RBI Reports Decline in Short-Term Debt's Share of India's External Debt
India’s external debt increased by $39.7 billion to $663.8 billion at end-March 2024, according to the Reserve Bank of India (RBI). Despite the rise, the external debt to GDP ratio fell to 18.7% from 19.0% at end-March 2023. Excluding the valuation effect caused by the appreciation of the US dollar against the Indian rupee and other major currencies, the external debt would have increased by $48.4 billion. The valuation effect was calculated at $8.7 billion.
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