India's External Debt as at End-June 2001 - ആർബിഐ - Reserve Bank of India
India's External Debt as at End-June 2001
Introduction
As a sequel to the recommendation of the Technical Group on External Debt (Chairman: Shri M.R. Nair, May 1998), as also the data requirement for the Special Data Dissemination Standards (SDDS), India's external debt statistics, which were earlier published for three quarters (end-March, end-September and end-December) are currently being published for four quarters since quarter beginning end-June 2000. According to the present arrangement, India's external debt statistics are published for four reference periods in a fiscal year viz., for end-June [in Reserve Bank of India (RBI) Monthly Bulletin], end-March [in RBI Annual Report], end-September [in Economic Survey, Ministry of Finance (MoF)], Government of India (GoI) and end-December [in "India's External Debt - A Status Report"], MoF, GoI.
The present article, which is the second in the series, provides India's external debt position as at end-June 20011. It may be recalled that the data for end-March 2001 were published in the Reserve Bank of India Annual Report 2000-01 and "India's External Debt-A Status Report", October 2001.
External Debt at end-June 2001
According to provisional data, India's external debt at US $ 98.3 billion as at end-June 2001 declined by 2.1 per cent from US $ 100.4 billion as at end-March 2001 (Table-1). Detailed data on external debt as at end-June 2001 as also for the earlier four quarters (June 2000, September 2000, December 2000 and March 2001) are set out in Statement 1 and 2.
|
||||||||
Item |
At the end of |
|||||||
Variation during the |
||||||||
June-2001 |
March-2001 |
Quarter Apr.-Jun. 2001 |
||||||
|
||||||||
Share in |
Share in total |
|||||||
Amount |
total debt |
Amount |
debt |
Absolute |
Percentage |
|||
(US $ million) |
(per cent) |
(US $ million) |
(per cent) |
variation |
variation |
|||
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
||
|
||||||||
1. |
Multilateral |
31,035 |
31.6 |
31,104 |
31.0 |
-69 |
-0.2 |
|
2. |
Bilateral |
15,810 |
16.1 |
16,624 |
16.6 |
-814 |
-4.9 |
|
3. |
IMF |
0 |
0.0 |
0 |
0.0 |
0 |
0.0 |
|
4. |
Commercial Borrowings |
|||||||
(including trade credits)# |
29,309 |
29.8 |
30,041 |
29.9 |
-732 |
-2.4 |
||
5. |
NRI Deposits (long-term) |
15,729 |
16.0 |
15,432 |
15.4 |
297 |
1.9 |
|
6. |
Rupee debt |
3,230 |
3.3 |
3,693 |
3.7 |
-463 |
-12.5 |
|
7. |
Long Term-Debt (1to 6) |
95,113 |
96.8 |
96,894 |
96.6 |
-1781 |
-1.8 |
|
8. |
Short-Term Debt * |
3,141 |
3.2 |
3,462 |
3.4 |
-321 |
-9.3 |
|
9. |
Total Debt (7+8) |
98,254 |
100.0 |
1,00,356 |
100.0 |
-2102 |
-2.1 |
|
|
||||||||
# Includes net investment by 100 % FII debt funds. * Excludes suppliers' credit of up to 180 days. |
Component-wise analysis reveals that all components of external debt, except long-term non-resident deposits declined during the quarter under reference (Graph-1).
The share of multilateral excepting IMF debt in the total debt increased marginally from 31.0 per cent at end-March 2001 to 31.6 per cent at end-June 2001. The share of bilateral debt to total debt declined marginally from 16.6 per cent at end-March-2001 to 16.1 per cent at end-June 2001. The share of commercial borrowings increased marginally from 24.1 per cent at end-March 2001 to 24.4 per cent, at end-June 2001. The share of rupee debt in total external debt continued its downward trajectory as it fell from 3.7 per cent to 3.3 per cent during the quarter. The proportion of debt under long-term non-resident deposits, on the other hand, increased from 15.4 per cent at end-March 2001 to 16.0 per cent at end-June 2001(Graph-2).
Short-term debt declined from US $ 3.5 billion at end-March 2001 to US $ 3.1 billion at end-June 2001. Trade credits declined from US $ 5.8 billion at end-March 2001 to US $ 5.4 billion at end-June 2001.
The consolidation of external debt was carried further during the quarter as indicated by key indicators of debt sustainability. The concessional debt as a proportion to total debt continued to be significant with a marginal increase to 36.5 per cent at end-June 2001 from 35.9 per cent at end-March 2001. The size of short-term debt remained modest both in regard to total debt and reserves. While the proportion of short-term to total debt declined to 3.2 per cent at end-June 2001 as against 3.4 per cent at end-March 2001, the ratio of short-term debt to foreign exchange reserves declined significantly from 8.2 per cent at end-March 2001 to 7.2 per cent at end-June 2001. (Statement-1, Graph-3).
(QUARTERLY POSITION) |
||||||
(Rs. crores) |
||||||
|
||||||
End Period |
||||||
Item |
Jun-00 |
Sep-00 |
Dec-00 |
Mar-01 |
June-01 |
|
R.E. |
R.E. |
P |
P |
P |
||
|
||||||
1 |
2 |
3 |
4 |
5 |
6 |
|
|
||||||
I. |
MULTILATERAL |
139701 |
141514 |
145360 |
145099 |
145989 |
A. |
Government borrowing |
122521 |
124618 |
127866 |
127765 |
128485 |
i) |
Concessional |
86112 |
87449 |
89494 |
88943 |
89348 |
a) IDA |
84880 |
86166 |
88241 |
87697 |
88087 |
|
b) Others |
1232 |
1283 |
1253 |
1246 |
1261 |
|
ii) |
Non-concessional |
36409 |
37169 |
38372 |
38822 |
39137 |
a) IBRD |
25137 |
25575 |
25892 |
26320 |
26286 |
|
b) Others |
11272 |
11594 |
12480 |
12502 |
12851 |
|
B. |
Non-Government borrowing |
17180 |
16896 |
17494 |
17334 |
17504 |
i) |
Concessional |
0 |
0 |
0 |
0 |
2460 |
ii) |
Non-concessional |
17180 |
16896 |
17494 |
17334 |
15044 |
a) Public sector |
12474 |
12090 |
12433 |
12474 |
10279 |
|
IBRD |
7073 |
7154 |
7192 |
7165 |
4822 |
|
Others |
5401 |
4936 |
5241 |
5309 |
5457 |
|
b) Financial institutions |
3128 |
3240 |
3505 |
3374 |
3302 |
|
IBRD |
1002 |
1026 |
1015 |
1017 |
767 |
|
Others |
2126 |
2214 |
2490 |
2357 |
2535 |
|
c) Private sector |
1578 |
1566 |
1556 |
1486 |
1463 |
|
IBRD |
1201 |
1190 |
1202 |
1148 |
1157 |
|
Others |
377 |
376 |
354 |
338 |
306 |
|
II. |
BILATERAL |
79877 |
79768 |
78966 |
77549 |
74370 |
A. |
Government borrowing |
61303 |
61434 |
60745 |
59387 |
56490 |
i) |
Concessional |
60060 |
60152 |
59444 |
58089 |
55634 |
ii) |
Non-concessional |
1243 |
1282 |
1301 |
1298 |
856 |
B. |
Non-Government borrowing |
18574 |
18334 |
18221 |
18162 |
17880 |
i) |
Concessional |
4201 |
4289 |
4064 |
3830 |
5965 |
a) Public sector |
1588 |
1641 |
1524 |
1502 |
3298 |
|
b) Financial institutions |
2613 |
2648 |
2540 |
2328 |
2667 |
|
c) Private sector |
0 |
0 |
0 |
0 |
0 |
|
ii) |
Non-concessional |
14373 |
14045 |
14157 |
14332 |
11915 |
a) Public sector |
4721 |
4517 |
4814 |
5037 |
3382 |
|
b) Financial institutions |
4145 |
4089 |
4088 |
4276 |
3570 |
|
c) Private sector |
5507 |
5439 |
5255 |
5019 |
4963 |
|
III. |
INTERNATIONAL |
|||||
MONETARY FUND |
0 |
0 |
0 |
0 |
0 |
|
IV. |
EXPORT CREDIT |
30697 |
30006 |
28831 |
27228 |
25294 |
a) Buyers’ credit |
19884 |
19167 |
18314 |
17267 |
15881 |
|
b) Suppliers’ credit |
5529 |
5547 |
5286 |
4850 |
4516 |
|
c) Export credit component |
||||||
of bilateral credit |
5223 |
5231 |
5169 |
5052 |
4836 |
|
d) Export credit for |
||||||
defence purchases |
61 |
61 |
62 |
59 |
61 |
|
V. |
COMMERCIAL BORROWING |
86760 |
89445 |
113734 |
112885 |
112576 |
a) Commercial bank loans# |
44412 |
46255 |
46477 |
46340 |
46043 |
|
b) Securitized borrowings## |
38998 |
39972 |
64169 |
63676 |
63833 |
|
(inclu. IDBs and FCCBs) $ |
||||||
c) Loans/securitized |
||||||
borrowings, etc. |
||||||
with multilateral/bilateral |
||||||
guarantee and IFC(W) |
3261 |
3154 |
3055 |
2869 |
2700 |
|
d) Self Liquidating Loans |
89 |
64 |
33 |
0 |
0 |
|
VI. |
NRI & FC(B&O) Deposits@ |
62971 |
67042 |
69865 |
71975 |
73989 |
(above one-year maturity) |
||||||
a) NRI deposits@@ |
62971 |
67042 |
69865 |
71975 |
73989 |
|
b) FC(B&O) deposits |
0 |
0 |
0 |
0 |
0 |
|
VII. |
Rupee Debt * |
17367 |
17330 |
17553 |
17225 |
15194 |
a) Defence |
15441 |
15434 |
15647 |
15438 |
13449 |
|
b) Civilian |
1926 |
1896 |
1906 |
1787 |
1745 |
|
VIII. |
TOTAL LONG-TERM DEBT |
417373 |
425105 |
454309 |
451961 |
447412 |
(I to VII) |
||||||
IX. |
SHORT-TERM DEBT |
18691 |
20440 |
17908 |
16147 |
14776 |
a) NRI deposits@ |
||||||
(up to 1 year maturity) |
5421 |
4207 |
3655 |
3689 |
3806 |
|
b) FC(B&O)D |
||||||
(up to 1 year maturity) |
0 |
0 |
0 |
0 |
0 |
|
c) Others (trade related) ** |
13270 |
16233 |
14253 |
12458 |
10970 |
|
of which short-term debt |
||||||
of 6 months |
||||||
X. |
GROSS TOTAL(VIII+IX) |
436064 |
445545 |
472217 |
468108 |
462188 |
Memo Items |
||||||
Concessional Debt*** |
167740 |
169220 |
170555 |
168087 |
168601 |
|
As % of Total Debt |
38.5 |
38.0 |
36.1 |
35.9 |
36.5 |
|
Short Term Debt |
18691 |
20440 |
17908 |
16147 |
14776 |
|
As % of Total Debt |
4.3 |
4.6 |
3.8 |
3.4 |
3.2 |
|
|
||||||
IFC(W) : International Finance Corporation(Washington) FC(B&O) Deposits:Foreign Currency(Banks & Others)Deposits P : Provisional RE : Revised Estimates # : Includes financial lease since 1996. # # : Includes India Development Bonds(IDBs), Resurgent India Bonds (RIBs), India Millenium Deposits (IMDs). Also includes Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds. FCCB debt has been adjusted since End-March,1998 after netting out conversion into equity and redemptions. @ Figures include accrued interest. @@ The estimated NRI deposits do not include Non-Resident Non-Repatriable Deposits(NRNRD) which is not repatriable. However, interest service for NRNRD, which is repatriable, is included as part of debt service payment. * Rupee denominated debt owed to Russia and payable through exports. ** This does not include suppliers’ credit of up to 180 days since end-March 1984 *** The definition of concessional debt here includes concessional categories under multilateral and bilateral debt and rupee debt under item VII. |
(QUARTERLY POSITION) |
||||||
(US $ Million) |
||||||
|
||||||
End Period |
||||||
Item |
Jun-00 |
Sep-00 |
Dec-00 |
Mar-01 |
June-01 |
|
R.E. |
R.E. |
P |
P |
P |
||
|
||||||
1 |
2 |
3 |
4 |
5 |
6 |
|
|
||||||
I. |
MULTILATERAL |
31254 |
30645 |
31119 |
31104 |
31035 |
A. |
Government borrowing |
27410 |
26986 |
27374 |
27388 |
27314 |
i) |
Concessional |
19265 |
18937 |
19159 |
19066 |
18994 |
a) IDA |
18989 |
18659 |
18891 |
18799 |
18726 |
|
b) Others |
276 |
278 |
268 |
267 |
268 |
|
ii) |
Non-concessional |
8145 |
8049 |
8215 |
8322 |
8320 |
a) IBRD |
5623 |
5538 |
5543 |
5642 |
5588 |
|
b) Others |
2522 |
2511 |
2672 |
2680 |
2732 |
|
B. |
Non-Government borrowing |
3844 |
3659 |
3745 |
3716 |
3721 |
i) |
Concessional |
0 |
0 |
0 |
0 |
523 |
ii) |
Non-concessional |
3844 |
3659 |
3745 |
3716 |
3198 |
a) Public sector |
2791 |
2618 |
2662 |
2674 |
2185 |
|
IBRD |
1582 |
1549 |
1540 |
1536 |
1025 |
|
Others |
1209 |
1069 |
1122 |
1138 |
1160 |
|
b) Financial institutions |
700 |
701 |
750 |
723 |
702 |
|
IBRD |
224 |
222 |
217 |
218 |
163 |
|
Others |
476 |
479 |
533 |
505 |
539 |
|
c) Private sector |
353 |
340 |
333 |
319 |
311 |
|
IBRD |
269 |
258 |
257 |
246 |
246 |
|
Others |
84 |
82 |
76 |
73 |
65 |
|
II. |
BILATERAL |
17870 |
17280 |
16903 |
16624 |
15810 |
A. |
Government borrowing |
13714 |
13304 |
13004 |
12730 |
12009 |
i) |
Concessional |
13436 |
13026 |
12726 |
12452 |
11827 |
ii) |
Non-concessional |
278 |
278 |
278 |
278 |
182 |
B. |
Non-Government borrowing |
4156 |
3976 |
3899 |
3894 |
3801 |
i) |
Concessional |
940 |
929 |
870 |
821 |
1268 |
a) Public sector |
355 |
355 |
326 |
322 |
701 |
|
b) Financial institutions |
585 |
574 |
544 |
499 |
567 |
|
c) Private sector |
0 |
0 |
0 |
0 |
0 |
|
ii) |
Non-concessional |
3216 |
3047 |
3029 |
3073 |
2533 |
a) Public sector |
1056 |
980 |
1030 |
1080 |
719 |
|
b) Financial institutions |
927 |
886 |
875 |
917 |
759 |
|
c) Private sector |
1233 |
1181 |
1124 |
1076 |
1055 |
|
III. |
INTERNATIONAL |
|||||
MONETARY FUND |
0 |
0 |
0 |
0 |
0 |
|
IV. |
EXPORT CREDIT |
6870 |
6511 |
6169 |
5838 |
5377 |
a) Buyers’ credit |
4450 |
4161 |
3918 |
3702 |
3376 |
|
b) Suppliers’ credit |
1238 |
1204 |
1131 |
1040 |
960 |
|
c) Export credit component |
||||||
of bilateral credit |
1168 |
1133 |
1107 |
1083 |
1028 |
|
d) Export credit for |
||||||
defence purchases |
14 |
13 |
13 |
13 |
13 |
|
V. |
COMMERCIAL BORROWING |
19418 |
19417 |
24331 |
24203 |
23932 |
a) Commercial bank loans# |
9940 |
10041 |
9943 |
9936 |
9788 |
|
b) Securitized borrowings## |
8728 |
8677 |
13727 |
13652 |
13570 |
|
(inclu. IDBs and FCCBs) $ |
||||||
c) Loans/securitized |
||||||
borrowings, etc. |
||||||
with multilateral/bilateral |
||||||
guarantee and IFC(W) |
730 |
685 |
654 |
615 |
574 |
|
d) Self Liquidating Loans |
20 |
14 |
7 |
0 |
0 |
|
VI. |
NRI & FC(B&O) Deposits@ |
14094 |
14553 |
14946 |
15432 |
15729 |
(above one-year maturity) |
||||||
a) NRI deposits@@ |
14094 |
14553 |
14946 |
15432 |
15729 |
|
b) FC(B&O) deposits |
0 |
0 |
0 |
0 |
0 |
|
VII. |
Rupee Debt * |
3887 |
3761 |
3755 |
3693 |
3230 |
a) Defence |
3456 |
3350 |
3347 |
3310 |
2859 |
|
b) Civilian |
431 |
411 |
408 |
383 |
371 |
|
VIII. |
TOTAL LONG-TERM DEBT |
93393 |
92167 |
97223 |
96894 |
95113 |
(I to VII) |
||||||
IX. |
SHORT-TERM DEBT |
4183 |
4438 |
3831 |
3462 |
3141 |
a) NRI deposits@ |
||||||
(up to 1 year maturity) |
1213 |
914 |
782 |
791 |
809 |
|
b) FC(B&O)D |
||||||
(up to 1 year maturity) |
0 |
0 |
0 |
0 |
0 |
|
c) Others (trade related) ** |
2970 |
3524 |
3049 |
2671 |
2332 |
|
of which short-term debt |
||||||
of 6 months |
||||||
X. |
GROSS TOTAL(VIII+IX) |
97576 |
96605 |
101054 |
100356 |
98254 |
Memo Items |
||||||
Concessional Debt*** |
37528 |
36653 |
36510 |
36032 |
35842 |
|
As % of Total Debt |
38.5 |
37.9 |
36.1 |
35.9 |
36.5 |
|
Short Term Debt |
4183 |
4438 |
3831 |
3462 |
3141 |
|
As % of Total Debt |
4.3 |
4.6 |
3.8 |
3.4 |
3.2 |
|
|
||||||
IFC(W) : International Finance Corporation(Washington) FC(B&O) Deposits:Foreign Currency(Banks & Others)Deposits P : Provisional RE : Revised Estimates # : Includes financial lease since 1996. # # : Includes India Development Bonds(IDBs), Resurgent India Bonds (RIBs), India Millenium Deposits (IMDs). Also includes Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds. FCCB debt has been adjusted since End-March,1998 after netting out conversion into equity and redemptions. @ Figures include accrued interest. @@ The estimated NRI deposits do not include Non-Resident Non-Repatriable Deposits(NRNRD) which is not repatriable. However, interest service for NRNRD, which is repatriable, is included as part of debt service payment. * Rupee denominated debt owed to Russia and payable through exports. ** This does not include suppliers’ credit of up to 180 days since end-March 1984 *** The definition of concessional debt here includes concessional categories under multilateral and bilateral debt and rupee debt under item VII. |
* Prepared in the Division of International Finance of the Department of Economic Analysis and Policy.
1 The earlier article covering the period ending June 2000 was published in the Reserve Bank of India Bulletin, January 2001.