Of this, 53.2 percent of the foreign debt was denominated in US dollars, the Indian rupee debt was estimated at 31.2 percent and was the second largest, according to the status report on
According to the report, external debt relative to GDP fell marginally to 19.9 percent in March 2022, compared to 21.2 percent in the same period a year ago. Foreign exchange reserves, relative to external debt, were slightly lower at 97.8 percent than in March 2022, compared to 100.6 percent in the same period a year ago.
Long-term debt, estimated at $499.1 billion, made up the bulk of 80.4 percent, while short-term debt, at $121.7 billion, makes up 19.6 percent of total external debt. Short-term trade credit was mainly in the form of trade credit (96 percent) that financed imports, the report added.
Commercial loans, deposits from NRAs, short-term trade credits and multilateral loans all accounted for 90 percent of total external debt. While
The increase in commercial loans, short-term trade credits and multilateral loans combined was significantly larger than the contraction in NRA deposits, the report said.
ALSO SEE :
Marriage is a Sacrament Says Center to SC in Restitution of Marital Rights Case
ONDC is a population initiative to democratize e-commerce: JM Financial