The stock of external debt at end-June 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-June 2024 are presented below.
Highlights
At end-June 2024, India’s external debt was placed at US$ 682.3 billion, an increase of US$ 13.3 billion over its level at end-March 2024 (Table 1).
The external debt to GDP ratio was 18.8 per cent at end-June 2024 as compared with 18.9 per cent at end-March 2024.
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 SDR2 amounted to US$ 3.0 billion during the quarter ended June 2024. Excluding the valuation effect, external debt would have increased by US$ 16.3 billion instead of US$ 13.3 billion at end-June 2024 over end-March 2024.
At end-June 2024, long-term debt (with original maturity of above one year) was placed at US$ 549.6 billion, recording an increase of 1.5 percent (US$ 8.2 billion) over its level at end-March 2024.
The share of short-term debt (with original maturity of up to one year) in total external debt increased to 19.4 per cent at end-June 2024 from 19.1 per cent at end-March 2024. The ratio of short-term debt (original maturity) to foreign exchange reserves increased to 20.3 per cent at end-June 2024 (19.7 per cent at end-March 2024).
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 44.0 per cent of total external debt at end-June 2024 (43.4 per cent at end-March 2024) and stood at 46.0 per cent of foreign exchange reserves (44.9 per cent at end-March 2024) (Table 2).
US dollar-denominated debt remained the largest component of India’s external debt, with a share of 54.6 per cent at end-June 2024, followed by debt denominated in the Indian rupee (31.2 per cent), yen (5.4 per cent), SDR (5.1 per cent), and euro (2.9 per cent).
Outstanding debt of both government and non-government sectors increased at end-June 2024 over its level at end-March 2024 (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) (28.4 per cent), general government (21.9 per cent) and other financial corporations (7.5 per cent).
Loans remained the largest component of external debt, with a share of 33.0 per cent, followed by currency and deposits (23.5 per cent), trade credit and advances (18.6 per cent) and debt securities (17.1 per cent) (Table 4).
Debt servicing (i.e., principal repayments and interest payments) stood at 6.6 per cent of current receipts at end-June 2024 as compared with 6.7 per cent at end-March 2024 (Table 5).
(Puneet Pancholy) Chief General Manager
Press Release: 2024-2025/1189
Table 1: External Debt – Outstanding and Variation
(US$ billion, unless indicated otherwise)
Sector
Outstanding as at end of
Absolute Variation
Percentage Variation
June 2023 PR
March 2024 PR
June 2024 P
June 2024 over June 2023
June 2024 over March 2024
June 2024 over June 2023
June 2024 over March 2024
1
2
3
4
5
6
7
8
I. General Government
132.9
148.7
149.4
16.5
0.7
12.4
0.5
II. Central Bank
0.2
0.2
0.3
0.1
0.1
37.3
29.6
III. Deposit-taking Corporations, except the Central Bank
167.2
186.8
194.1
26.9
7.3
16.1
3.9
IV. Other Sectors
297.7
301.6
306.6
8.9
5.0
3.0
1.7
IV.1. Other financial corporations
47.7
48.5
51.3
3.5
2.8
7.4
5.7
IV.2. Non-financial corporations
249.9
253.1
255.3
5.4
2.2
2.1
0.9
IV.3. Households and nonprofit institutions serving households (NPISHs)
0.0
0.0
0.0
0.0
0.0
-13.9
-0.2
V. Direct Investment: Intercompany Lending
30.9
31.6
31.9
1.0
0.3
3.4
0.8
Total Debt (I to V)
628.8
668.9
682.3
53.5
13.3
8.5
2.0
Memo Items:
A. Long-term Debt (original maturity)@
505.2
541.3
549.6
44.3
8.2
8.8
1.5
B. Short-term Debt (original maturity)#
123.6
127.6
132.7
9.1
5.1
7.4
4.0
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 2024
(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
10.4
11.2
12.0
115.8
149.4
I.A. Short-term Debt
0.5
-
-
-
0.5
I.B. Long-term Debt
9.8
11.2
12.0
115.8
148.9
II. Central Bank
0.3
0.0
0.0
0.0
0.3
II.A. Short-term Debt
0.3
-
-
-
0.3
II.B. Long-term Debt
0.0
0.0
0.0
0.0
0.0
III. Deposit-taking Corporations, except the Central Bank
117.8
29.3
9.0
38.0
194.1
III.A. Short-term Debt
4.6
-
-
-
4.6
III.B. Long-term Debt
113.2
29.3
9.0
38.0
189.5
IV. Other Sectors
164.4
19.4
29.0
93.7
306.6
IV.A. Short-term Debt
127.3
-
-
-
127.3
IV.B. Long-term Debt
37.1
19.4
29.0
93.7
179.3
IV.1. Other financial corporations
6.3
5.7
12.4
26.9
51.3
IV.1.A. Short-term Debt
1.3
-
-
-
1.3
IV.1.B. Long-term Debt
5.0
5.7
12.4
26.9
50.0
IV.2. Non-financial corporations
158.1
13.7
16.7
66.8
255.3
IV.2.A. Short-term Debt
126.0
-
-
-
126.0
IV.2.B. Long-term Debt
32.1
13.7
16.7
66.8
129.3
IV.3. Households and nonprofit institutions serving households (NPISHs)
0.0
0.0
0.0
0.0
0.0
IV.3.A. Short-term Debt
0.0
-
-
-
0.0
IV.3.B. Long-term Debt
0.0
0.0
0.0
0.0
0.0
V. Direct Investment: Intercompany Lending
7.3
3.5
4.6
16.5
31.9
A. Total Short-term Debt
132.7
-
-
-
132.7
B. Total Long-term Debt
167.4
63.5
54.7
264.0
549.6
C. Total Debt (A+B)
300.1
63.5
54.7
264.0
682.3
Memo Items:
Short-term Debt (residual maturity) as per cent of Total External Debt
44.0
Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves
46.0
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
2022
2023 PR
2024 PR
2024 P
1
2
3
4
5
A. Government Debt (I+II)
130.8
133.3
148.7
149.4
(As percentage of GDP)
(4.2)
(4.1)
(4.2)
(4.1)
I. External Debt on Government Account under External Assistance
86.7
91.1
95.5
95.3
II. Other Government External Debt@
44.1
42.3
53.2
54.1
B. Non-government Debt
488.0
490.7
520.2
532.8
(As percentage of GDP)
(15.7)
(15.0)
(14.7)
(14.7)
B.1. Central Bank
0.1
0.1
0.2
0.3
B.2. Deposit-taking Corporations, except the Central Bank
160.4
163.4
186.8
194.1
B.3. Other Financial Corporations
51.1
55.1
48.5
51.3
B.4. Non-financial Corporations
248.8
242.6
253.1
255.3
B.5. Households and nonprofit institutions serving households (NPISHs)
0.0
0.0
0.0
0.0
B.6. Direct Investment: Intercompany Lending
27.6
29.4
31.6
31.9
C. Total Debt (A+B)
618.8
624.0
668.9
682.3
(As percentage of GDP)
(19.9)
(19.0)
(18.9)
(18.8)
PR: Partially Revised. P: Provisional.
@: 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.
Table 4: Outstanding External Debt by Instruments
(US$ billion)
Instrument
End-March
End-June
2022
2023 PR
2024 PR
2024 P
1
2
3
4
5
1. Special Drawing Rights (allocations)
22.9
22.3
21.9
21.8
2. Currency and Deposits
141.0
141.1
154.8
160.6
3. Debt Securities
112.6
104.7
115.1
116.4
4. Loans
196.9
202.2
221.9
225.0
5. Trade Credit and Advances
117.8
124.3
123.7
126.6
6. Other Debt Liabilities
0.0
0.0
0.0
0.0
7. Direct Investment: Intercompany Lending
27.6
29.4
31.6
31.9
Total Debt
618.8
624.0
668.9
682.3
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 (original maturity) 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
573.4
21.1
8.2
100.6
9.0
17.5
17.6
2022
618.8
19.9
5.2
98.1
8.3
20.0
19.7
2023 PR
624.0
19.0
5.3
92.7
8.2
22.2
20.6
2024 PR
668.9
18.9
6.7
96.6
7.4
19.7
19.1
End-June 2024 P
682.3
18.8
6.6
95.6
7.0
20.3
19.4
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.
1 The concepts set out in the IMF’s 2013 External Debt Statistics (EDS)Guide are harmonized with those of the System of National Accounts (SNA) 2008 and the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6) published in 2009.
2 SDR: Special Drawing Rights.
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