India's External Debt for Quarter End-June 2002 - ആർബിഐ - Reserve Bank of India
India's External Debt for Quarter End-June 2002
Introduction
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 Status Report, MoF, GoI] .
The present article, which is the third in the series, provides India's external debt position for the quarter ending June 20021. It may be recalled that the data for end-March 2002 were published in the Reserve Bank of India- Annual Report 2001-02.
External Debt at end-June 2002
India's external debt at US $ 101.3 billion as on end-June 2002 increased by US $ 3.1 billion or 3.2 per cent from US $ 98.2 billion at end-March 2002 (Table 1). Detailed data on external debt for quarter ending June 2002 as also for the earlier four quarters (June 2001, September 2001, December 2001 and March 2002) are set out in Statement 1and 2.
Component-wise analysis reveals that all components of external debt, except export credit, external commercial borrowings and rupee debt increased during the quarter under reference (Chart 1).
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Item |
At the end of |
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Variation during the |
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June-2002 |
March-2002 |
Quarter Apr.-Jun. 2002 |
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Amount |
Share in |
Amount |
Share in |
Absolute |
Percentage |
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(US $ |
total debt |
(US $ |
total debt |
variation |
variation |
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million) |
(per cent) |
million) |
(per cent) |
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(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
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1. |
Multilateral |
32,288 |
31.9 |
31,724 |
32.3 |
564 |
1.8 |
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2. |
Bilateral |
16,306 |
16.1 |
15,181 |
15.5 |
1125 |
7.4 |
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3. |
IMF |
0 |
— |
0 |
— |
— |
— |
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4. |
Export Credit |
4,957 |
4.9 |
4,988 |
5.1 |
-31 |
-0.6 |
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5. |
Commercial Borrowings # |
23,081 |
22.8 |
23,422 |
23.9 |
-341 |
-1.5 |
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6. |
NRI Deposits (long-term) |
18,617 |
18.4 |
17,154 |
17.5 |
1463 |
8.5 |
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7. |
Rupee debt |
2,912 |
2.9 |
2,944 |
3.0 |
-32 |
-1.1 |
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8. |
Long Term-Debt (1to 7) |
98,161 |
96.9 |
95,413 |
97.2 |
2748 |
2.9 |
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9. |
Short-Term Debt * |
3,092 |
3.1 |
2,745 |
2.8 |
347 |
12.6 |
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10. |
Total Debt (7+8) |
101,253 |
100.0 |
98,158 |
100.0 |
3095 |
3.2 |
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# |
Includes net investment by 100 % FII debt funds. |
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* |
Excludes suppliers' credit of up to 180 days. |
The share of multilateral (excepting IMF) debt in the total debt declined marginally from 32.3 per cent at end-March 2002 to 31.9 per cent at end-June 2002.
The share of bilateral debt to total debt increased marginally from 15.5 per cent at end-March-2002 to 16.1 per cent at end-June 2002.
The share of commercial borrowings to total debt declined marginally from 23.9 per cent at end-March 2002 to 22.8 per cent, at end-June 2002.
The share of rupee debt in total debt continued its downward trajectory as it fell from 3.0 per cent to 2.9 per cent over the same period.
As a sequel to the decision to discontinue the NR(NR)RD scheme with effect from April1, 2002 and credit the maturity proceeds of NR(NR)RD deposits to the account holder's NRE account, there was an increase in the proportion of debt under long-term non-resident deposits, from 17.5 per cent at end-March 2002 to 18.4 per cent at end-June 2002.
Share of export credits to total debt declined from 5.1 per cent at end-March 2002 to 4.9 per cent at end-June 2002.
Short-term debt increased from US $ 2.8 billion at end-March 2002 to US $ 3.1 billion at end-June 2002 mainly on account of an increase in short-term NRI deposits (Chart 2).
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 36.8 per cent at end-June 2002 from 35.8 per cent at end-March 2002. 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 increased to 3.1 per cent at end-June 2002 as against 2.8 per cent at end-March 2002 the ratio of short-term debt to foreign exchange reserves increased slightly from 5.1 per cent at end-March 2002 to 5.3 per cent at end-June 2002. Statement 1 Chart 3).
IFC(W) : |
International Finance Corporation(Washington) |
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FC(B&O) Deposits:Foreign Currency(Banks & Others)Deposits |
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# |
: |
Includes financial lease since 1996. |
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## |
: |
Includes Resurgent India Bonds (RIBs), India Millenium Deposits (IMDs). |
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Also includes Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds. |
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FCCB debt has been adjusted since End-March,1998 after netting out conversion into equity and redemptions. |
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@ |
The estimated NRI deposits do not include Non-Resident Non-Repatriable Deposits(NRNRD) which is not repatriable and which has been discontinued w.e.f. April 1, 2002. |
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@@ |
Figures include accrued interest. |
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However, interest service for NRNRD, which is repatriable, is included as part of debt service payment. |
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* |
Rupee denominated debt owed to Russia and payable through exports. |
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** |
This does not include suppliers’ credit of up to 180 days since end-March 1984 |
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*** |
The definition of concessional debt here includes concessional categories under multilateral and bilateral debt and rupee debt under item VII. |
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Note: |
Data for quarter ended June 2001, September 2001, December 2001 and March 2002 are revised. |
IFC(W) : |
International Finance Corporation(Washington) |
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FC(B&O) Deposits:Foreign Currency(Banks & Others)Deposits |
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# |
: |
Includes financial lease since 1996. |
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## |
: |
Includes Resurgent India Bonds (RIBs), India Millenium Deposits (IMDs). |
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Also includes Foreign Currency Convertible Bonds (FCCBs) and net investment by 100% FII debt funds. |
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FCCB debt has been adjusted since End-March,1998 after netting out conversion into equity and redemptions. |
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@ |
The estimated NRI deposits do not include Non-Resident Non-Repatriable Deposits(NRNRD) which is not repatriable and which has been discontinued w.e.f. April 1, 2002. |
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@@ |
Figures include accrued interest. |
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However, interest service for NRNRD, which is repatriable, is included as part of debt service payment. |
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* |
Rupee denominated debt owed to Russia and payable through exports. |
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** |
This does not include suppliers’ credit of up to 180 days since end-March 1984 |
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*** |
The definition of concessional debt here includes concessional categories under multilateral and bilateral debt and rupee debt under item VII. |
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Note: |
Data for quarter ended June 2001, September 2001, December 2001 and March 2002 are revised. |
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* |
Prepared in the Division of International Finance of the Department of Economic Analysis and Policy. |
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1 |
The earlier article covering the period ending June 2001 was published in the Reserve Bank of India Bulletin, January 2002. |