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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The NDA government would do well to keep its economic focus in place

    It is as if the worst horrors conjured by liberal secularists about India’s prime minister could be finally coming true.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Taslima Nasrin

Religious conversion as fundamental right

Tricks and treats, coercion, threats, manhandling and extermination are the ...

Purnendu Ghosh

Does speed liberate or enslave humans?

Speed is the reflection of modernity and modernisation. Speed is ...

Shona Adhikari

Why Indian art auctions are here to stay

With Christie’s second India sale just over in Mumbai, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture