India's external debt at $711.8 bln as on Sept 30, up 11.7% on year
This story was originally published at 17:53 IST on 30 December 2024
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--Govt: India external debt at $711.8 bln as on Sept 30
--Govt: India external debt at $711.8 bln as on Sept 30, up 11.7% YoY
--Govt: India external debt 19.4% of GDP as on Sept 30 vs 18.8% year ago
NEW DELHI – India's external debt rose 11.7% year-on-year to $711.8 billion as on Sept. 30, according to data released by the finance ministry on Monday. As a percentage of GDP, the external debt increased to 19.4% from 18.8% over the same period.
The increase in external debt amounted to $29.6 billion in the Jul-Sept quarter. "Excluding the valuation effect, the increase in external debt would have been $23.0 billion instead of $29.6 billion as at end-September 2024 over end-June 2024," the finance ministry said in a statement.
The nature of much of the external debt continued to be long-term, where the original maturity is greater than one year. Long-term debt accounted for 81.2% of the total as at the end of September, up from 79.7% a year ago. Short-term debt, which was as high as 23.6% of total external debt as at the end of March 2013, has declined since then and largely stayed under 20%, standing at 18.8% as on Sept. 30.
In terms of the residual maturity of the debt being less than one year, short-term debt constituted 42.4% of India's total external debt at the end of September, down from 44.0% at the end of June.
Much of India's external debt continued to be in US dollars, although its share declined to 53.4% as on Sept. 30 from 54.6% as on Jun. 30. The rest of the debt was denominated in Indian rupees (31.2%), Japanese yen (6.6%), and euros (3.0%), among others, the finance ministry said. End
US$1 = INR 85.54
Reported by Siddharth Upasani
Edited by Saji George Titus
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