RBI Reports Decline in Short-Term Debt's Share of India's External Debt
India’s Reserve Bank (RBI) has announced a notable decline in the proportion of short-term debt within the country’s total external debt, marking a decrease of 2.1 percentage points by March 2024 compared to the previous year. This reduction is indicative of India’s strengthened external sector resilience. The ratio of short-term debt to foreign exchange reserves also fell from 22.2% to 19.0% over the same period, underlining improved stability.
India’s external debt reached $663.8 billion by March 2024, up $39.7 billion from the previous year. Excluding valuation effects due to currency fluctuations, the increase would have been $48.4 billion.
US dollar-denominated debt remains predominant at 53.8%, followed by Indian rupee (31.5%), yen (5.8%), SDR (5.4%), and euro (2.8%).
Long-term debt, with maturities exceeding one year, amounted to $541.2 billion, reflecting an increase of $45.6 billion year-on-year. Loans constitute the largest component at 33.4%, followed by currency and deposits (23.3%), trade credit and advances (17.9%), and debt securities (17.3%).
The ratio of debt service obligations to current receipts rose to 6.7% by March 2024, up from 5.3% in March 2023, indicating higher repayment burdens.
The Kerala government has taken a major step towards biodiversity conservation by giving Aralam a…
India's PSLV-C62 rocket carrying the EOS-N1 satellite encountered an anomaly during the final phase of…
Some places are famous for their rich history, grand palaces, and stories of bravery. They…
The Indian Army has conducted Exercise 'Sanjha Shakti' to strengthen coordination between military forces and…
India's highway construction sector has achieved a global milestone with record-breaking infrastructure execution. The National…
India’s youth are at the center of the country’s development journey, and the Government of…