

16,309

62

20.3

0.1

P: Provisional; PR: Partially Revised.


Table 2: Residual Maturity of External Debt Outstanding as at End-June 2013

(US $ million)

Components

Short-term
Up to one year

Long-term

Total

1 to 2 years

2 to 3 years

More than 3 years

(2) to (5)

1

2

3

4

5

6

1. Sovereign Debt (long-term) $

5,337

5,460

5,717

59,809

76,323

2. External Commercial Borrowings #

20,171

19,942

24,695

79,525

144,333

3. NRI deposits {(i)+(ii)+(iii)}

47,875

8,049

3,991

11,207

71,123

(i) FCNR(B)

11,348

1,467

1,195

1,077

15,087

(ii) NR(E)RA

29,348

5,803

2,548

9,484

47,183

(iii) NRO

7,180

779

248

646

8,853

4. Short-term Debt* (Original maturity)

96,760

0

0

0

96,760

Total (1 to 4)

170,143

33,451

34,403

150,541

388,538

Memo Items

Short-term debt
(Residual maturity as per cent of total debt)

43.8

Short-term debt
(Residual maturity as per cent of Reserves)

60.2

$: Inclusive of FII Investments in Government Securities.
#: External Commercial Borrowings are inclusive of trade credit, FII investments in corporate debt instruments and a portion of non-Government multilateral and bilateral borrowing and therefore may not tally with the ECBs provided in other Tables under original maturity.
* : Also includes FII investments in sovereign debt and commercial paper.
Note: Residual Maturity of NRI Deposits is estimated on the basis of returns submitted by authorised dealers.


Table 3: Government and Non-Government External Debt

(US$ million)

Sr. No.

Components

End- March

End June

2011

2012

2013

2013

1

2

3

4

5

6

A.

Sovereign Debt (I+II)

78,071

81,895

81,655

78,387

(As a percentage of GDP)

4.5

4.7

4.4

4.6

I.

External Debt on Government Account under External Assistance

62,295

63,374

61,336

61,101

II.

Other Government External Debt @

15,776

18,521

20,319

17,287

B.

Non-Government Debt #

227,789

263,915

310,476

310,151

(As a percentage of GDP)

13.0

15.0

16.8

18.1

C.

Total External Debt (A+B)

305,931

345,810

392,131

388,538

(As a percentage of GDP)

17.5

19.7

21.3

22.7

@: Other Government external debt includes defence debt, investment in Treasury Bills/ Government securities by FIIs, foreign central banks and international institutions.
# : Includes external debt of Monetary Authority.


Table 4: India’s Key External Debt Indicators

(Per cent)

Year

External Debt
(US $ billion)

Ratio of External Debt to GDP

Debt Service Ratio

Ratio of Foreign Exchange Reserves to Total Debt

Ratio of Concessional Debt to Total Debt

Ratio of Short-Term Debt to Foreign Exchange Reserves

Ratio of Short- Term Debt to Total Debt

1

2

3

4

5

6

7

8

1990-91

83.8

28.7

35.3

7

45.9

146.5

10.2

1995-96

93.7

27

26.2

23.1

44.7

23.2

5.4

2000-01

101.3

22.5

16.6

41.7

35.4

8.6

3.6

2001-02

98.8

21.1

13.7

54.7

35.9

5.1

2.8

2002-03

104.9

20.3

16.0*

72.5

36.8

6.1

4.5

2003-04

112.6

18

16.1**

100.3

35.8

3.9

3.9

2004-05

134

18.1

5.9 ^

105.6

30.7

12.5

13.2

2005-06

139.1

16.8

10.1 #

109

28.4

12.9

14.0

2006-07

172.4

17.5

4.7

115.6

23

14.1

16.3

2007-08

224.4

18

4.8

138

19.7

14.8

20.4

2008-09

224.5

20.3

4.4

112.1

18.7

17.2

19.3

2009-10

260.9

18.3

5.8

106.8

16.8

18.8

20.1

2010-11PR

305.9

17.5

4.3

99.7

15.5

21.3

21.2

2011-12PR

345.8

19.7

6

85.1

13.9

26.6

22.6

2012-13PR

392.1

21.3

5.9

74.5

11.5

33.1

24.7

End-June 2013P

388.5

22.7

6.2

72.7

11.6

34.3

24.9

P: Provisional; PR: Partially Revised.

* : Works out to 12.4 per cent, with the exclusion of pre-payment of external debt of US $ 3,430 million.

**: Works out to 8.2 per cent with the exclusion of pre-payment of external debt of US $ 3,797 million and redemption of Resurgent India Bonds (RIBs) of US $ 5,549 million.

^ : Works out to 5.7 per cent with the exclusion of pre-payment of external debt of US $ 381 million.

# : Works out to 6.3 per cent with the exclusion of India Millennium Deposits (IMDs) repayments of US $ 7.1 billion and pre-payment of external debt of US $ 23.5 million.

Sangeeta Das
Director

Press Release : 2013-2014/678

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