External debt improves as gold price skids

India’s external debt declined by $9 billion to $400.3 billion at the end of September 2013 with government debt component at $77.3 billion.

Written by ENS Economic Bureau | New Delhi | Published:January 1, 2014 10:34 pm

India’s external debt declined by $9 billion to $400.3 billion at the end of September 2013 with government debt component at $77.3 billion.

“At end-September 2013,India’s total external debt stock stood at $400.3 billion,recording a decline of $ 9 million over the level at end-March 2013,” said a finance ministry release.

Of this,the long-term debt was $305.5 billion at the end of September,showing an increase of 0.6 per cent over March 31 level,while short-term debt declined by 2 per cent to $ 94.8 billion.

“Government (Sovereign) external debt stood at $ 77.3 billion,(19.3 per cent of total external debt) at end September 2013 vis-a-vis $81.7 billion (20.4 per cent) at end-March 2013,” the ministry further said.

The share of US dollar-denominated debt continued to be the highest in external debt stock at 60.7 per cent at end-September 2013,followed by the Indian rupee (20.9 per cent),Special Drawing Rights (7.6 per cent),Japanese Yen (5.7 per cent),and Euro (3.2 per cent).

India’s foreign exchange reserves provided a cover of 69.3 per cent to the total external debt stock at end-September 2013 as against 73.0 per cent at end-March 2013,the ministry said.

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