India’s external debt rises to $471.9 bn in end-March period

Mumbai, June 30 (IANS) India's total external debt for the end-March quarter 2017 rose to $471.9 billion, from $456.1 billion reported for the end-December period, official data showed on Friday.

However, on a year-on-year (YoY) basis the debt level declined by 2.7 per cent over the corresponding period of the previous fiscal.

"At end-March 2017, India's external debt witnessed a decline of 2.7 per cent over its level at end-March 2016, primarily on account of a decline in Non-resident Indian (NRI) deposits and commercial borrowings," the Reserve Bank of India (RBI) said.

"The decline in the magnitude of external debt was partly due to valuation loss resulting from the depreciation of the US dollar vis-?-vis the Indian rupee."

According to the RBI, external debt to GDP ratio stood at 20.2 per cent as at end-March 2017, lower than its level of 23.5 per cent at end-March 2016.

As per standard practice, India's external debt statistics for the quarters ending March and June are released by the RBI with a lag of one quarter and those for the quarters ending September and December by the Ministry of Finance.

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