India’s external debt stood at $663.8 billion at end-March, marking a $39.7 billion rise from its level at the end of March 2023, according to the Reserve Bank of India’s statement on Tuesday. Excluding valuation effects, the increase in external debt would have been $48.4 billion instead of $39.7 billion. However, despite the increase, India’s external debt-to-GDP ratio decreased to 18.7 per cent by the end of March 2024, down from 19 per cent at the end of March 2023. This ratio encompasses both government and non-government debts. According to data from the central bank, the government’s external debt amounted to 4.2 per cent of GDP, while the external debt of the non-government sector was recorded at 14.5 per cent. The RBI said in its statement: “US dollar-denominated debt remained the largest component of Indias 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),
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