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Date : Sep 29, 2022
India’s External Debt as at the end of June 2022

The stock of India’s external debt at end-June 2022 as well as revised data for earlier quarters are set out in Statements I (IMF format1) and II (old format). The major developments relating to external debt as at end-June 2022 are presented below.

Highlights

  1. At end-June 2022, India’s external debt was placed at US$ 617.1 billion, recording a decrease of US$ 2.5 billion over its level at end-March 2022 (Table 1).

  2. The external debt to GDP ratio declined to 19.4 per cent at end-June 2022 from 19.9 per cent at end-March 2022 (Table 1).

  3. Valuation gains due to the appreciation of the US dollar vis-à-vis Indian rupee and major currencies such as yen, SDR2, and euro were placed at US$ 14.4 billion. Excluding the valuation effect, external debt would have increased by US$ 11.9 billion instead of a decrease of US$ 2.5 billion at end-June 2022 over end-March 2022.

  4. At end-June 2022, long-term debt (with original maturity of above one year) was placed at US$ 487.3 billion, recording a decrease of US$ 10.6 billion over its level at end-March 2022 (Table 1).

  5. The share of short-term debt (with original maturity of up to one year) in total external debt increased to 21.0 per cent at end-June 2022 from 19.6 per cent at end-March 2022. Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 22.0 per cent at end-June 2022 (20.0 per cent at end-March 2022).

  6. Short-term debt on residual maturity basis (i.e., debt obligations that include long-term debt by original maturity falling due over the next twelve months and short-term debt by original maturity) constituted 45.4 per cent of total external debt at end-June 2022 (43.2 per cent at end-March 2022) and stood at 47.6 per cent of foreign exchange reserves (44.0 per cent at end-March 2022) (Table 2).

  7. US dollar-denominated debt remained the largest component of India’s external debt, with a share of 54.7 per cent at end-June 2022, followed by debt denominated in the Indian rupee (30.4 per cent), SDR (6.3 per cent), yen (5.1 per cent), and the euro (2.8 per cent).

  8. Outstanding debt of the general government decreased, while non-government debt increased at end-June 2022 (Table 3).

  9. The share of outstanding debt of non-financial corporations in total external debt was 41.3 per cent, followed by deposit-taking corporations (except the central bank) (25.2 per cent), general government (20.7 per cent) and other financial corporations (8.4 per cent).

  10. Loans remained the largest component of external debt, with a share of 31.1 per cent, followed by currency and deposits (22.3 per cent), trade credit and advances (20.6 per cent) and debt securities (18.0 per cent) (Table 4).

  11. Debt service (i.e., principal repayments and interest payments) stood at 4.9 per cent of current receipts at end-June 2022 as compared with 5.2 per cent at end-March 2022 (Table 5).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/959


Table 1: External Debt – Outstanding and Variation
(US$ billion, unless indicated otherwise)
Sector Outstanding as at end of Absolute Variation Percentage Variation
June 2021 PR March 2022 PR June 2022 P Jun. 2022 over Jun. 2021 Jun. 2022 over Mar. 2022 Jun. 2022 over Jun. 2021 Jun. 2022 over Mar. 2022
1 2 3 4 5 6 7 8
I. General Government 111.8 130.8 127.7 15.9 -3.1 14.2 -2.4
II. Central Bank 0.3 0.1 0.1 -0.2 0.0 -64.6 60.7
III. Deposit-taking Corporations, except the Central Bank 160.5 158.7 155.3 -5.2 -3.4 -3.2 -2.2
IV. Other Sectors 276.9 302.3 306.3 29.4 3.9 10.6 1.3
      IV.1. Other financial corporations 50.5 52.8 51.6 1.1 -1.1 2.2 -2.2
      IV.2. Non-financial corporations 226.4 249.6 254.6 28.3 5.1 12.5 2.0
      IV.3. Households and nonprofit institutions serving households (NPISHs) 0.0 0.0 0.0 0.0 0.0 -16.0 -7.6
V. Direct Investment: Intercompany Lending 25.7 27.7 27.7 2.0 0.0 7.9 0.2
Total Debt (I to V)
575.3
619.6
617.1
41.8 -2.5 7.3 -0.4
(As percentage of GDP) (20.3) (19.9) (19.4)        
Memo Items:              
A. Long-term Debt (original maturity)@ 472.8 497.9 487.3 14.6 -10.6 3.1 -2.1
B. Short-term Debt (original maturity)# 102.5 121.7 129.8 27.3 8.1 26.6 6.6
PR: Partially Revised. P: Provisional.
@: Debt with original maturity of above one year.
#: Debt with original maturity of up to one year.
Note: Figures may not add up to total due to rounding off.

Table 2: Residual Maturity of Outstanding External Debt as at end-June 2022
(US$ billion, unless indicated otherwise)
Sector Short-term up to one year 1 to 2 years 2 to 3 years More than 3 years Total (2 to 5)
1 2 3 4 5 6
I. General Government 7.2 8.0 9.3 103.2 127.7
  I.A. Short-term 0.8       0.8
  I.B. Long-term 6.4 8.0 9.3 103.2 126.9
II. Central Bank 0.1 0.0 0.0 0.0 0.1
  II.A. Short-term 0.1       0.1
  II.B. Long-term 0.0 0.0 0.0 0.0 0.0
III. Deposit-Taking Corporations, except the Central Bank 99.6 18.4 9.8 27.5 155.3
  III.A. Short-term 1.3       1.3
  III.B. Long-term 98.2 18.4 9.8 27.5 154.0
IV. Other Sectors 167.9 28.1 23.4 86.8 306.3
  IV.A. Short-term 127.5       127.5
  IV.B. Long-term 40.4 28.1 23.4 86.8 178.7
      IV.1. Other financial corporations 13.9 8.5 5.8 23.3 51.6
        IV.1.A. Short-term 1.4       1.4
        IV.1.B. Long-term 12.5 8.5 5.8 23.3 50.2
      IV.2. Non-financial corporations 154.0 19.6 17.6 63.5 254.6
        IV.2.A. Short-term 126.1       126.1
        IV.2.B. Long-term 27.9 19.6 17.6 63.5 128.5
      IV.3. Households and nonprofit institutions serving households (NPISHs) 0.0 0.0 0.0 0.0 0.0
        IV.3.A. Short-term 0.0       0.0
        IV.3.B. Long-term 0.0 0.0 0.0 0.0 0.0
V. Direct Investment: Intercompany Lending 5.5 3.7 3.9 14.6 27.7
A. Total Short-term Debt 129.8       129.8
B. Total Long-term Debt 150.6 58.3 46.4 232.1 487.3
C. Total External Debt (A+B) 280.4 58.3 46.4 232.1 617.1
Memo Items:          
Short-term Debt (residual maturity) as per cent of Total External Debt 45.4
Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves 47.6
Note: Figures may not add up to total due to rounding off.  

Table 3: Government and Non-government External Debt
(US$ billion, unless indicated otherwise)
Component End-March End-June
2020 2021 PR 2022 PR 2022 P
1 2 3 4 5
A. Government Debt (I+II) 100.9 111.6 130.8 127.7
    (As percentage of GDP) (3.8) (4.1) (4.2) (4.0)
    I. External Debt on Government Account under External Assistance 72.7 84.5 86.7 86.2
    II. Other Government External Debt@ 28.1 27.1 44.1 41.5
B. Non-government Debt 457.4 462.0 488.8 489.4
    (As percentage of GDP) (17.1) (17.1) (15.7) (15.4)
    B.1. Central Bank 0.2 0.2 0.1 0.1
    B.2. Deposit-taking Corporations, except the Central Bank 158.2 160.8 158.7 155.3
    B.3. Other Financial Corporations 40.7 55.2 52.8 51.6
    B.4. Non-financial Corporations 235.6 220.7 249.6 254.6
    B.5. Households and nonprofit institutions serving households (NPISHs) 0.0 0.0 0.0 0.0
    B.6. Direct Investment: Intercompany Lending 22.7 25.2 27.7 27.7
C. Total Debt (A+B) 558.3 573.6 619.6 617.1
    (As percentage of GDP) (20.9) (21.2) (19.9) (19.4)
PR: Partially Revised. P: Provisional.
@: Other government external debt includes defence debt, investment in treasury bills/government securities by FPIs, foreign central banks and international institutions, and SDR allocations by the IMF.
Note: Figures may not add up to total due to rounding off.

Table 4: Outstanding External Debt by Instruments
(US$ billion)
Instrument End-March End-June
2020 2021 PR 2022 PR 2022 P
1 2 3 4 5
1. Special Drawing Rights (allocations) 5.4 5.6 22.9 22.0
2. Currency and Deposits 134.1 143.8 141.0 137.4
3. Debt Securities 97.6 108.4 114.1 111.0
4. Loans 194.2 190.3 195.8 192.1
5. Trade Credit and Advances 104.3 100.3 118.2 126.9
6. Other Debt Liabilities 0.0 0.0 0.0 0.0
7. Direct Investment: Intercompany Lending 22.7 25.2 27.7 27.7
Total Debt 558.3 573.6 619.6 617.1
PR: Partially Revised. P: Provisional.
Note: Figures may not add up to total due to rounding off.

Table 5: India’s Key External Debt Indicators
(Per cent, unless indicated otherwise)
End-March 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 (original maturity) to Total Debt
1 2 3 4 5 6 7 8
1991 83.8 28.3 35.3 7.0 45.9 146.5 10.2
1996 93.7 26.6 26.2 23.1 44.7 23.2 5.4
2001 101.3 22.1 16.6 41.7 35.4 8.6 3.6
2006 139.1 17.1 10.1# 109.0 28.4 12.9 14.0
2007 172.4 17.7 4.7 115.6 23.0 14.1 16.3
2008 224.4 18.3 4.8 138.0 19.7 14.8 20.4
2009 224.5 20.7 4.4 112.2 18.7 17.2 19.3
2010 260.9 18.5 5.8 106.9 16.8 18.8 20.1
2011 317.9 18.6 4.4 95.9 14.9 21.3 20.4
2012 360.8 21.1 6.0 81.6 13.3 26.6 21.7
2013 409.4 22.4 5.9 71.3 11.1 33.1 23.6
2014 446.2 23.9 5.9 68.2 10.4 30.1 20.5
2015 474.7 23.8 7.6 72.0 8.8 25.0 18.0
2016 484.8 23.4 8.8 74.3 9.0 23.2 17.2
2017 471.0 19.8 8.3 78.5 9.4 23.8 18.7
2018 529.3 20.1 7.5 80.2 9.1 24.1 19.3
2019 543.1 19.9 6.4 76.0 8.7 26.3 20.0
2020 558.3 20.9 6.5 85.6 8.8 22.4 19.1
2021 PR 573.6 21.2 8.2 100.6 9.0 17.5 17.6
2022 PR 619.6 19.9 5.2 98.0 8.3 20.0 19.6
End-June 2022 P 617.1 19.4 4.9 95.5 8.0 22.0 21.0
PR: Partially Revised. P: Provisional.
# 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.

1 The concepts set out in the IMF’s 2013 External Debt Statistics (EDS) Guide are harmonized with those of the System of National Accounts (SNA) 2008 and the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6) published in 2009.

2 SDR: Special Drawing Rights.


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