India debt: India’s external debt at US$ 617.1 billion as of June 2022

India’s external debt was placed at US$ 617.1 billion at the end of June 2022, stated a press release on Thursday. It has recorded a decrease of US$ 2.5 billion over its level at end of March 2022.

The external debt to GDP ratio declined to 19.4 per cent at the end of June 2022 from 19.9 per cent at end of March 2022.

“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,” stated the press release.

The 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. Meanwhile, 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.

Furthermore, the ratio of short-term debt to foreign exchange reserves increased to 22.0 per cent at end-June 2022 (20.0 per cent at end-March 2022).

According to the release, “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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