As per the RBI, India’s external debt declined 2.8% to USD 514.4 billion at June-end over the previous quarter on account of a decrease in commercial borrowings, short-term debt and non-resident Indian (NRI) deposits. At end-June 2018, the external debt was placed at USD 514.4 billion, recording a decrease of USD 14.9 billion over its level at end-March 2018.
The decrease in the magnitude of external debt was primarily due to valuation gains resulting from the appreciation of the US dollar against the Indian rupee and major currencies. The external debt to GDP ratio stood at 20.4% at end-June 2018, a shade lower than its level of 20.5% at end-March 2018.
Source- The Economic Times
Static/Current Takeaways Important for Indian Bank PO Exam 2018-
- Urjit Patel- 24th Governor of RBI, Headquarters- Mumbai, Established on- 1st April 1935, in Kolkata.