India Inc's foreign borrowings plunge over 68% to $996 mn in April

Overseas borrowings by Indian companies fell 68.5 per cent to $996.04 million in April, according to data from the Reserve Bank of India (RBI).

India Inc had raised as much as $3.16 billion from overseas market in the corresponding month of the previous financial year.

Whereas no fund was raised by way of rupee-denominated bonds (RDBs) or masala bonds in April 2020, the borrowing during the year-ago month included $304,462 through RDBs.

Of the total borrowing from the foreign market in April this year, $696.04 million was raised through the automatic route of the external commercial borrowings (ECB).

REC, the