The stock of India’s external debt at end-June 2022 as well as revised data for earlier quarters are set out in Statements I (IMF format1) and II (old format). The major developments relating to external debt as at end-June 2022 are presented below. Highlights
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At end-June 2022, India’s external debt was placed at US$ 617.1 billion, recording a decrease of US$ 2.5 billion over its level at end-March 2022 (Table 1).
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The external debt to GDP ratio declined to 19.4 per cent at end-June 2022 from 19.9 per cent at end-March 2022 (Table 1).
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Valuation gains due to the appreciation of the US dollar vis-à-vis Indian rupee and major currencies such as yen, SDR2, and euro were placed at US$ 14.4 billion. Excluding the valuation effect, external debt would have increased by US$ 11.9 billion instead of a decrease of US$ 2.5 billion at end-June 2022 over end-March 2022.
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At end-June 2022, long-term debt (with original maturity of above one year) was placed at US$ 487.3 billion, recording a decrease of US$ 10.6 billion over its level at end-March 2022 (Table 1).
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The share of short-term debt (with original maturity of up to one year) in total external debt increased to 21.0 per cent at end-June 2022 from 19.6 per cent at end-March 2022. Similarly, the ratio of short-term debt (original maturity) to foreign exchange reserves increased to 22.0 per cent at end-June 2022 (20.0 per cent at end-March 2022).
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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 45.4 per cent of total external debt at end-June 2022 (43.2 per cent at end-March 2022) and stood at 47.6 per cent of foreign exchange reserves (44.0 per cent at end-March 2022) (Table 2).
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US dollar-denominated debt remained the largest component of India’s external debt, with a share of 54.7 per cent at end-June 2022, followed by debt denominated in the Indian rupee (30.4 per cent), SDR (6.3 per cent), yen (5.1 per cent), and the euro (2.8 per cent).
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Outstanding debt of the general government decreased, while non-government debt increased at end-June 2022 (Table 3).
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The share of outstanding debt of non-financial corporations in total external debt was 41.3 per cent, followed by deposit-taking corporations (except the central bank) (25.2 per cent), general government (20.7 per cent) and other financial corporations (8.4 per cent).
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Loans remained the largest component of external debt, with a share of 31.1 per cent, followed by currency and deposits (22.3 per cent), trade credit and advances (20.6 per cent) and debt securities (18.0 per cent) (Table 4).
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Debt service (i.e., principal repayments and interest payments) stood at 4.9 per cent of current receipts at end-June 2022 as compared with 5.2 per cent at end-March 2022 (Table 5).
(Yogesh Dayal) Chief General Manager Press Release: 2022-2023/959
Table 1: External Debt – Outstanding and Variation |
(US$ billion, unless indicated otherwise) |
Sector |
Outstanding as at end of |
Absolute Variation |
Percentage Variation |
June 2021 PR |
March 2022 PR |
June 2022 P |
Jun. 2022 over Jun. 2021 |
Jun. 2022 over Mar. 2022 |
Jun. 2022 over Jun. 2021 |
Jun. 2022 over Mar. 2022 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
I. General Government |
111.8 |
130.8 |
127.7 |
15.9 |
-3.1 |
14.2 |
-2.4 |
II. Central Bank |
0.3 |
0.1 |
0.1 |
-0.2 |
0.0 |
-64.6 |
60.7 |
III. Deposit-taking Corporations, except the Central Bank |
160.5 |
158.7 |
155.3 |
-5.2 |
-3.4 |
-3.2 |
-2.2 |
IV. Other Sectors |
276.9 |
302.3 |
306.3 |
29.4 |
3.9 |
10.6 |
1.3 |
IV.1. Other financial corporations |
50.5 |
52.8 |
51.6 |
1.1 |
-1.1 |
2.2 |
-2.2 |
IV.2. Non-financial corporations |
226.4 |
249.6 |
254.6 |
28.3 |
5.1 |
12.5 |
2.0 |
IV.3. Households and nonprofit institutions serving households (NPISHs) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
-16.0 |
-7.6 |
V. Direct Investment: Intercompany Lending |
25.7 |
27.7 |
27.7 |
2.0 |
0.0 |
7.9 |
0.2 |
Total Debt (I to V)
|
575.3
|
619.6
|
617.1
|
41.8 |
-2.5 |
7.3 |
-0.4 |
(As percentage of GDP) |
(20.3) |
(19.9) |
(19.4) |
|
|
|
|
Memo Items: |
|
|
|
|
|
|
|
A. Long-term Debt (original maturity)@ |
472.8 |
497.9 |
487.3 |
14.6 |
-10.6 |
3.1 |
-2.1 |
B. Short-term Debt (original maturity)# |
102.5 |
121.7 |
129.8 |
27.3 |
8.1 |
26.6 |
6.6 |
PR: Partially Revised. P: Provisional. |
@: Debt with original maturity of above one year. |
#: Debt with original maturity of up to one year. |
Note: Figures may not add up to total due to rounding off. |
Table 2: Residual Maturity of Outstanding External Debt as at end-June 2022 |
(US$ billion, unless indicated otherwise) |
Sector |
Short-term up to one year |
1 to 2 years |
2 to 3 years |
More than 3 years |
Total (2 to 5) |
1 |
2 |
3 |
4 |
5 |
6 |
I. General Government |
7.2 |
8.0 |
9.3 |
103.2 |
127.7 |
I.A. Short-term |
0.8 |
|
|
|
0.8 |
I.B. Long-term |
6.4 |
8.0 |
9.3 |
103.2 |
126.9 |
II. Central Bank |
0.1 |
0.0 |
0.0 |
0.0 |
0.1 |
II.A. Short-term |
0.1 |
|
|
|
0.1 |
II.B. Long-term |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
III. Deposit-Taking Corporations, except the Central Bank |
99.6 |
18.4 |
9.8 |
27.5 |
155.3 |
III.A. Short-term |
1.3 |
|
|
|
1.3 |
III.B. Long-term |
98.2 |
18.4 |
9.8 |
27.5 |
154.0 |
IV. Other Sectors |
167.9 |
28.1 |
23.4 |
86.8 |
306.3 |
IV.A. Short-term |
127.5 |
|
|
|
127.5 |
IV.B. Long-term |
40.4 |
28.1 |
23.4 |
86.8 |
178.7 |
IV.1. Other financial corporations |
13.9 |
8.5 |
5.8 |
23.3 |
51.6 |
IV.1.A. Short-term |
1.4 |
|
|
|
1.4 |
IV.1.B. Long-term |
12.5 |
8.5 |
5.8 |
23.3 |
50.2 |
IV.2. Non-financial corporations |
154.0 |
19.6 |
17.6 |
63.5 |
254.6 |
IV.2.A. Short-term |
126.1 |
|
|
|
126.1 |
IV.2.B. Long-term |
27.9 |
19.6 |
17.6 |
63.5 |
128.5 |
IV.3. Households and nonprofit institutions serving households (NPISHs) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
IV.3.A. Short-term |
0.0 |
|
|
|
0.0 |
IV.3.B. Long-term |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
V. Direct Investment: Intercompany Lending |
5.5 |
3.7 |
3.9 |
14.6 |
27.7 |
A. Total Short-term Debt |
129.8 |
|
|
|
129.8 |
B. Total Long-term Debt |
150.6 |
58.3 |
46.4 |
232.1 |
487.3 |
C. Total External Debt (A+B) |
280.4 |
58.3 |
46.4 |
232.1 |
617.1 |
Memo Items: |
|
|
|
|
|
Short-term Debt (residual maturity) as per cent of Total External Debt |
45.4 |
Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves |
47.6 |
Note: Figures may not add up to total due to rounding off. |
|
Table 3: Government and Non-government External Debt |
(US$ billion, unless indicated otherwise) |
Component |
End-March |
End-June |
2020 |
2021 PR |
2022 PR |
2022 P |
1 |
2 |
3 |
4 |
5 |
A. Government Debt (I+II) |
100.9 |
111.6 |
130.8 |
127.7 |
(As percentage of GDP) |
(3.8) |
(4.1) |
(4.2) |
(4.0) |
I. External Debt on Government Account under External Assistance |
72.7 |
84.5 |
86.7 |
86.2 |
II. Other Government External Debt@ |
28.1 |
27.1 |
44.1 |
41.5 |
B. Non-government Debt |
457.4 |
462.0 |
488.8 |
489.4 |
(As percentage of GDP) |
(17.1) |
(17.1) |
(15.7) |
(15.4) |
B.1. Central Bank |
0.2 |
0.2 |
0.1 |
0.1 |
B.2. Deposit-taking Corporations, except the Central Bank |
158.2 |
160.8 |
158.7 |
155.3 |
B.3. Other Financial Corporations |
40.7 |
55.2 |
52.8 |
51.6 |
B.4. Non-financial Corporations |
235.6 |
220.7 |
249.6 |
254.6 |
B.5. Households and nonprofit institutions serving households (NPISHs) |
0.0 |
0.0 |
0.0 |
0.0 |
B.6. Direct Investment: Intercompany Lending |
22.7 |
25.2 |
27.7 |
27.7 |
C. Total Debt (A+B) |
558.3 |
573.6 |
619.6 |
617.1 |
(As percentage of GDP) |
(20.9) |
(21.2) |
(19.9) |
(19.4) |
PR: Partially Revised. P: Provisional. |
@: Other government external debt includes defence debt, investment in treasury bills/government securities by FPIs, foreign central banks and international institutions, and SDR allocations by the IMF. Note: Figures may not add up to total due to rounding off. |
Table 4: Outstanding External Debt by Instruments |
(US$ billion) |
Instrument |
End-March |
End-June |
2020 |
2021 PR |
2022 PR |
2022 P |
1 |
2 |
3 |
4 |
5 |
1. Special Drawing Rights (allocations) |
5.4 |
5.6 |
22.9 |
22.0 |
2. Currency and Deposits |
134.1 |
143.8 |
141.0 |
137.4 |
3. Debt Securities |
97.6 |
108.4 |
114.1 |
111.0 |
4. Loans |
194.2 |
190.3 |
195.8 |
192.1 |
5. Trade Credit and Advances |
104.3 |
100.3 |
118.2 |
126.9 |
6. Other Debt Liabilities |
0.0 |
0.0 |
0.0 |
0.0 |
7. Direct Investment: Intercompany Lending |
22.7 |
25.2 |
27.7 |
27.7 |
Total Debt |
558.3 |
573.6 |
619.6 |
617.1 |
PR: Partially Revised. P: Provisional. Note: Figures may not add up to total due to rounding off. |
Table 5: India’s Key External Debt Indicators |
(Per cent, unless indicated otherwise) |
End-March |
External Debt (US$ billion) |
Ratio of External Debt to GDP |
Debt Service Ratio |
Ratio of Foreign Exchange Reserves to Total Debt |
Ratio of Concessional Debt to Total Debt |
Ratio of Short-Term Debt to Foreign Exchange Reserves |
Ratio of Short-Term Debt (original maturity) to Total Debt |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
1991 |
83.8 |
28.3 |
35.3 |
7.0 |
45.9 |
146.5 |
10.2 |
1996 |
93.7 |
26.6 |
26.2 |
23.1 |
44.7 |
23.2 |
5.4 |
2001 |
101.3 |
22.1 |
16.6 |
41.7 |
35.4 |
8.6 |
3.6 |
2006 |
139.1 |
17.1 |
10.1# |
109.0 |
28.4 |
12.9 |
14.0 |
2007 |
172.4 |
17.7 |
4.7 |
115.6 |
23.0 |
14.1 |
16.3 |
2008 |
224.4 |
18.3 |
4.8 |
138.0 |
19.7 |
14.8 |
20.4 |
2009 |
224.5 |
20.7 |
4.4 |
112.2 |
18.7 |
17.2 |
19.3 |
2010 |
260.9 |
18.5 |
5.8 |
106.9 |
16.8 |
18.8 |
20.1 |
2011 |
317.9 |
18.6 |
4.4 |
95.9 |
14.9 |
21.3 |
20.4 |
2012 |
360.8 |
21.1 |
6.0 |
81.6 |
13.3 |
26.6 |
21.7 |
2013 |
409.4 |
22.4 |
5.9 |
71.3 |
11.1 |
33.1 |
23.6 |
2014 |
446.2 |
23.9 |
5.9 |
68.2 |
10.4 |
30.1 |
20.5 |
2015 |
474.7 |
23.8 |
7.6 |
72.0 |
8.8 |
25.0 |
18.0 |
2016 |
484.8 |
23.4 |
8.8 |
74.3 |
9.0 |
23.2 |
17.2 |
2017 |
471.0 |
19.8 |
8.3 |
78.5 |
9.4 |
23.8 |
18.7 |
2018 |
529.3 |
20.1 |
7.5 |
80.2 |
9.1 |
24.1 |
19.3 |
2019 |
543.1 |
19.9 |
6.4 |
76.0 |
8.7 |
26.3 |
20.0 |
2020 |
558.3 |
20.9 |
6.5 |
85.6 |
8.8 |
22.4 |
19.1 |
2021 PR |
573.6 |
21.2 |
8.2 |
100.6 |
9.0 |
17.5 |
17.6 |
2022 PR |
619.6 |
19.9 |
5.2 |
98.0 |
8.3 |
20.0 |
19.6 |
End-June 2022 P |
617.1 |
19.4 |
4.9 |
95.5 |
8.0 |
22.0 |
21.0 |
PR: Partially Revised. P: Provisional. |
# 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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