External debt races to $223 b

India's total external debt stock declined marginally to $222.61 billion at the end of the second quarter (July-September) this fiscal from $223.81 billion at the end of the first quarter (April-June) of the year.

In terms of components, long-term external debt at $172.51 billion at the end of the second quarter, after posting a decline of $2.69 billion, constituted about 77.5 per cent of the total debt.

According to an official statement here on Wednesday, the July-September quarter witnessed a decline in both NRI (non-resident Indian) deposits as well as commercial borrowings. Export credit, however, increased during the period. Short-term debt, which includes trade-related credits, FII investments in government securities and external liabilities of the banking system, increased by $1.49 billion to $50.10 billion at the end of the three-month period. As per the information relating to countries whose external debt data are reported in the quarterly external debt statistics (QEDS) of the World Bank, India has the lowest level of external debt to GDP (gross domestic product) ratio, the statement noted.