External debt up over 7 pc on higher non-resident deposits

Tags: News
Higher non-resident deposits led to a rise of 7.6 per cent in India's external debt at $ 440.6 billion for the financial year ended March 31.

"India's external debt, as at end-March 2014, was placed at $ 440.6 billion showing an increase of $ 31.2 billion or 7.6 per cent over the level at end-March 2013.

"The increase in total external debt during financial year 2013-14 was primarily on account of rise in Non-Resident Deposits," Reserve Bank data showed today.

In a release about 'India’s External Debt as at the end of March 2014', it said the surge in outstanding stock of NRI deposits can mainly be attributed to mobilisation of fresh FCNR(B) deposits by commercial banks under the swap scheme offered by the RBI during September to November 2013.

In terms of major components, the share of external commercial borrowings (ECBs) continued to be the highest at 33.3 per cent ($ 146.5 billion).

It was followed by NRI deposits at 23.6 per cent ($ 103.8 billion) and short term debt at 20.3 per cent ($ 89.2 billion).

The RBI said: "US dollar denominated debt continued to be the largest component of India's external debt with a share of 61.8 per cent as at end-March 2014, followed by Indian rupee (21.1 per cent), SDR (6.9 per cent), Japanese Yen (5.1 per cent) and Euro (3.4 per cent)."

Also, government or sovereign external debt stood at $ 81.5 billion as at end-March 2014 as against $ 81.7 billion as at end-March 2013.

EDITORIAL OF THE DAY

  • It is for the market, not the government to decide the fares of private air carriers

    In a country where substantial lip service is paid to the glories of a free economy and laissez faire, there is enough evidence to suggest that in rea

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

New masters of the Financial Times

A few days ago, Japan’s leading financial daily Nihon Keizai ...

Anuja Sharma

Focus mindfully to get the result

Have you ever tried to light a fire using the ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture