India's External Debt for Quarter End-June 2003 - ਆਰਬੀਆਈ - Reserve Bank of India
India's External Debt for Quarter End-June 2003
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 'India's External Debt: A Status Report', MoF, GoI].
External Debt at end-June 2003
India's external debt at US $ 109.6 billion as on end-June 2003 increased by US $ 5.0 billion (i.e., by 4.8 per cent) from US $ 104.6 billion at end-March 2003 (Table-1). Detailed data on external debt for quarter ending June 2003 as also for the earlier four quarters (June 2002, September 2002, December 2002 and March 2003) are set out in Statement 1 and 2.
Component-wise analysis reveals that all components of external debt, except rupee debt, increased in absolute terms during the quarter ended June 2003 over the previous quarter. As a proportion of total debt, the share of NRI deposits, external commercial borrowing and short-term debt recorded increases (Chart-1).
Table 1 : India's External Debt |
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|
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Item |
At the end of |
Variation during |
|||||
June-2003 |
March-2003 |
the Quarter |
|||||
Amount |
Share in |
Amount |
Share in |
||||
(US $ |
total debt |
(US $ |
total debt |
Absolute |
Percentage |
||
million) |
(per cent) |
million) |
(per cent) |
variation |
variation |
||
|
|||||||
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
|
|
|||||||
1. |
Multilateral |
30,197 |
27.6 |
29,928 |
28.6 |
269 |
0.9 |
2. |
Bilateral |
17,034 |
15.5 |
16,812 |
16.1 |
222 |
1.3 |
3. |
IMF |
0 |
— |
0 |
— |
— |
— |
4. |
Export Credit |
5,019 |
4.6 |
4,951 |
4.7 |
68 |
1.4 |
5. |
Commercial borrowings # |
23,449 |
21.4 |
22,316 |
21.3 |
1,133 |
5.1 |
6. |
NRI Deposits (long-term) |
25,441 |
23.2 |
23,160 |
22.2 |
2281 |
9.8 |
7. |
Rupee debt |
2,604 |
2.4 |
2,815 |
2.7 |
-211 |
-7.5 |
8. |
Long Term-Debt (1to 7) |
1,03,744 |
94.7 |
99,982 |
95.6 |
3,762 |
3.8 |
9. |
Short-Term Debt * |
5,834 |
5.3 |
4,569 |
4.4 |
1,265 |
27.7 |
10. |
Total Debt (8+9) |
1,09,578 |
100 |
1,04,551 |
100 |
5,027 |
4.8 |
|
|||||||
# Includes net investment by 100 % FII debt funds. * Excludes suppliers' credit of up to 180 days. |
The share of multilateral and bilateral debt in India's total external debt declined from 28.6 per cent to 27.6 per cent and from 16.1 per cent to 15.5 per cent between end-March 2003 and end-June 2003, respectively. The share of commercial borrowings to total debt, however, remained broadly stable at 21.4 per cent at end-June 2003 as against 21.3 per cent at end- March 2003. The share of rupee debt in total debt continued its downward trajectory and declined from 2.7 per cent at end-March 2003 to 2.4 per cent at end-June 2003.
As a sequel to the decision to discontinue the Non-Resident Non-Repatriable Rupee Deposit [NR(NR)RD] scheme with effect from April 1, 2002 and to credit the maturity proceeds of NR(NR)RD to the account holder's NonResident External Rupee Account (NRE), there has been a steady increase in the proportion of debt under long-term non-resident deposits. It has increased from 22.2 per cent at end-March 2003 to 23.2 per cent at end-June 2003. Share of export credits to total debt declined marginally from 4.7 per cent at end-March 2003 to 4.6 per cent at end- June 2003.
Short-term debt increased significantly from US $ 4.6 billion at end-March 2003 to US $ 5.8 billion at end-June 2003, due to an increase in both components of short-term debt, viz., non-resident deposits and short-term trade credits (Chart-2). The increase in short-term trade credit reflects the spurt in imports in India during the quarter. The decision taken by the Reserve Bank of India in its Monetary and Credit Policy, April 2003, to discontinue the short-term NRI deposit Scheme is expected to reduce the short-term NRI debt in the following quarters.
Debt Indicators
Concessional debt as a proportion of total debt shows a decline from 36.9 per cent at end-March 2003 to 35.5 per cent at end-June 2003. The size of short-term debt remained modest, both in regard to total debt and reserves. Short-term debt as proportions of total debt and foreign exchange reserves increased to 5.3 per cent and 7.1 per cent at end- June 2003 as against 4.4 per cent and 6.1 per cent, respectively, at end-March 2003 (Statement-1, Chart-3).
Statement 1 : India’s External Debt Outstanding |
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(Rs. crores) |
|||||||
|
|||||||
Item |
Jun-02 |
Sep-02 |
Dec-02 |
Mar-03 |
Jun-03 |
||
1 |
2 |
3 |
4 |
5 |
6 |
||
|
|||||||
I. |
MULTILATERAL |
157964 |
155552 |
156499 |
142167 |
140368 |
|
A. |
Government borrowing |
142871 |
140881 |
143182 |
129373 |
128191 |
|
i) |
Concessional |
101406 |
100399 |
102039 |
102367 |
101621 |
|
a) IDA |
100005 |
98997 |
100596 |
100933 |
100165 |
||
b) Others |
1401 |
1402 |
1443 |
1434 |
1456 |
||
ii) |
Non-concessional |
41465 |
40482 |
41143 |
27006 |
26570 |
|
a) IBRD |
27955 |
27153 |
27074 |
19010 |
18668 |
||
b) Others |
13510 |
13329 |
14069 |
7996 |
7902 |
||
B. |
Non-Government borrowing |
15093 |
14671 |
13317 |
12794 |
12177 |
|
i) |
Concessional |
0 |
0 |
0 |
0 |
0 |
|
ii) |
Non-concessional |
15093 |
14671 |
13317 |
12794 |
12177 |
|
a) Public sector |
10208 |
10077 |
9200 |
9148 |
8566 |
||
IBRD |
5741 |
5255 |
4393 |
4379 |
4364 |
||
Others |
4467 |
4822 |
4807 |
4769 |
4202 |
||
b) Financial institutions |
3738 |
3613 |
3579 |
3126 |
3102 |
||
IBRD |
1045 |
1001 |
962 |
585 |
517 |
||
Others |
2693 |
2612 |
2617 |
2541 |
2585 |
||
c) Private sector |
1147 |
981 |
538 |
520 |
509 |
||
IBRD |
931 |
771 |
315 |
297 |
291 |
||
Others |
216 |
210 |
223 |
223 |
218 |
||
II. |
BILATERAL |
81143 |
78619 |
79919 |
79869 |
79180 |
|
A. |
Government borrowing |
60631 |
58944 |
59768 |
60096 |
59808 |
|
i) |
Concessional |
60058 |
58377 |
59205 |
59541 |
59403 |
|
ii) |
Non-concessional |
573 |
567 |
563 |
555 |
405 |
|
B. |
Non-Government borrowing |
20512 |
19675 |
20151 |
19773 |
19372 |
|
i) |
Concessional |
7795 |
7644 |
7855 |
7965 |
7802 |
|
a) Public sector |
4900 |
4830 |
4988 |
5108 |
4949 |
||
b) Financial institutions |
2895 |
2814 |
2867 |
2857 |
2853 |
||
c) Private sector |
0 |
0 |
0 |
0 |
0 |
||
ii) |
Non-concessional |
12717 |
12031 |
12296 |
11808 |
11570 |
|
a) Public sector |
5485 |
5318 |
5587 |
5270 |
5304 |
||
b) Financial institutions |
4009 |
3743 |
3737 |
3569 |
3305 |
||
c) Private sector |
3223 |
2970 |
2972 |
2969 |
2961 |
||
III. |
INTERNATIONAL |
||||||
MONETARY FUND |
0 |
0 |
0 |
0 |
0 |
||
IV. |
EXPORT CREDIT |
26174 |
23996 |
24030 |
23519 |
23332 |
|
a) |
Buyers’ credit |
15609 |
13746 |
13649 |
13373 |
13388 |
|
b) |
Suppliers’ credit |
5342 |
5174 |
5233 |
4969 |
4779 |
|
c) |
Export credit component |
||||||
of bilateral credit |
5223 |
5076 |
5148 |
5177 |
5165 |
||
d) |
Export credit for |
||||||
defence purchases |
0 |
0 |
0 |
0 |
0 |
||
V. |
COMMERCIAL BORROWING |
112889 |
108877 |
107670 |
106014 |
109000 |
|
a) |
Commercial bank loans # |
48289 |
46934 |
47018 |
46954 |
48093 |
|
b) |
Securitized borrowings ## |
62079 |
59491 |
58237 |
56613 |
58034 |
|
(inclu. IDBs and FCCBs) |
|||||||
c) |
Loans/securitized |
||||||
borrowings, etc. |
|||||||
with multilateral/bilateral |
|||||||
guarantee and IFC(W) |
2521 |
2452 |
2415 |
2447 |
2873 |
||
d) |
Self Liquidating Loans |
0 |
0 |
0 |
0 |
0 |
|
VI. |
NRI & FC(B&O) Deposits |
90991 |
100591 |
104941 |
110022 |
118262 |
|
(above one-year maturity) |
|||||||
a) |
NRI deposits@ ### |
90991 |
100591 |
104941 |
110022 |
118262 |
|
b) |
FC(B&O) deposits |
0 |
0 |
0 |
0 |
0 |
|
VII. |
Rupee Debt * |
14227 |
13565 |
13459 |
13372 |
12105 |
|
a) |
Defence |
12648 |
11988 |
12000 |
11915 |
10679 |
|
b) |
Civilian |
1579 |
1577 |
1459 |
1457 |
1426 |
|
VIII. |
TOTAL LONG-TERM DEBT |
483388 |
481200 |
486518 |
474963 |
482247 |
|
(I to VII) |
|||||||
IX. |
SHORT-TERM DEBT |
15112 |
14744 |
18429 |
21705 |
27119 |
|
a) |
NRI deposits ### |
||||||
(up to 1 year maturity) |
6070 |
4576 |
8391 |
9320 |
10766 |
||
b) |
FC(B&O) deposits # |
||||||
(up to 1 year maturity) |
0 |
0 |
0 |
0 |
0 |
||
c) |
Others (trade related) ** |
9042 |
10168 |
10038 |
12385 |
16353 |
|
of which short-term debt |
|||||||
of 6 months |
|||||||
X. |
GROSS TOTAL(VIII+IX) |
498500 |
495944 |
504947 |
496668 |
509366 |
|
Memo Items |
|||||||
Concessional Debt*** |
183486 |
179985 |
182558 |
183245 |
180931 |
||
As % of Total Debt |
36.8 |
36.3 |
36.1 |
36.9 |
35.5 |
||
Short Term Debt |
15112 |
14744 |
18429 |
21705 |
27119 |
||
As % of Total Debt |
3.0 |
3.0 |
3.7 |
4.4 |
5.3 |
||
|
|||||||
IFC(W) : International Finance Corporation (Washington). FC(B&O) Deposits:Foreign Currency(Banks & Others) Deposits # : Includes financial lease since 1996. ## : Includes 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. @ 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. However, interest service for NRNRD, which is repatriable,is included as part of debt service payment. ### Figures include accrued interest. * 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. Note : 1) Data for quarter ended December 2002 and March 2003 are revised. 2) Data for quarter ended June 2003 are quick estimates. |
Statement 2 : India’s External Debt Outstanding |
|||||||
(US $ Million) |
|||||||
|
|||||||
Item |
Jun-02 |
Sep-02 |
Dec-02 |
Mar-03 |
Jun-03 |
||
1 |
2 |
3 |
4 |
5 |
6 |
||
|
|||||||
I. |
MULTILATERAL |
32297 |
32126 |
32564 |
29928 |
30197 |
|
A. |
Government borrowing |
29211 |
29096 |
29793 |
27234 |
27577 |
|
i) |
Concessional |
20733 |
20735 |
21232 |
21549 |
21861 |
|
a) IDA |
20447 |
20446 |
20931 |
21247 |
21548 |
||
b) Others |
286 |
289 |
301 |
302 |
313 |
||
ii) |
Non-concessional |
8478 |
8361 |
8561 |
5685 |
5716 |
|
a) IBRD |
5716 |
5608 |
5633 |
4002 |
4016 |
||
b) Others |
2762 |
2753 |
2928 |
1683 |
1700 |
||
B. |
Non-Government borrowing |
3086 |
3030 |
2771 |
2694 |
2620 |
|
i) |
Concessional |
0 |
0 |
0 |
0 |
0 |
|
ii) |
Non-concessional |
3086 |
3030 |
2771 |
2694 |
2620 |
|
a) Public sector |
2087 |
2081 |
1914 |
1926 |
1843 |
||
IBRD |
1174 |
1085 |
914 |
922 |
939 |
||
Others |
913 |
996 |
1000 |
1004 |
904 |
||
b) Financial institutions |
765 |
746 |
745 |
658 |
667 |
||
IBRD |
214 |
207 |
200 |
123 |
111 |
||
Others |
551 |
539 |
545 |
535 |
556 |
||
c) Private sector |
234 |
203 |
112 |
110 |
110 |
||
IBRD |
190 |
159 |
66 |
63 |
63 |
||
Others |
44 |
44 |
46 |
47 |
47 |
||
II. |
BILATERAL |
16592 |
16239 |
16630 |
16812 |
17034 |
|
A. |
Government borrowing |
12397 |
12174 |
12436 |
12651 |
12866 |
|
i) |
Concessional |
12280 |
12057 |
12319 |
12534 |
12779 |
|
ii) |
Non-concessional |
117 |
117 |
117 |
117 |
87 |
|
B. |
Non-Government borrowing |
4195 |
4065 |
4194 |
4161 |
4168 |
|
i) |
Concessional |
1594 |
1579 |
1634 |
1676 |
1679 |
|
a) Public sector |
1002 |
998 |
1038 |
1075 |
1065 |
||
b) Financial institutions |
592 |
581 |
596 |
601 |
614 |
||
c) Private sector |
0 |
0 |
0 |
0 |
0 |
||
ii) |
Non-concessional |
2601 |
2486 |
2560 |
2485 |
2489 |
|
a) Public sector |
1122 |
1099 |
1163 |
1109 |
1141 |
||
b) Financial institutions |
820 |
773 |
778 |
751 |
711 |
||
c) Private sector |
659 |
614 |
619 |
625 |
637 |
||
III. |
INTERNATIONAL |
||||||
MONETARY FUND |
0 |
0 |
0 |
0 |
0 |
||
IV. |
EXPORT CREDIT |
5354 |
4959 |
5003 |
4951 |
5019 |
|
a) |
Buyers’ credit |
3193 |
2842 |
2842 |
2815 |
2880 |
|
b) |
Suppliers’ credit |
1093 |
1069 |
1090 |
1046 |
1028 |
|
c) |
Export credit component |
||||||
of bilateral credit |
1068 |
1048 |
1071 |
1090 |
1111 |
||
d) |
Export credit for |
||||||
defence purchases |
0 |
0 |
0 |
0 |
0 |
||
V. |
COMMERCIAL BORROWING |
23098 |
22507 |
22417 |
22316 |
23449 |
|
a) |
Commercial bank loans # |
9880 |
9702 |
9789 |
9884 |
10346 |
|
b) |
Securitized borrowings ## |
12702 |
12298 |
12125 |
11917 |
12485 |
|
(inclu. IDBs and FCCBs) |
|||||||
c) |
Loans/securitized |
||||||
borrowings, etc. |
|||||||
with multilateral/bilateral |
|||||||
guarantee and IFC(W) |
516 |
507 |
503 |
515 |
618 |
||
d) |
Self Liquidating Loans |
0 |
0 |
0 |
0 |
0 |
|
VI. |
NRI & FC(B&O) Deposits |
18617 |
20794 |
21849 |
23160 |
25441 |
|
(above one-year maturity) |
|||||||
a) |
NRI deposits@ ### |
18617 |
20794 |
21849 |
23160 |
25441 |
|
b) |
FC(B&O) deposits |
0 |
0 |
0 |
0 |
0 |
|
VII. |
Rupee Debt * |
2911 |
2804 |
2802 |
2815 |
2604 |
|
a) |
Defence |
2588 |
2478 |
2498 |
2508 |
2297 |
|
b) |
Civilian |
323 |
326 |
304 |
307 |
307 |
|
VIII. |
TOTAL LONG-TERM DEBT |
98869 |
99429 |
101265 |
99982 |
103744 |
|
(I to VII) |
|||||||
IX. |
SHORT-TERM DEBT |
3092 |
3048 |
3837 |
4569 |
5834 |
|
a) |
NRI deposits ### |
||||||
(up to 1 year maturity) |
1242 |
946 |
1747 |
1962 |
2316 |
||
b) |
FC(B&O) deposits # |
||||||
(up to 1 year maturity) |
0 |
0 |
0 |
0 |
0 |
||
c) |
Others (trade related) ** |
1850 |
2102 |
2090 |
2607 |
3518 |
|
of which short-term debt |
|||||||
of 6 months |
|||||||
X. |
GROSS TOTAL(VIII+IX) |
101961 |
102477 |
105102 |
104551 |
109578 |
|
Memo Items |
|||||||
Concessional Debt*** |
37518 |
37175 |
37987 |
38574 |
38923 |
||
As % of Total Debt |
36.8 |
36.3 |
36.1 |
36.9 |
35.5 |
||
Short Term Debt |
3092 |
3048 |
3837 |
4569 |
5834 |
||
As % of Total Debt |
3.0 |
3.0 |
3.7 |
4.4 |
5.3 |
||
|
|||||||
IFC(W) : International Finance Corporation (Washington). FC(B&O) Deposits:Foreign Currency (Banks & Others) Deposits. # : Includes financial lease since 1996. ## : Includes 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. @ 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. However,interest service for NRNRD,which is repatriable,is included as part of debt service payment. ### Figures include accrued interest. * 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. Note : 1) Data for quarter ended December 2002 and March 2003 are revised. 2) Data for quarter ended June 2003 are quick estimates. |
* Prepared in the Division of International Finance of the Department of Economic Analysis and Policy.