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The stock of external debt at end-March 2024 as well as revised data for earlier quarters are set out in Statements I (IMF format[1]) and II (old format). The major developments relating to India’s external debt as at end-March 2024 are presented below.
Highlights
- At end-March 2024, India’s external debt was placed at US$ 663.8 billion, an increase of US$ 39.7 billion over its level at end-March 2023 (Table 1).
- The external debt to GDP ratio declined to 18.7 per cent at end-March 2024 from 19.0 per cent at end-March 2023.
- Valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee and other major currencies such as yen, the euro and SDR[2] amounted to US$ 8.7 billion. Excluding the valuation effect, external debt would have increased by US$ 48.4 billion instead of US$ 39.7 billion at end-March 2024 over end-March 2023.
- At end-March 2024, long-term debt (with original maturity of above one year) was placed at US$ 541.2 billion, recording an increase of US$ 45.6 billion over its level at end-March 2023.
- The share of short-term debt (with original maturity of up to one year) in total external debt declined to 18.5 per cent at end-March 2024 from 20.6 per cent at end-March 2023. Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves declined to 19.0 per cent at end-March 2024 (22.2 per cent at end-March 2023).
- Short-term debt on residual maturity basis (i.e., debt obligations that include long-term debt by original maturity falling due over the next twelve months and short-term debt by original maturity) constituted 42.9 per cent of total external debt at end-March 2024 (44.0 per cent at end-March 2023) and stood at 44.1 per cent of foreign exchange reserves (47.4 per cent at end-March 2023) (Table 2).
- US dollar-denominated debt remained the largest component of India’s external debt, with a share of 53.8 per cent at end-March 2024, followed by debt denominated in the Indian rupee (31.5 per cent), yen (5.8 per cent), SDR (5.4 per cent), and euro (2.8 per cent).
- Outstanding debt of both government and non-government sectors increased at end-March 2024 over the level a year ago (Table 3).
- The share of outstanding debt of non-financial corporations in total external debt was the highest at 37.4 per cent, followed by deposit-taking corporations (except the central bank) (28.1 per cent), general government (22.4 per cent) and other financial corporations (7.3 per cent).
- Loans remained the largest component of external debt, with a share of 33.4 per cent, followed by currency and deposits (23.3 per cent), trade credit and advances (17.9 per cent) and debt securities (17.3 per cent) (Table 4).
- Debt service (i.e., principal repayments and interest payments) increased to 6.7 per cent of current receipts at end-March 2024 from 5.3 per cent at end-March 2023, reflecting higher debt service (Table 5).
(Puneet Pancholy)
Chief General Manager
Press Release: 2024-2025/559
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Table 1: External Debt – Outstanding and Variation
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(US$ billion, unless indicated otherwise)
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Sector
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Outstanding as at
end-March
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Absolute Variation
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Percentage Variation
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2022 R
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2023 PR
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2024 P
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March 2023 over March 2022
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March 2024 over March 2023
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March 2023 over March 2022
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March 2024 over March 2023
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1
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2
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3
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4
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5
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6
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7
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8
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I. General Government
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130.8
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133.3
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148.7
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2.5
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15.4
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1.9
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11.5
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II. Central Bank
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0.1
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0.1
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0.2
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0.1
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0.1
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77.0
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56.3
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III. Deposit-taking Corporations, except the Central Bank
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160.4
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163.4
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186.8
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3.0
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23.4
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1.8
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14.3
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IV. Other Sectors
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299.9
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297.8
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296.7
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-2.1
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-1.1
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-0.7
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-0.4
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IV.1. Other financial corporations
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51.1
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55.0
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48.5
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3.9
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-6.5
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7.7
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-11.8
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IV.2. Non-financial corporations
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248.8
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242.8
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248.1
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-6.0
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5.4
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-2.4
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2.2
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IV.3. Households and nonprofit institutions serving households (NPISHs)
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0.0
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0.0
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0.0
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0.0
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0.0
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-23.7
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-16.5
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V. Direct Investment: Intercompany Lending
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27.6
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29.4
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31.4
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1.8
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1.9
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6.6
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6.6
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Total Debt (I to V)
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618.8
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624.1
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663.8
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5.3
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39.7
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0.9
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6.4
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Memo Items:
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A. Long-term Debt (original maturity)@
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497.1
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495.7
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541.2
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-1.4
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45.6
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-0.3
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9.2
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B. Short-term Debt (original maturity)#
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121.7
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128.4
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122.5
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6.7
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-5.9
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5.5
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-4.6
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R: Revised. PR: Partially Revised. P: Provisional.
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@: Debt with original maturity of above one year.
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#: Debt with original maturity of up to one year.
Note: Figures may not add up to total due to rounding off.
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Table 2: Residual Maturity of Outstanding External Debt as at end-March 2024
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(US$ billion, unless indicated otherwise)
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Sector
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Short-term up to one year
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1 to 2 years
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2 to 3 years
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More than 3 years
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Total (2 to 5)
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1
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2
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3
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4
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5
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6
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I. General Government
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8.8
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10.1
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13.7
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116.1
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148.7
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I.A. Short-term Debt
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0.2
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–
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–
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–
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0.2
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I.B. Long-term Debt
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8.5
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10.1
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13.7
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116.1
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148.5
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II. Central Bank
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0.2
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0.0
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0.0
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0.0
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0.2
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II.A. Short-term Debt
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0.2
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–
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–
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–
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0.2
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II.B. Long-term Debt
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0.0
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0.0
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0.0
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0.0
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0.0
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III. Deposit-taking Corporations, except the Central Bank
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111.0
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29.2
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9.3
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37.3
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186.8
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III.A. Short-term Debt
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2.7
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–
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–
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–
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2.7
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III.B. Long-term Debt
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108.3
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29.2
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9.3
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37.3
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184.1
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IV. Other Sectors
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157.9
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21.2
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26.4
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91.2
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296.7
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IV.A. Short-term Debt
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119.4
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–
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–
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–
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119.4
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IV.B. Long-term Debt
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38.5
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21.2
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26.4
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91.2
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177.3
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IV.1. Other financial corporations
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6.9
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5.5
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10.4
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25.8
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48.5
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IV.1.A. Short-term Debt
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1.4
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–
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–
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–
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1.4
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IV.1.B. Long-term Debt
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5.5
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5.5
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10.4
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25.8
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47.1
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IV.2. Non-financial corporations
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151.0
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15.8
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16.0
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65.4
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248.1
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IV.2.A. Short-term Debt
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118.0
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–
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–
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–
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118.0
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IV.2.B. Long-term Debt
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33.0
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15.8
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16.0
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65.4
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130.1
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IV.3. Households and nonprofit institutions serving households (NPISHs)
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0.0
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0.0
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0.0
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0.0
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0.0
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IV.3.A. Short-term Debt
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0.0
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–
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–
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–
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0.0
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IV.3.B. Long-term Debt
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0.0
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0.0
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0.0
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0.0
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0.0
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V. Direct Investment: Intercompany Lending
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7.1
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3.9
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4.7
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15.8
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31.4
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A. Total Short-term Debt
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122.5
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122.5
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B. Total Long-term Debt
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162.4
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64.4
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54.1
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260.3
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541.2
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C. Total Debt (A+B)
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285.0
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64.4
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54.1
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260.3
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663.8
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Memo Items:
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Short-term Debt (residual maturity) as per cent of Total External Debt
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42.9
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Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves
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44.1
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Note: Figures may not add up to total due to rounding off.
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Table 3: Government and Non-government External Debt
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(US$ billion, unless indicated otherwise)
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Component
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End-March
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2021
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2022 R
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2023 PR
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2024 P
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1
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2
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3
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4
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5
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A. Government Debt (I+II)
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111.6
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130.8
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133.3
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148.7
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(As percentage of GDP)
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(4.1)
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(4.2)
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(4.1)
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(4.2)
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I. External Debt on Government Account under External Assistance
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84.5
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86.7
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91.1
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95.5
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II. Other Government External Debt@
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27.1
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44.1
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42.3
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53.2
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B. Non-government Debt
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461.8
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488.0
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490.7
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515.1
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(As percentage of GDP)
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(17.0)
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(15.7)
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(15.0)
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(14.5)
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B.1. Central Bank
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0.2
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0.1
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0.1
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0.2
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B.2. Deposit-taking Corporations, except the Central Bank
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160.8
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160.4
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163.4
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186.8
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B.3. Other Financial Corporations
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55.2
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51.1
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55.0
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48.5
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B.4. Non-financial Corporations
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220.4
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248.8
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242.8
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248.1
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B.5. Households and nonprofit institutions serving households (NPISHs)
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0.0
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0.0
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0.0
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0.0
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B.6. Direct Investment: Intercompany Lending
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25.2
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27.6
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29.4
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31.4
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C. Total Debt (A+B)
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573.4
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618.8
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624.1
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663.8
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(As percentage of GDP)
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(21.1)
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(19.9)
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(19.0)
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(18.7)
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R: Revised. PR: Partially Revised. P: Provisional.
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@: Other government external debt includes defence debt, investment in treasury bills/government securities by foreign portfolio investors, foreign central banks and international institutions, and SDR allocations by the IMF.
Note: Figures may not add up to total due to rounding off.
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Table 4: Outstanding External Debt by Instruments
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(US$ billion)
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Instrument
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End-March
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2021
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2022 R
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2023 PR
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2024 P
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1
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2
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3
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4
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5
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1. Special Drawing Rights (allocations)
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5.6
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22.9
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22.3
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21.9
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2. Currency and Deposits
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143.8
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141.0
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141.1
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154.8
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3. Debt Securities
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106.9
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112.6
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104.6
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115.1
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4. Loans
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191.9
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196.9
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202.3
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222.0
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5. Trade Credit and Advances
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100.0
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117.8
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124.3
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118.6
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6. Other Debt Liabilities
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0.0
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0.0
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0.0
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0.0
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7. Direct Investment: Intercompany Lending
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25.2
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27.6
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29.4
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31.4
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Total Debt
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573.4
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618.8
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624.1
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663.8
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R: Revised. PR: Partially Revised. P: Provisional.
Note: Figures may not add up to total due to rounding off.
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Table 5: India’s Key External Debt Indicators
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(Per cent, unless indicated otherwise)
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End-March
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External Debt
(US$ billion)
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Ratio of External Debt to GDP
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Debt Service Ratio
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Ratio of Foreign Exchange Reserves to Total Debt
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Ratio of Concessional Debt to Total Debt
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Ratio of Short-term Debt (original maturity) to Foreign Exchange Reserves
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Ratio of Short-term Debt (original maturity) to Total Debt
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1
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2
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3
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4
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5
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6
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7
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8
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1991
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83.8
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28.3
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35.3
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7.0
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45.9
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146.5
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10.2
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1996
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93.7
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26.6
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26.2
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23.1
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44.7
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23.2
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5.4
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2001
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101.3
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22.1
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16.6
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41.7
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35.4
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8.6
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3.6
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2006
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139.1
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17.1
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10.1#
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109.0
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28.4
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12.9
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14.0
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2007
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172.4
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17.7
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4.7
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115.6
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23.0
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14.1
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16.3
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2008
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224.4
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18.3
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4.8
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138.0
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19.7
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14.8
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20.4
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2009
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224.5
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20.7
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4.4
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112.2
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18.7
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17.2
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19.3
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2010
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260.9
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18.5
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5.8
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106.9
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16.8
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18.8
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20.1
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2011
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317.9
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18.6
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4.4
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95.9
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14.9
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21.3
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20.4
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2012
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360.8
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21.1
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6.0
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81.6
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13.3
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26.6
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21.7
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2013
|
409.4
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22.4
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5.9
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71.3
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11.1
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33.1
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23.6
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2014
|
446.2
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23.9
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5.9
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68.2
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10.4
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30.1
|
20.5
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2015
|
474.7
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23.8
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7.6
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72.0
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8.8
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25.0
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18.0
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2016
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484.8
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23.4
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8.8
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74.3
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9.0
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23.2
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17.2
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2017
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471.0
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19.8
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8.3
|
78.5
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9.4
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23.8
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18.7
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2018
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529.3
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20.1
|
7.5
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80.2
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9.1
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24.1
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19.3
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2019
|
543.1
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19.9
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6.4
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76.0
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8.7
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26.3
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20.0
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2020
|
558.3
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20.9
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6.5
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85.6
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8.8
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22.4
|
19.1
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2021
|
573.4
|
21.1
|
8.2
|
100.6
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9.0
|
17.5
|
17.6
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2022 R
|
618.8
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19.9
|
5.2
|
98.1
|
8.3
|
20.0
|
19.7
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2023 PR
|
624.1
|
19.0
|
5.3
|
92.7
|
8.2
|
22.2
|
20.6
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2024 P
|
663.8
|
18.7
|
6.7
|
97.4
|
7.5
|
19.0
|
18.5
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R: Revised. PR: Partially Revised. P: Provisional.
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# 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 external debt of US$ 23.5 million.
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