 "RBI's swap scheme raises external debt to $426 bn Dec-end")
India's external debt rose 5.2;% at $426.0 billion at the end of December 2013 against $21.1 billion at the end of 2012-13 as NRI deposits increased in view of swap scheme by the Reserve Bank of India.
"The rise in external debt during the period was due to long-term debt particularly NRI deposits. A sharp increase in NRI deposits reflected the impact of fresh FCNR(B) deposits mobilised under the swap scheme during September-November 2013," the finance ministry said in a statement today.
India's external debt to GDP ratio stood at 23.3% at end-December 2013 against 21.8% at end-March 2013.
Commercial borrowings accounted for 31.5% of the total external debt, followed by NRI deposits (23.2%) and multilateral debt (12.3%).
Long-term debt stood at $333.3 billion at end-December 2013, showing an increase of 8.1% over the end-March 2013 level, while short-term debt decreased by 4.1% to $92.7 billion. Short-term debt accounted for 21.8% of India's total external debt, while the remaining was long-term debt. End
The government (Sovereign) external debt stood at US$76.4 billion, which is 17.9% of total external debt, against $81.7 billion or 20.2% at the end of March 2013.
The share of US dollar denominated debt was the highest in external debt stock and stood at 63.6%, followed by debt denominated in Indian rupee (19.4%), Special Drawing Rights (7.1%), Japanese yen (5%) and Euro (3.1%).