By our Financial Correspondent
Mumbai, June 26 (IVC) India’s external debt stood at $663.8 billion at the end of March this year, recording an increase of $39.7 billion from its level at the end of March 2023, according to data released by the Reserve Bank of India (RBI) here on June 25.
The external debt-to-GDP declined to 18.7 per cent at the end of March 2024 from 19.0 per cent at the end of March 2023, data revealed. Valuation effect due to the appreciation of the US Dollar vis-à-vis Indian rupee and other major currencies such as yen, euro and Special Drawing Rights (SDR) amounted to $8.7 billion . UD Dollar- denominated debt remained the largest component of India’s external debt, with a share of 53.8 per cent at the end of March 2024, followed by debt denominated in the Indian rupee (31.5 per cent), yen (5.8 per cent), SDR (Special Drawing Rights) 5.4 per cent and euro ( 2.8 per cent ). Outstanding debt of both Government and non-government sectors increased at the end of March this year over the year earlier level.
Loans remained the largest component of external debt at 33.4 per cent, followed by currency and deposits (23.3 %), trade credit and advances (17.9%) and debt securities (17.3%, the data disclosed.
