India's external debt rises to 190.5 billion dollars
31 Dec 2007, 2212 Hrs

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New Delhi, Dec 31 (ANI): India's external debt for the quarter ending September stood at 190.5 billion dollars (Rs.757, 967 crore), which is 9.9 billion dollars (5.5 per cent) more than over the previous quarter.

The Union Finance Ministry stated that out of the increased amount, 5 billion dollars alone has been due to valuation change arising out of weakening of US dollar against major international currencies and Indian Rupees.

During the half year, April-September 2007, external debt stock in terms of dollar has risen by 21 billion dollars (12.3 per cent), of which 7 billion dollars is accounted for by the depreciation of US dollar in the international market.

The rise in external debt outstanding over the quarter ending September 2007 was essentially brought about by a rise in external commercial borrowings, NRI deposits, multilateral debt and short-term debt, the statement stated.

The share of long-term debt in total external debt at end-September 2007 was 83.8 per cent (159.7 billion dollars). Component-wise, under long-term debt, multilateral and bilateral debt rose by one billion dollars, and 0.8 billion dollars to 37.1 billion dollars and 16.7 billion dollars, respectively.

Commercial Borrowings accounted for the highest share of 27.2 per cent in total external debt outstanding at end-September 2007. As a proportion of the total external debt, Non-Resident Indian deposits accounted for 22.9 per cent of the total debt at end-September 2007, followed by multilateral debt at 19.5 per cent and bilateral debt at 8.7 per cent.

The major currency of denomination in India's external debt portfolio continued to be US dollar, accounting for 52.8 per cent of total external debt at end-September 2007. (ANI)

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