India’s external debt stood at $558.5 billion in March, an increase of $15.4 billion compared with the year-ago period, according to RBI data.
Commercial borrowings remained the largest component of the external debt, with a share of 39.4%, followed by non-resident deposits at 23.4% and short-term trade credit at 18.2%.
The data showed valuation gains due to the appreciation of the U.S. dollar against the Indian rupee and other major currencies were at $16.6 billion. “Excluding the valuation effect, the increase in external debt would have been $32 billion instead of $15.4 billion at end-March 2020 over end-March 2019.
At the end of March, long-term debt, with original maturity of above one year, was placed at $451.7 billion, a rise of $17 billion over the level recorded in March 2019.
Short-term debt on residual maturity basis constituted 42.4% of the total external debt and 49.5% of foreign exchange reserves at the end of March.