The total external debt of $426 billion showed an increase of $21.1 billion over the March-end level. ‘The rise in external debt during the period was due to long-term debt particularly NRI deposits. A sharp increase in NRI deposits reflected the impact of fresh FCNR(B) deposits mobilised under the swap scheme during September-November 2013,’ it said in the latest quarterly report.
The ministry further said that the long-term debt was $333.3 billion at the end of December, showing an increase of 8.1 per cent over March, 2013 level, while short-term debt declined by 4.1 per cent to $92.7 billion.
‘The share of US dollar denominated debt was the highest in external debt stock and stood at 63.6 per cent at end- December 2013, followed by debt denominated in Indian rupee (19.4 per cent), SDR (7.1 per cent), Japanese yen (5.0 per cent) and Euro (3.1 per cent),’ it added.
India's foreign exchange reserves provided 69 per cent cover to the total external debt as of December end, as against 72.1 per cent as of March-end, 2013. The ministry said the debt has remained within manageable limits as indicated by the external debt to GDP ratio of 23.3 per cent, vis-a-vis 21.8 per cent at end-March 2013, and debt service ratio of 5.9 per cent in 2012-13.
‘India's external debt has remained within manageable limits due to prudent external debt management policy of the Government of India,’ it said. The policy continues to focus on monitoring long and short-term debt, raising sovereign loans on concessional terms with longer maturities, regulating external commercial borrowings through end-use, all-in-cost and maturity restrictions, and rationalising interest rates on Non-Resident Indian deposits, it added.
Foreigners’ Indian assets growing more than Indians’ foreign assets
Mumbai: The net international investment position (IIP) or the difference between the nation’s external financial assets and liabilities, deteriorated on the back of rise in the value of foreign-owned assets in the country, according to RBI data on Friday. The net claims of non-residents on the country, as reflected in the net IIP, rose $17.7 billion to $317.2 billion at December-end 2013.
‘This change in the net position reflected a rise of $39.9 billion in the value of foreign-owned assets in India vis-a-vis an increase of $22.2 billion in the value of Indian residents’ financial assets abroad,’ it said. The foreign-owned assets in India increased mainly due to increase of $23.6 billion in currency and deposits component of other investment, it said.
Govt to borrow Rs 3.68 trillion in FY15 first half
New Delhi: The government on Friday said that it will borrow Rs 3.68 trillion in the first half of next fiscal, accounting for 61.5 per cent of the total budget target for 2014-15. The gross market borrowing through issue of dated securities in 2014-15 has been pegged at Rs 5.97 lakh crore, Rs 34,000 crore higher than 2013-14 fiscal ending March 31. However, net the borrowing — which excludes redemptions of government securities — will be Rs 4.57 lakh crore, which is around
3 per cent lower than the current fiscal. ‘This (market borrowing plan) is in line with fiscal correction by the government’ Department of Economic Affairs Secretary Arvind Mayaram told reporters here.
The ministry further said that the long-term debt was $333.3 billion at the end of December, showing an increase of 8.1 per cent over March, 2013 level, while short-term debt declined by 4.1 per cent to $92.7 billion.
‘The share of US dollar denominated debt was the highest in external debt stock and stood at 63.6 per cent at end- December 2013, followed by debt denominated in Indian rupee (19.4 per cent), SDR (7.1 per cent), Japanese yen (5.0 per cent) and Euro (3.1 per cent),’ it added.
India's foreign exchange reserves provided 69 per cent cover to the total external debt as of December end, as against 72.1 per cent as of March-end, 2013. The ministry said the debt has remained within manageable limits as indicated by the external debt to GDP ratio of 23.3 per cent, vis-a-vis 21.8 per cent at end-March 2013, and debt service ratio of 5.9 per cent in 2012-13.
‘India's external debt has remained within manageable limits due to prudent external debt management policy of the Government of India,’ it said. The policy continues to focus on monitoring long and short-term debt, raising sovereign loans on concessional terms with longer maturities, regulating external commercial borrowings through end-use, all-in-cost and maturity restrictions, and rationalising interest rates on Non-Resident Indian deposits, it added.
Foreigners’ Indian assets growing more than Indians’ foreign assets
Mumbai: The net international investment position (IIP) or the difference between the nation’s external financial assets and liabilities, deteriorated on the back of rise in the value of foreign-owned assets in the country, according to RBI data on Friday. The net claims of non-residents on the country, as reflected in the net IIP, rose $17.7 billion to $317.2 billion at December-end 2013.
‘This change in the net position reflected a rise of $39.9 billion in the value of foreign-owned assets in India vis-a-vis an increase of $22.2 billion in the value of Indian residents’ financial assets abroad,’ it said. The foreign-owned assets in India increased mainly due to increase of $23.6 billion in currency and deposits component of other investment, it said.
Govt to borrow Rs 3.68 trillion in FY15 first half
New Delhi: The government on Friday said that it will borrow Rs 3.68 trillion in the first half of next fiscal, accounting for 61.5 per cent of the total budget target for 2014-15. The gross market borrowing through issue of dated securities in 2014-15 has been pegged at Rs 5.97 lakh crore, Rs 34,000 crore higher than 2013-14 fiscal ending March 31. However, net the borrowing — which excludes redemptions of government securities — will be Rs 4.57 lakh crore, which is around
3 per cent lower than the current fiscal. ‘This (market borrowing plan) is in line with fiscal correction by the government’ Department of Economic Affairs Secretary Arvind Mayaram told reporters here.