India's external debt at $400 bn in September

India's external debt was at $ 400.3 billion - including government debt of $77.3 billion - at the end of September.

     

"Government (Sovereign) external debt stood at $77.3 billion, (19.3% of total external debt) at end September 2013 vis-a-vis $81.7 billion (20.4%) at end-March 2013," the Finance Ministry said today.

     

The total debt of $ 400.3 billion showed a decline of $9 million over the March-end level.

     

The ministry further said that the long-term debt was $ 305.5 billion at the end of September, showing an increase of 0.6% over March 31 level, while short-term debt declined by 2 % to $94.8 billion.

     

"The share of US dollar denominated debt continued to be the highest in external debt stock at 60.7 % at end-September 2013, followed by the Indian rupee (20.9%), SDR (7.6%), Japanese yen (5.7%), and euro (3.2%)," it added.

     

India's foreign exchange reserves provided 69.3% cover to the total external debt as of September end, as against 73% on March 31.

     

The ministry said the debt has remained within manageable limits as indicated by the external debt to GDP ratio of 21.7% and debt service ratio of 5.9% in 2012-13.

     

"The prudent external debt management policy of the Government of India has helped in containing rise in external debt and maintaining a comfortable external debt position," the Finance Ministry said.

     

It added that the policy continues to focus on monitoring long and short-term debt, raising sovereign loans on concessional terms with longer maturities, regulating external commercial borrowings through end-use, all-in-cost and maturity restrictions and rationalising interest rates on Non-Resident Indian deposits.