India's External Debt for Quarter End-June 2003

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சொத்து வெளியீட்டாளர்

பின்செல்

வெளியிடப்பட்ட தேதி அக்டோபர் 13, 2003

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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

	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
							(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.**