India’s external debt at $475 billion as of end March '15

MUMBAI: India’s external debt rose 6.6 % during the financial year ending March 2015 to $ $475.8 billion, a Reserve Bank of India release said.

The rise in external debt was largely due to the rise in commercial borrowings and NRI deposits. The increase in the magnitude of external debt was partly offset by the valuation gains resulting from the appreciation of the US dollar vis-a-vis Indian rupee and other major currencies, it said.

Major external debt indicators have improved during the year. Notably the external debt to GDP ratio stood at 23.8% at end-March 2015, recording a marginal increase over its level of 23.6 % at end-March 2014. Short-term debt by original maturity at $ 84.7 billion accounted for 17.8 % of the total external debt as at end-March 2015 as compared with 20.5 % at end-March 2014. Similarly, on residual maturity basis, the ratio of short-term debt to total debt worked out to 38.9 % as compared with 39.6 % a year ago.