ExternalDebt Dec15 E

GOVERNMENT OF INDIA
INDIAS EXTERNAL DEBT

AS AT
END-DECEMBER 2015
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
EXTERNAL DEBT MANAGEMENT UNIT
MARCH, 2016
www.finmin.nic.in

AS AT
END-DECEMBER 2015
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
EXTERNAL DEBT MANAGEMENT UNIT
MARCH, 2016
www.finmin.nic.in
CONTENTS
Page No.
Highlights
1. External Debt Stock
2. Valuation Effect
3. External Debt by Original Maturity
4. Government and Non-Government External Debt
5. Currency Composition of External Debt
6. External Debt Indicators
7. International Comparison
8. External Debt Management
1
2
3
3
5
6
7
8
9
Charts
I
Component-wise share of India's External Debt at end- December 2015
II Share of Government and Non-Government External Debt in Total External Debt
III Currency Composition of India's External Debt at end- December 2015
IV Currency Composition of Government's External Debt at end-December 2015
4
6
6
7
Text Tables
1. Composition of India's External Debt
2. External Debt Outstanding
3. Valuation Effect on External Debt
4. External Debt by Creditor Category
5. Government and Non-Government External Debt
6. India's Key External Debt Indicators
7. International Comparison of Top Twenty Developing Debtor Countries, 2014
2
3
3
4
5
7
8
Annex
I
India's External Debt Outstanding (Quarterly) - ` crore
II India's External Debt Outstanding (Quarterly) - US$ million
III Creditor-wise Sovereign External Debt - ` crore
IV Creditor-wise Sovereign External Debt - US$ million
V Key External Debt Indicators (per cent)
VI Gross External Debt Position by Original Maturity of Select Developing Countries
11
14
17
18
19
20

(At end-December 2015)
As per the standard practice, Indias external debt data are disseminated on a quarterly basis
with a lag of one quarter. Statistics for the first two quarters of the calendar year (ending March and
June) are compiled and released by the Reserve Bank of India, while the data for the last two
quarters (ending September and December) are compiled and released by the Ministry of Finance,
Government of India. In addition, Government of India brings out an annual Status Report on
External Debt that contains detailed analysis of external debt position of the country. The major
developments relating to Indias external debt at end-December 2015 are presented below.
Highlights
(i)
At end-December 2015, Indias external debt stock stood at US$ 480.2 billion, recording
an increase of US$ 4.9 billion (1.0 per cent) over the level at end-March 2015. The rise in
external debt during the period was due to long-term external debt particularly commercial
borrowings and NRI deposits. However, on a sequential basis, total external debt at endDecember 2015 declined by US$ 1.2 billion from the end-September 2015 level.
(ii)
The maturity pattern of Indias external debt indicates dominance of long-term borrowings.
At end-December 2015, long-term external debt accounted for 83.0 per cent of Indias
total external debt, while the remaining (17.0 per cent) was short-term debt1.
(iii)
Long-term debt at end-December 2015 was US$ 398.6 billion, showing an increase of
US$ 8.8 billion (2.3 per cent) over the level at end-March 2015. Short-term debt witnessed
a decline of 4.6 per cent and stood at US$ 81.6 billion at end-December 2015.
(iv)
Valuation gain (appreciation of US dollar against the Indian rupee and most other major
currencies) was placed at US$ 7.9 billion. This implies that excluding the valuation effect,
the increase in debt would have been higher by US$ 12.8 billion at end-December 2015
over the end-March 2015 level.
(v)
The share of Government (Sovereign) and non-Government debt in the total external
debt was 18.9 per cent and 81.1 per cent respectively, at end-December 2015.
(vi)
The currency composition of external debt suggests that the share of US dollar denominated
debt was 57.6 per cent at end-December 2015, followed by the Indian rupee (28.7 per
cent), SDR (5.8 per cent), Japanese yen (4.1 per cent), and euro (2.3 per cent). Other
currencies accounted for the balance.
(vii)
The ratio of short-term external debt to foreign exchange reserves stood at 23.3 per cent
at end-December 2015 lower than 26.7 per cent at end-March 2015.
(viii)
The ratio of concessional debt to total external debt was 8.7 per cent at end-December
2015 (8.8 per cent at end-March 2015).
Refers to short-term debt by original maturity unless stated otherwise.
1.
External Debt Stock
1.1
Indias total external debt stock at end-December 2015 was US$ 480.2 billion, recording an
increase of US$ 4.9 billion over its level at end-March 2015 (Table 1). Long-term external debt
increased by 2.2 per cent or US$ 8.8 billion, while short-term debt registered a decline of 4.6 per
cent or US$ 3.9 billion. Thus, the maturity profile of Indias external debt continues to be dominated
by long-term loans. Annex I and II present the disaggregated data on external debt outstanding in
Indian rupee and US dollar, respectively.
Table 1: Composition of India's External Debt

Sl.
Components
External Debt outstanding at end of

(US$ million)
Absolute
Variation
Percentage
Variation
(US$ million)
1
1
2
3
4
5
6
7
9
10
2
Multilateral
Bilateral
IMF
Export Credit
Commercial
Borrowings
NRI Deposits
Rupee Debt
Long-term
Debt (1to7)
Short-term
Debt
Total External
Debt (8+9)
March
2015
PR
June
2015
PR
Sept.
2015
PR
Dec.
2015
QE
Dec.
2015
over
March
2015
(6-3)
Dec.
2015
over
Sept
2015
(6-5)
Dec.
2015
over
March
2015
Dec.
2015
over
Sept
2015
10
52,392
53,380
53,139
53,219
(11.0)
(11.1)
(11.0)
(11.1)
21,752
21,228
21,356
21,251
(4.6)
(4.4)
(4.4)
(4.4)
5,488
5,595
5,584
5,513
(1.2)
(1.2)
(1.2)
(1.1)
12,650
11,909
11,622
11,111
(2.7)
(2.5)
(2.4)
(2.3)
180,854
185,657
181,878
183,61
3
(38.1)
(38.5)
(37.8)
(38.2)
115,163
119,892
121,840
122,636
(24.2)
(24.8)
(25.3)
(25.5)
1,506
1,398
1,119
1,273
(0.3)
(0.3)
(0.2)
(0.3)
389,805
399,059
396,538
398,616
(82.0)
(82.7)
(82.4)
(83.0)
85,498
83,625
84,799
81,564
(18.0)
(17.3)
(17.6)
(17.0)
475,303
482,684
481,337
480,180
827
80
1.6
0.2
-501
-105
-2.3
-0.5
25
-71
0.5
-1.3
-1,539
-511
-12.2
-4.4
2,759
1,735
1.5
1.0
7,473
796
6.5
0.7
-233
154
-15.5
13.8
8,811
2,078
2.3
0.5
-3,934
-3,235
-4.6
-3.8
4,877
-1,157
1.0
-0.2
PR: Partially Revised.

QE: Quick Estimates.
Figures in parenthesis indicate their respective percentages to total external debt.
1.2
Quarter-wise change in external debt position since March 2014 is given in Table 2. While
external debt witnessed modest decline at end-December 2015 sequentially (quarter-on-quarter),
on year-on-year basis however, a growth of 4.7 per cent was observed.
Table 2: External Debt Outstanding

(US$ million)
Total
External
Debt
At the end of
1
March 2014
June 2014
September 2014
December 2014
March 2015
June 2015
September 2015
December 2015
4,46,178
4,53,176
4,56,384
4,58,769
4,75,303
4,82,684
4,81,337
4,80,180
Variation
Over Corresponding Quarter of
previous year
Amount
3
Per cent
4
36,804
48,363
51,249
31,841
29,125
29,508
24,953
21,411
Over Previous Quarter

Amount
5
9.0
11.9
12.6
7.5
6.5
6.5
5.5
4.7
Per cent
6
19,250
6,998
3,208
2,385
16,534
7,381
-1,347
-1,157
4.5
1.6
0.7
0.5
3.6
1.6
-0.3
-0.2
2.
Valuation Effect
2.1
The valuation effect* arises because external debt is denominated in different currencies,
and the US dollar value which is the international numeraire for debt, fluctuates over time vis--vis
other currencies. The US dollar appreciated against Indian rupee and other most major currencies
between March 2015 and December 2015. Excluding the valuation effect, the external debt would
have been higher at US$ 488.1 billion at end-December 2015 (Table 3).
Table 3: Valuation Effect on External Debt

1
External debt at
end-December
2015
480.2
2
Total Variation
over end-March
2015
4.9
Total Variation
over end-September
2015
-1.1
3
Valuation effect
(US$ billion)
4
Variation
net
of
valuation effect
(-) 7.9
Valuation effect
(-) 2.5
12.8
Variation
net
valuation effect
of
1.4
* The valuation effect over a period (e.g. end-March to end-December) is calculated by applying
start-of-the-period (e.g. end-March) exchange rates to end-of-the-period (e.g. end-December)
currency components of the debt stock and comparing the resultant figure with the nominal
end-of-the-period (e.g. end-December) debt-stock.
3.
External Debt by Original Maturity
3.1
External debt of the country continues to be dominated by long-term borrowings. The share
of long-term debt in total external debt increased from 82.0 per cent at end-March 2015 to 83.0 per
cent at end-December 2015. Long-term debt at US$ 398.6 billion at end-December 2015 recorded
an increase of US$ 8.8 billion over end-March 2015. The increase in long-term external debt was
primarily due to higher commercial borrowings and NRI deposits. At end-December 2015,
commercial borrowings stood at US$ 183.6 billion, reflecting an increase of 1.5 per cent, while
NRI deposits at US$ 122.6 billion rose by 6.5 per cent over the end-March 2015 level. Commercial
borrowings and NRI deposits together accounted for 63.8 per cent of Indias total external debt
(long-term and short-term) at end-December 2015.
3.2 Short-term debt at end-December 2015 witnessed decline over its level at end-March. Shortterm debt decreased by 4.6 per cent to US$ 81.6 billion at end-December 2015 over the end-March
2015 level. The share of short-term debt in total external debt declined marginally from 18.0 per
cent at end-March 2015 to 17.0 per cent at end-December 2015. Table 4 depicts the percentage
share of different components of total external debt over the period 2010-2015.
Table 4: External Debt by Creditor Category

(per cent)
at end-March
endJune
endSept
EndDec. QE
Sl.
Category
2010
2011
2012
2013
2014
2015
2015
2015
2015
10
11
Multilateral
16.4
15.2
14.0
12.6
12.0
11.0
11.1
11.0
11.1
Bilateral
8.7
8.1
7.4
6.1
5.5
4.6
4.4
4.4
4.4
IMF
2.3
2.0
1.7
1.5
1.4
1.2
1.2
1.2
1.1
Export Credit
6.5
5.9
5.3
4.3
3.5
2.7
2.5
2.4
2.3
Commercial
Borrowings
27.1
31.6
33.3
34.2
33.5
38.1
38.5
37.8
38.3
NRI Deposits
18.3
16.3
16.2
17.3
23.3
24.2
24.8
25.3
25.5
Rupee Debt
0.6
0.5
0.4
0.3
0.3
0.3
0.3
0.2
0.3
Total Long Term

(1 to 7)
79.9
79.6
78.3
76.4
79.5
82.0
82.7
82.4
83.0
Short-Term
20.1
20.4
21.7
23.6
20.6
18.0
17.3
17.6
17.0
10
Grand Total (8+9)
100
100
100
100
100
100
100
100
100
3.3
Chart 1 gives componentwise share of external debt at end-December 2015. In terms of
major components, commercial borrowings accounted for 38.3 per cent of total external debt,
followed by NRI deposits (25.5 per cent) and short-term debt (17.0 per cent).
4.
Government and Non-Government External Debt
4.1
Government (Sovereign) external debt stood at US$ 90.7 billion at end-December 2015
while non-Government debt amounted to US$ 389.5 billion. The share of Government debt in total
external debt was 18.9 per cent at end-December 2015, same as at end-March 2015. During the
period between end-March 2010 to end-March 2015, the ratio of Government debt to GDP was in
the range of 4.4 to 4.7 per cent. The increase in Other Government External Debt-Long-term in
recent years reflects the level of FII investment in government securities. Details of Government
and non-Government debt are presented in Table 5 and Chart II. Creditor-wise details of sovereign
external debt in Indian rupee and US dollar are placed at Annex III and IV respectively.
Table 5: Government and Non-Government External Debt
(US$ million)
at end-March
Sl.
Components
end-
endJune
endSeptember
December
2010
2011
2012
2013
2014
2015
2015PR
2015 PR
2015QE
10
11
Government
Debt (I+II)
67,067
78,072
81,896
81,654
83,695
89,719
89,476
88,805
90,676
As per cent
of GDP
4.7
4.5
4.6
4.4
4.4
4.5
As per cent
of total
external debt
25.7
24.6
22.7
19.9
18.8
18.9
18.5
18.4
18.9
I.
External
Debt on
Govt.
Account
under
External
Assistance
55,235
62,295
63,374
61,336
62,204
58,464
58,876
59,025
59,133
II.
Other Govt.
External
Debt
11,832
15,777
18,522
20,319
21,491
31,255
30,600
29,780
31,543
NonGovernment
Debt
193,868
239,819
278,870
327,719
362,483
385,584
393,208
392,532
389,504
13.5
13.8
15.8
17.8
19.3
19.3
As per cent
of total
external debt
74.3
75.4
77.3
80.1
81.2
81.1
81.5
81.6
81.1
Total
External
Debt (A+B)
260,935
317,891
360,766
409,374
446,178
475,303
482,684
481,337
480,180
As per cent
of GDP
18.2
18.2
20.5
22.3
23.8
23.8
B.
As per cent
of GDP
C.
PR: Partially Revised; QE: Quick Estimates.* Not worked out for the part of the year.
(i) The increase in Other Government External Debt from 2010 onwards is on account of increase in FII investment in government
securities. The increase is particularly significant over 2014-2015 period, since FII investment in government securities increased by US$
10.0 billion at end-March 2015 as compared to end-March 2014.
5.
Currency Composition of External Debt
5.1
The currency composition of Indias total external debt is presented in Chart III. US dollar
denominated debt accounted for 57.6 per cent of Indias total external debt at end-December 2015,
followed by Indian rupee (28.7 per cent), SDR (5.8 per cent), Japanese Yen (4.1 per cent) and Euro
(2.3 per cent).
5.2
The currency composition of Sovereign debt indicates pre-dominance of SDR denominated
debt (30.5 per cent), which is attributable to borrowings from the International Development
Association (IDA) i.e., the soft loan window of the World Bank under the multilateral category and
SDR allocations by the IMF. The share of Rupee denominated debt was 28.8 per cent at endDecember 2015, followed by US dollar denominated debt (24.4 per cent) and Japanese yen (13.6
per cent) [Chart IV].
6.
External Debt Indicators
6.1
The share of short-term debt in total external debt decreased to 17.0 per cent at end-December
2015 from 18.0 per cent at end-March 2015. Indias foreign exchange reserves provided a cover of
73.0 per cent to the total external debt stock at end-December 2015 vis--vis 67.5 per cent at endMarch 2015. The ratio of short-term external debt to foreign exchange reserves was at 23.3 per cent
at end-December 2015 as against 26.7 per cent at end-March 2015. The ratio of concessional debt
to total external debt was 8.7 per cent at end-December 2015 (8.8 per cent at end-March 2015). Key
external debt indicators are presented in Table 6 and Annex V.
Table 6: Indias Key External Debt Indicators

(Per cent)
Year
External
Debt
(US$
billion)
Externa
l Debt
to GDP
Debt
Service
Ratio
Concessi
onal
Debt to
Total
Debt
Foreign
Exchange
Reserves to
Total Debt
Short-Term
External
Debt# to
Foreign
Exchange
Reserves
7
14.1
14.8
17.2
18.8
21.3
26.6
33.1
30.1
26.7
23.3
Short- Term
External
Debt to Total
Debt
1
2
3
4
5
6
8
2006-07
172.4
17.5
4.7
23.0
115.6
2007-08
224.4
18.0
4.8
19.7
138.0
2008-09
224.5
20.3
4.4
18.7
112.2
2009-10
260.9
18.2
5.8
16.8
106.9
2010-11
317.9
18.2
4.4
14.9
95.9
2011-12
360.8
20.5
6.0
13.3
81.6
2012-13
409.4
22.3
5.9
11.1
71.3
2013-14
446.2
23.8
5.9
10.4
68.2
2014-15PR
475.3
23.8
7.5
8.8
67.5
2015-16QE
480.2
*
*
8.7
73.0
(end-Dec.)
PR: Partially Revised; QE: Quick Estimates. # Short Term External Debt is based on Original Maturity.
*: Not worked out for part of the year
16.3
20.4
19.3
20.1
20.4
21.7
23.6
20.6
18.0
17.0
7.
International Comparison
7.1
Cross-country comparison of external debt is based on the World Banks annual publication
titled International Debt Statistics 2016, which contains the external debt data for the year 2014 India continues to be among the less vulnerable countries. Indias key debt indicators compare well
with other indebted developing countries. The ratio of Indias external debt stock to gross national
income (GNI) at 22.7 per cent was the third lowest. In terms of the cover provided by foreign
exchange reserves to external debt, Indias position was fifth highest at 65.5 per cent.
Table 7: International Comparison of Top Twenty Developing Debtor Countries, 2014
Sl.
No.
Country
External Debt
Stock to Gross
National Income
Debt Service
Ratio
(per cent)
Foreign Exchange
Reserves to Total
Debt (per cent)
Total External
Debt Stock
(US$ million)
(per cent)
1
China
9.3
1.9
402.2
9,59,510
Bangladesh
18.8
5.2
62.4
34,925
Philippines
India
22.7
7.5
92.8
77,659
22.7
18.6
65.5
4,63,230
Pakistan
23.9
19.1
19.0
62,184
Brazil
24.1
21.6
64.8
5,56,871
Colombia
28.0
19.5
45.3
1,02,345
Indonesia
34.1
23.1
37.1
2,93,397
Peru
34.3
10.9
92.1
66,469
10
Mexico
34.7
12.2
44.1
4,32,602
11
Thailand
38.2
5.2
111.4
1,35,799
12
Vietnam
40.6
4.2
47.6
71,890
13
South Africa
42.3
8.6
30.7
1,44,006
14
Turkey
51.6
25.0
26.2
4,08,203
15
Romania
56.0
21.8
35.8
1,11,290
16
Sri Lanka
59.7
14.7
16.8
43,609
17
Malaysia
66.8
5.8
54.3
2,10,820
18
Kazakhstan
83.3
35.1
13.7
1,57,595
19
Bulgaria
90.1
14.7
38.1
48,742
20
Ukraine
100.3
25.2
5.1
1,30,686
Note: Countries are arranged based on ratio of external debt stock to GNI presented in column no.3 in the
Table. Source: World Bank, International Debt Statistics, 2016.
7.2
The Quarterly External Debt Statistics (QEDS) database, jointly developed by the World
Bank and the International Monetary Fund, brings together detailed external debt data of countries
that are subscribing to IMFs Special Data Dissemination Standard/General Data Dissemination
System. The position in respect of the highly indebted developing countries and subscribers to this
arrangement for the first two quarters of the calendar year 2015, which has been published by the
World Bank (http://go.worldbank.org/GWMYALHYQ0) is placed at Annex VI.
8.
External Debt Management
8.1
Indias external debt has remained within manageable limits as indicated by the external
debt indicators. The prudent external debt management policy of the Government of India has
helped in containing rise in external debt and maintaining a comfortable external debt position. 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 enduse, all-in-cost and maturity restrictions; and rationalizing interest rates on Non-Resident Indian
deposits.
(i) Concessional
B.Non-Government borrowing
(ii) Non-concessional
(i) Concessional
A.Government borrowing
II. BILATERAL
10,318
10,221
51,821
51,895
96,434
96,434
1,48,255
6,020
96,918
96,918
1,48,813
6,083
IBRD
ii) Others
i)
6,020
6,083
c) Private Sector
3,231
15,089
3,820
15,061
IBRD
i)
18,320
13,926
14,605
28,530
52,870
18,881
13,693
14,412
28,105
53,069
52,870
51,522
51,469
53,069
53,913
53,433
ii) Others
b) Financial Institutions
IBRD
Others
i)
ii)
a) Public Sector
(i) Concessional
B. Non-Government Borrowing
b) Others
a) IBRD
1,05,435
2,481
1,04,902
2,424
b) Others
1,62,200
1,61,165
1,64,681
1,63,589
2,70,116
3,22,986
June 2014
a) IDA
2,68,491
3,21,560
March 2014
(i) Concessional
A. Government Borrowing
I. MULTILATERAL
Sl.No. Components of External Debt
9,705
50,179
93,093
93,093
1,43,272
5,929
5,929
16,444
3,307
19,751
14,679
15,439
30,117
55,797
55,797
54,741
54,945
1,09,686
2,461
1,60,107
1,62,568
2,72,254
3,28,051
Sept. 2014
9,284
48,925
89,237
89,237
1,38,162
5,982
5,982
17,018
3,636
20,654
15,702
15,822
31,524
58,160
58,160
58,227
56,918
1,15,145
2,550
1,61,499
1,64,049
2,79,194
3,37,354
Dec.2014
10,080
47,770
88,452
88,452
1,36,222
5,473
5,473
18,157
3,709
21,866
15,711
15,674
31,385
58,724
58,724
57,743
57,107
1,14,850
2,410
1,52,171
1,54,581
2,69,431
3,28,155
March 2015 PR
At the end of
Indias External Debt Outstanding (Quarterly)
9,951
47,125
88,008
88,008
1,35,133
5,461
5,461
18,716
4,556
23,272
16,649
15,933
32,582
61,315
61,323
58,603
58,825
1,17,428
2,537
1,58,435
1,60,972
2,78,400
3,39,723
June 2015 PR
10,455
47,263
93,763
93,763
1,41,026
5,098
5,098
18,726
4,733
23,459
17,314
16,937
34,250
62,807
669
63,476
61,966
60,122
1,22,088
2,661
1,62,967
1,65,628
2,87,716
3,51,192
Sept. 2015 PR
Contd..
10,183
45,967
95,113
95,113
1,41,080
5,015
5,015
19,290
4,714
24,004
18,053
16,933
34,986
64,005
672
64,677
65,067
60,606
1,25,673
2,660
1,60,339
1,62,999
2,88,672
3,53,349
10
Dec. 2015 QE
(` crore)
Annex - I
11
Public Sector
Private Sector
4,361
Export credit component of
c)
VIII.
VII.
VI.
V.
Suppliers' credit
b)
3,13,416
Securitized borrowings
Loans/securitized borrowings etc.,
b)
c)
3,17,973
NR(E) RA
FCNR (B)
NRO Deposits
a)
b)
c)
Civilian
b)
(I TO VII)
21,31,229
647
8,179
Defence
a)
TOTAL LONG TERM DEBT
8,826
RUPEE DEBTe
54,774
2,51,354
6,24,101
maturity)d
NRI DEPOSITS(Above one year
guarantee + IFC(W)
with multilateral/bilateral
5,82,644
1,684
8,97,744
Commercial bank loans b
a)
8,427
COMMERCIAL BORROWINGS
bilateral credit
80,069
Buyers' credit
a)
4,779
93,275
36,910
23,842
EXPORT CREDIT
Private Sector
c)
IV.
Financial Institutions
b)
13,374
41,577
2,555
7,763
March 2014
IMF a
Public Sector
a)
c)
a)
III.
21,82,738
621
8,371
8,992
53,998
2,55,947
3,28,582
6,38,527
1,683
3,50,647
5,84,487
9,36,817
8,386
4,968
76,850
90,204
36,957
24,410
4,147
13,043
41,600
2,427
7,794
June 2014
22,75,365
619
8,325
8,944
56,111
2,63,971
3,49,351
6,69,433
1,658
4,01,559
5,98,402
10,01,619
8,095
5,024
74,587
87,706
36,340
24,181
3,916
12,377
40,474
2,322
7,383
Sept. 2014
23,69,441
619
8,363
8,982
59,060
2,69,954
3,71,421
7,00,435
2,675
4,32,391
6,28,004
10,63,070
7,760
5,172
72,004
84,936
36,502
24,139
3,692
11,810
39,641
2,112
7,172
Dec.2014
At the end of
24,40,340
619
8,808
9,427
60,059
2,68,106
3,92,832
7,20,997
2,355
4,91,181
6,38,470
11,32,006
7,691
5,202
66,290
79,183
34,350
22,805
3,323
11,562
37,690
2,534
7,546
March 2015 PR
25,41,320
593
8,319
8,912
61,541
2,81,104
4,19,917
7,62,562
2,323
5,36,825
6,44,263
11,83,411
7,653
5,351
62,904
75,908
35,671
22,588
3,262
11,324
37,174
2,425
7,526
June 2015 PR
26,06,864
592
6,764
7,356
63,507
2,92,257
4,42,944
7,98,708
2,358
5,35,972
6,57,090
11,95,420
8,153
5,995
62,301
76,449
36,713
22,106
3,317
11,385
36,808
2,566
7,889
Sept. 2015 PR
2,444
7,739
Contd..
26,42,640
592
7,850
8,442
64,714
2,95,897
4,51,264
8,11,875
2,348
5,54,195
6,61,086
12,17,629
8,271
6,051
59,379
73,701
36,564
21,572
3,095
11,117
35,784
10
Dec. 2015 QE
(` crore)
12
Up to 6 months
2)
27,24,024
26,817
1,008
27,825
567
20,340
1,64,784
3,27,770
4,92,554
5,41,286
June 2014
28,11,367
25,505
899
26,404
784
13,568
1,73,056
3,22,190
4,95,246
5,36,002
Sept. 2014
29,11,396
28,777
816
29,593
663
11,211
1,82,624
3,17,864
5,00,488
5,41,955
Dec.2014
29,75,485
15,247
939
16,186
714
7,307
1,76,671
3,34,267
5,10,938
5,35,145
March 2015 PR
Includes Financial Lease since 1996.
Also includes India Development Bonds (IDBs), Resurgent India Bonds (RIBs), India Millennium Deposits (IMDs); Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds and
Rupee denominated debt owed to Russia and payable through exports.
NRO Deposits are included under NRI Deposits from the quarter ended June 2005. Suppliers Credits upto 180 days and FII investment in short-term debt instruments are included under short-term debt from the
Note:
international institutions have been included in external debt from the quarter ended March 2007.
quarter ended March 2005. Vostro balances / Nostro overdrafts of commercial banks, balances of foreign central banks/international institutions with RBI and invsetment in T-bills/ securities by foreign central banks/
Figures include accrued interest.
securitized borrowings of commercial banks. (FCCB debt has been adjusted since end-March, 1998 after netting out conversion into equity and redemptions).
Relates to SDR allocations from March 2004 onwards.
31,83,613
25,718
1,085
26,803
676
244
1,84,141
3,29,109
5,13,250
5,40,973
10
Dec. 2015 QE
Foreign Institutional Investor.
31,64,350
33,255
1,106
34,361
691
1,965
1,78,132
3,42,337
5,20,469
5,57,486
Sept. 2015 PR
30,74,475
22,111
1,065
23,176
698
3,885
1,67,727
3,37,669
5,05,396
5,33,155
June 2015 PR
(` crore)
FII:
IFC(W): International Finance Corporation, Washington D.C.
PR: Partially Revised; QE: Quick Estimates.
Source: Ministry of Finance (Department of Economic Affairs), Ministry of Defence, Reserve Bank of India (RBI) and Securities & Exchange Board of India (SEBI).
26,82,214
X. GRAND TOTAL ( VIII+IX )
892
25,456
572
33,686
24,564
1) Central Bank
External Debt Liabilities of:
institutions etc.
foreign central banks and international
Investment in Treasury Bills by
Bills and other instruments
2) Commercial banks
d)
c)
FII Investment in Govt. Treasury
3,30,500
Above 6 Months and upto 1 year
1)
b)
4,91,271
Trade - Related Credits
a)
1,60,771
5,50,985
SHORT-TERM DEBT
IX.
March 2014
At the end of
13
b) Others
412
1,290
c)
Private Sector
424
1,714
a)
Public Sector
(i) Concessional
403
1295
1,698
8,618
8,628
Non-concessional
B. Non-Government borrowing
(ii)
16021
16,099
(i) Concessional
16,021
24,639
16,099
A. Government borrowing
II. BILATERAL
24,727
0
1,002
1,012
IBRD
ii) Others
i)
1,002
2,509
537
3,046
2,314
2,426
4,740
8,788
8,788
8,560
8,957
1,012
2,504
ii) Others
c) Private Sector
635
3,139
IBRD
2,275
ii) Others
i)
2,394
4,669
IBRD
a) Public Sector
i)
8,820
(i) Concessional
8,820
8,549
B. Non-Government Borrowing
8,876
IBRD
17,517
403
17,425
b) Others
a)
26,947
27,359
44,876
53,664
June 2014
26,770
27,173
IDA
(i) Concessional
a)
44,598
53,418
March 2014
A. Government Borrowing
I. MULTILATERAL
377
1,199
1,576
8,145
15,112
15,112
23,257
962
962
2,669
537
3,206
2,383
2,506
4,889
9,057
9,057
8,886
8,919
17,805
399
25,991
26,390
44,195
53,252
Sept. 2014
332
1127
1,459
7,711
14016
14,016
21,727
945
945
2682
571
3,253
2468
2485
4,953
9,151
9,151
9146
8940
18,086
401
25367
25,768
43,854
53,005
Dec.2014
405
1,205
1,610
7,631
14,121
14,121
21,752
875
875
2,900
592
3,492
2,508
2,502
5,010
9,377
9,377
9,219
9,117
18,336
385
24,294
24,679
43,015
52,392
March 2015 PR
At the end of
Indias External Debt Outstanding (Quarterly)
381
1,183
1,564
7,397
13,831
13,831
21,228
857
857
2,937
716
3,653
2,615
2,504
5,119
9,629
9,630
9,209
9,244
18,453
399
24,898
25,297
43,750
53,380
June 2015 PR
388
1,194
1,582
7,173
14,183
14,183
21,356
775
775
2,844
716
3,560
2,621
2,562
5,183
9,518
101
9,619
9,373
9,094
18,467
402
24,651
25,053
43,520
53,139
Sept. 2015 PR
Contd..
368
1,166
1,534
6,927
14,324
14,324
21,251
756
756
2,907
710
3,617
2,720
2,550
5,270
9,643
101
9,744
9,799
9,127
18,926
401
24,148
24,549
43,475
53,219
10
Dec. 2015 QE
(US$ million)
Annex - II
14
VIII.
Defence
(I TO VII)
TOTAL LONG TERM DEBT
b) Civilian
a)
VII. RUPEE DEBTe
NRO Deposits
3,54,500
107
1,361
1,468
9,114
41,823
b) FCNR (B)
c)
52,908
1,03,845
a) NR(E) RA
maturity)d
VI. NRI DEPOSITS(Above one year
guarantee + IFC(W)
with multilateral/bilateral
c) Loans/securitized borrowings etc.,
280
52,149
b) Securitized borrowings
96,946
1,49,375
1,400
795
a) Commercial bank loans b
V. COMMERCIAL BORROWINGS
bilateral credit
c) Export credit component of
b) Suppliers' credit
13,323
6,149
3,967
a) Buyers' credit
Private Sector
c)
724
2,223
15,518
Financial Institutions
6,914
March 2014
IV. EXPORT CREDIT
Public Sector
a)
b)
III. IMFa
3,63,102
103
1393
1,496
8,985
42,590
54,676
1,06,251
280
58,350
97,263
1,55,893
1,393
827
12,789
15,009
6,150
4,062
689
2,169
6,920
June 2014
3,69,391
101
1,351
1,452
9,113
42,872
56,739
1,08,724
269
65,182
97,122
1,62,573
1,314
815
12,106
14,235
5,898
3,925
635
2,009
6,569
Sept. 2014
3,73,195
97
1321
1,418
9281
42422
58367
1,10,070
422
68,223
99,161
1,67,806
1219
817
11369
13,405
5764
3812
580
1860
6,252
Dec.2014
3,89,805
99
1,407
1,506
9,593
42,824
62,746
1,15,163
376
78,471
1,02,007
1,80,854
1,228
831
10,591
12,650
5,488
3,644
531
1,846
6,021
March 2015 PR
At the end of
3,99,059
93
1,305
1,398
9,676
44,196
66,020
1,19,892
364
84,240
1,01,053
1,85,657
1,203
839
9,867
11,909
5,595
3,543
512
1,778
5,833
June 2015 PR
3,96,538
90
1,029
1,119
9,688
44,583
67,569
1,21,840
359
81,569
99,950
1,81,878
1,233
912
9,477
11,622
5,584
3,362
502
1,727
5,591
Sept. 2015 PR
5,513
3,252
466
1,675
5,393
Contd..
3,98,616
89
1,184
1,273
9,775
44,696
68,165
1,22,636
354
83,587
99,672
1,83,613
1,246
912
8,953
11,111
10
Dec. 2015 QE
(US$ million)
15
Up to 6 months
20.5
19.9
90,074
10.3
46,574
4,53,176
4462
168
4630
94
3385
27421
54544
81,965
90,074
June 2014
19.1
86,993
9.8
44,530
4,56,384
4,139
146
4,285
127
2,202
28,087
52,292
80,379
86,993
Sept. 2014
18.7
85,574
9.3
42,661
4,58,769
4544
129
4673
105
1770
28836
50190
79,026
85,574
Dec.2014
18.0
85,498
8.8
41,916
4,75,303
2,436
150
2,586
114
1,167
28,226
53,405
81,631
85,498
March 2015 PR
Relates to SDR allocations from March 2004 onwards.
Includes Financial Lease since 1996.
Also includes India Development Bonds (IDBs), Resurgent India Bonds (RIBs), India Millennium Deposits (IMDs);
3,468
167
3,635
109
609
26,308
52,964
The definition of concessional debt here includes concessional categoreis under multilateral and bilateral debt and rupee debt under item VII.
NRO Deposits are included under NRI Deposits from the quarter ended June 2005. Suppliers Credits upto 180 days and FII investment in short-term debt instruments are included under short-term debt from the
Note:
international institutions have been included in external debt from the quarter ended March 2007.
quarter ended March 2005. Vostro balances / Nostro overdrafts of commercial banks, balances of foreign central banks/international institutions with RBI and investment in T-bills/securities by foreign central banks/
Rupee denominated debt owed to Russia and payable through exports.
17.0
81,564
8.7
41,781
Figures include accrued interest.
17.6
84,799
8.7
42,038
4,80,180
3,878
164
4,042
102
37
27,763
49,620
77,383
81,564
10
Dec. 2015 QE
17.3
83,625
8.7
42,091
4,81,337
5,058
168
5,226
105
299
27,096
52,073
79,169
84,799
Sept. 2015 PR
(FCCB debt has been adjusted since end-March, 1998 after netting out conversion into equity and redemptions).
Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds and securitized borrowings of commercial banks.
Foreign Institutional Investor.
FII:
IFC(W): International Finance Corporation, Washington D.C.
83,625
79,272
4,82,684
June 2015 PR
Ministry of Finance (Department of Economic Affairs), Ministry of Defence, Reserve Bank of India(RBI) and Securities & Exchange Board of India(SEBI).
Source:
Short-term debt to total external debt (per cent)
10.4
91,678
Short-term debt
46,454
4,46,178
debt (per cent)
Concessional Debt to total external
Concessional Debtf
Memo Items :
(VIII+IX)
4,087
2) Commercial banks
X. GRAND TOTAL
148
4,235
95
5,605
26,751
54,992
Central Bank
1)
d) External Debt Liabilities of:
institutions etc.
foreign central banks and international
c) Investment in Treasury Bills by
Bills and other instruments
b) FII Investment in Govt. Treasury
Above 6 Months and upto 1 year
2)
81,743
1)
91,678
a) Trade - Related Credits
March 2014
IX. SHORT-TERM DEBT
At the end of
(US$ million)
16
IBRD
ADB
IFAD
Others
Germany
United States
France
2,84,651
11,42,125
III. Total Government External

Debt (I+II)
IV. Total External Debt
20,675
26
8,246
2,406
2,216
12,485
56,600
81,979
207
1,437
24,278
29,948
1,26,127
II. Other Govt. External Debt
11 Others
10 Russian Federation
Japan
B. Bilateral (6 to 11)
IDA
1,81,997
A. Multilateral (1 to 5)
2,63,976
2009
Assistance (A+B)
Account under External
External Debt on Govt.
I.
Category
Sl. No.
11,78,638
3,02,693
53,405
22
7,684
1,901
1,715
11,090
56,156
78,568
193
1,300
25,803
28,872
1,14,552
1,70,720
2,49,288
2010
4,17,642
94,752
20
6,953
1,657
1,516
13,765
76,401
1,00,312
213
1,662
38,560
45,328
1,36,815
2,22,578
3,22,890
2012
14,19,407 18,44,167
3,48,894
70,439
22
7,062
1,750
1,489
11,899
65,907
88,129
188
1,398
30,455
39,218
1,19,067
1,90,326
2,78,455
2011
4,42,518
1,10,514
16
6398
1,514
1,460
13,826
73,120
96,334
223
1,788
44,301
48,239
141119
2,35,670
3,32,004
2013
22,24,734
at end-March
26,82,214
5,03,600
1,29,116
14
6,099
2,517
1,453
16,085
79,825
1,05,993
242
2,182
51,469
53,433
1,61,165
2,68,491
3,74,484
2014
Creditor-wise Sovereign External Debt
5,69,749
1,95,095
4,893
2,121
1,335
12,768
75,130
96,254
282
2,255
58,603
58,825
1,58,435
2,78,400
3,74,654
10
2015 PR
29,75,485 30,74,475
5,61,276
1,95,083
5,504
2,058
1,329
12,610
75,253
96,763
265
2,145
57,743
57,107
1,52,170
2,69,430
3,66,193
2015 PR
EndJune
31,64,350
5,86,011
1,95,787
5,060
2,467
1,296
13,282
80,397
1,02,509
286
2,374
61,966
60,122
1,62,967
2,87,715
3,90,224
11
2015 PR
EndSept.
29,11,396
5,72,289
1,95,478
5,581
2,342
1,405
14,259
74,021
97,617
276
2,273
58,227
56,919
1,61,499
2,79,194
3,76,811
12
2014 PR
31,83,613
6,01,857
2,09,210
5,081
2,418
1,269
13,096
82,107
1,03,975
278
2,383
65,066
60,606
1,60,339
2,88,672
3,92,647
13
2015 QE
End-December
(` crore)
Annex-III
17
2009
External Debt on Govt.

Account under External
Assistance (A+B)
51,816
A Multilateral (1 to 5)
35,724
1. IDA
24,758
2. IBRD
5,878
3. ADB
4,766
4. IFAD
282
5. Others
40
B Bilateral (6 to 11)
16,092
6. Japan
11,110
7. Germany
2,451
8. United States
435
9. France
472
10. Russian Federation
1,619
11 Others
5
II. Other Govt. External Debt
4,054
III. Total Sovereign External
Debt (I+II)
55,870
IV. Total External Debt
2,24,498
Memo Items :
a) Multilateral debt to
External Assistance
(Per cent)
68.9
b) Bilateral debt to External
Assistance (Per cent)
31.1
I.
Category
Sl. No.
62,295
42,579
26,637
8,774
6,813
313
42
19,716
14,745
2,662
333
392
1,579
5
15,777
78,072
3,17,891
68.4
31.6
67,067
2,60,935
68.5
31.5
2011
55,235
37,825
25,380
6,397
5,717
288
43
17,410
12,444
2,458
380
421
1,702
5
11,832
2010
31.1
68.9
81,896
3,60,766
63,374
43,686
26,853
8,897
7,568
326
42
19,688
14,995
2,702
298
325
1,365
3
18,522
2012
7
2013
29.0
71.0
81,655
4,09,374
61,336
43,539
26072
8912
8184
330
41
17,797
13508
2554
270
280
1182
3
20,319
End-March
28.3
71.7
83,695
4,46,178
62,204
44,598
26771
8876
8549
362
40
17,606
13259
2672
241
418
1013
3
21,491
2014
26.4
73.6
89,719
4,75,303
58,464
43,016
24294
9,117
9,219
343
43
15,448
12,014
2,013
212
329
879
1
31,255
2015 PR
Creditor-wise Sovereign External Debt
25.7
74.3
89,476
4,82,684
58,876
43,749
24898
9244
9209
354
44
15,127
11807
2007
210
333
769
1
30,600
10
2015 PR
End-June
26.3
73.7
88,805
4,81,337
59,025
43,520
24650
9094
9373
359
44
15,505
12161
2009
196
373
765
1
29,780
11
2015 PR
End-Sept.
25.9
74.1
90,053
4,58,769
59,186
43,853
25367
8940
9146
357
43
15,333
11627
2240
221
368
876
1
30,867
12
2014 PR
26.5
73.5
90,676
4,80,180
59,133
43,475
24148
9127
9799
359
42
15,658
12365
1972
191
364
765
1
31,543
13
2015 QE
End-December
(US$ million)
Annex-IV
18
External Debt
(US$ million)
Works out to 5.7 per cent, with the exclusion of pre-payment of US$ 381 million.
Works out to 6.3 per cent, with the exclusion of India Millennium Deposits (IMDs) repayments of US$ 7.1 billion and pre-payment of US$ 23.5 million.
Not worked out for the part of the year
146.5
76.7
64.5
18.8
16.9
23.2
25.5
17.2
13.2
10.3
8.6
5.1
6.1
3.9
12.5
12.9
14.1
14.8
17.2
18.8
21.3
26.6
33.1
30.1
26.7
23.3
Short-term
Debt to Foreign
Exchange Reserves
Works out to 8.2 per cent, with the exclusion of pre-payment of US$ 3.8 billion and redemption of Resurgent India Bonds (RIBs) of US$ 5.5 billion.
45.9
44.8
44.5
44.4
45.3
44.7
42.2
39.5
38.5
38.9
35.4
35.9
36.8
35.8
30.7
28.4
23.0
19.7
18.7
16.8
14.9
13.3
11.1
10.4
8.8
8.7
Concessional
Debt to Total
Debt
28.7
38.7
37.5
33.8
30.8
27.0
24.6
24.3
23.6
22.0
22.5
21.1
20.3
18.0
18.1
16.8
17.5
18.0
20.3
18.2
18.2
20.5
22.3
23.8
23.8
*
Total
External Debt to
GDP
Works out to 12.4 per cent, with the exclusion of pre-payment of US$ 3.4 billion.
7.0
10.8
10.9
20.8
25.4
23.1
28.3
31.4
33.5
38.7
41.7
54.7
72.5
100.3
105.6
109.0
115.6
138.0
112.2
106.9
95.9
81.6
71.3
68.2
67.5
73.0
3
35.3
30.2
27.5
25.4
25.9
26.2
23.0
19.5
18.7
17.1
16.6
13.7
16.0a
16.1 b
5.9 c
10.1d
4.7
4.8
4.4
5.8
4.4
6.0
5.9
5.9
7.5
*
Foreign
Exchange Reserves to
Total Debt
Debt service
Ratio
1990-91
83,801
1991-92
85,285
1992-93
90,023
1993-94
92,695
1994-95
99,008
1995-96
93,730
1996-97
93,470
1997-98
93,531
1998-99
96,886
1999-00
98,263
2000-01
1,01,326
2001-02
98,843
2002-03
1,04,914
2003-04
1,12,653
2004-05
1,34,002
2005-06
1,39,114
2006-07
1,72,360
2007-08
2,24,407
2008-09
2,24,498
2009-10
2,60,935
2010-11
3,17,891
2011-12
3,60,766
2012-13
4,09,374
2013-14
4,46,178
2014-15 PR
4,75,303
2015-16 QE (End-Dec)
4,80,180
PR: Partially Revised; QE : Quick Estimates.
Year
Key External Debt Indicators (per cent)
10.2
8.3
7.0
3.9
4.3
5.4
7.2
5.4
4.4
4.0
3.6
2.8
4.5
3.9
13.2
14.0
16.3
20.4
19.3
20.1
20.4
21.7
23.6
20.5
18.0
17.0
Short-term
Debt to Total
Debt
Annex - V
19
Brazil
India
Mexico
Turkey
Indonesia
Malaysia
Hungary
Argentina
Kazakhstan
South Africa
Thailand
Ukraine
Colombia
Romania
Philippines
10
11
12
13
14
15
13,210
12,481
11,567
20,004
44,640
31,694
8,122
35,484
19,577
..
44,718
1,26,956
76,991
84,490
59,898
Short-term
3
61,788
88,987
96,470
1,06,971
91,845
1,09,969
1,47,443
1,16,815
1,55,582
..
2,59,797
2,77,924
3,50,037
3,98,952
6,54,298
2015 Q2 (end-June)
Long-term
4
74,998
1,01,468
1,08,037
1,26,975
1,36,485
1,41,663
1,55,565
1,52,299
1,75,159
2,09,823
3,04,515
4,04,880
4,27,028
4,83,442
7,14,196
Total
5
Source: Table 1 of the Quarterly External Debt Database [http://go.worldbank.org/GWMYALHYQ0].
Countries
Sl.No.
14,552
12,678
12,132
20,526
43,374
30,069
6,773
..
16,589
..
43,779
1,20,710
69,595
86,074
58,396
Short-term
6
61,055
87,301
97,148
1,06,999
90,371
1,04,394
1,48,804
..
1,52,147
..
2,58,635
2,85,275
3,50,622
3,97,077
6,09,672
2015 Q3 (end-September)
Long-term
7
Gross External Debt Position by Original Maturity of Select Developing Countries
75,607
99,979
1,09,280
1,27,525
1,33,745
1,34,463
1,55,577
..
1,68,736
1,91,849
3,02,414
4,05,985
4,20,217
4,83,151
6,68,068
Total
8
(US$ million)
Annex - VI
20

ExternalDebt Dec15 E

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

ExternalDebt Dec15 E

Uploaded by

Copyright:

Available Formats

GOVERNMENT OF INDIA

INDIAS EXTERNAL DEBT

INDIAS EXTERNAL DEBT

INDIAS EXTERNAL DEBT

Refers to short-term debt by original maturity unless stated otherwise.

Table 1: Composition of India's External Debt

External Debt outstanding at end of

PR: Partially Revised.

Table 2: External Debt Outstanding

Over Previous Quarter

Table 3: Valuation Effect on External Debt

Table 4: External Debt by Creditor Category

Total Long Term

Grand Total (8+9)

Government and Non-Government External Debt

Table 6: Indias Key External Debt Indicators

Sl.No. Components of External Debt

Indias External Debt Outstanding (Quarterly)

Export credit component of

Loans/securitized borrowings etc.,

TOTAL LONG TERM DEBT

NRI DEPOSITS(Above one year

Commercial bank loans b

Sl.No. Components of External Debt

Includes Financial Lease since 1996.

Rupee denominated debt owed to Russia and payable through exports.

Figures include accrued interest.

Relates to SDR allocations from March 2004 onwards.

Foreign Institutional Investor.

IFC(W): International Finance Corporation, Washington D.C.

PR: Partially Revised; QE: Quick Estimates.

X. GRAND TOTAL ( VIII+IX )

External Debt Liabilities of:

foreign central banks and international

Investment in Treasury Bills by

Bills and other instruments

FII Investment in Govt. Treasury

Above 6 Months and upto 1 year

Trade - Related Credits

Sl.No. Components of External Debt

Sl.No. Components of External Debt

Indias External Debt Outstanding (Quarterly)

TOTAL LONG TERM DEBT

VII. RUPEE DEBTe

VI. NRI DEPOSITS(Above one year

c) Loans/securitized borrowings etc.,

a) Commercial bank loans b

c) Export credit component of

IV. EXPORT CREDIT

Sl.No. Components of External Debt

Relates to SDR allocations from March 2004 onwards.

Includes Financial Lease since 1996.

Rupee denominated debt owed to Russia and payable through exports.

Figures include accrued interest.

Foreign Institutional Investor.

IFC(W): International Finance Corporation, Washington D.C.

PR: Partially Revised; QE: Quick Estimates.

Short-term debt to total external debt (per cent)

debt (per cent)

Concessional Debt to total external

d) External Debt Liabilities of:

foreign central banks and international

c) Investment in Treasury Bills by