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| Overseas borrowings rise four-fold to $1.9 bn in June |
| Press Trust of India / Mumbai Jul 30, 2009, 16:50 IST |
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Indicating some recovery in the global scenario, overseas borrowings by India Inc have increased phenomenally by nearly four-fold to $1.9 billion in June.
The total overseas loans raised by 48 companies through external commercial borrowings (ECB) moved up from $494 million in May to $1.9 billion in June, according to the ECB data, released by the RBI today.
Of the total overseas borrowings, $573 million were raised through automatic route and $1.3 billion was mopped up through approval route.
"This is in consistent with the recovery in the global scenario," rating agency Crisil Principal Economist D K Joshi said.
The ECB data for June showed that most of the companies raised overseas funds for import of capital goods, modernisation, projects, among other things.
HDFC Bank Economist Jyotinder Kaur said it is largely due to pull and push factor in favour of India.
"While the push seems to be supported by stabilisation in international financial markets, the robustness in Indian economy is creating the pull factor," she said.
Out of $1.9 billion, the National Aviation Company of India (NACIL) borrowed $830 million through approval route for import of capital goods, while DLF mopped up $300 million during the month.
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