Reserve Bank of India – Press Releases

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The inventory of India’s exterior debt at end-June 2022 in addition to revised information for earlier quarters are set out in Statements I (IMF format1) and II (outdated format). The main developments referring to exterior debt as at end-June 2022 are introduced under.

Highlights

  1. At end-June 2022, India’s exterior debt was positioned at US$ 617.1 billion, recording a lower of US$ 2.5 billion over its degree at end-March 2022 (Table 1).

  2. The exterior debt to GDP ratio declined to 19.4 per cent at end-June 2022 from 19.9 per cent at end-March 2022 (Table 1).

  3. Valuation positive factors as a result of appreciation of the US greenback vis-à-vis Indian rupee and main currencies reminiscent of yen, SDR2, and euro had been positioned at US$ 14.4 billion. Excluding the valuation impact, exterior debt would have elevated by US$ 11.9 billion as a substitute of a lower of US$ 2.5 billion at end-June 2022 over end-March 2022.

  4. At end-June 2022, lengthy-time period debt (with unique maturity of above one 12 months) was positioned at US$ 487.3 billion, recording a lower of US$ 10.6 billion over its degree at end-March 2022 (Table 1).

  5. The share of quick-time period debt (with unique maturity of as much as one 12 months) in complete exterior debt elevated to 21.0 per cent at end-June 2022 from 19.6 per cent at end-March 2022. Similarly, the ratio of quick-time period debt (unique maturity) to international trade reserves elevated to 22.0 per cent at end-June 2022 (20.0 per cent at end-March 2022).

  6. Short-term debt on residual maturity foundation (i.e., debt obligations that embody lengthy-time period debt by unique maturity falling due over the following twelve months and quick-time period debt by unique maturity) constituted 45.4 per cent of complete exterior debt at end-June 2022 (43.2 per cent at end-March 2022) and stood at 47.6 per cent of international trade reserves (44.0 per cent at end-March 2022) (Table 2).

  7. US greenback-denominated debt remained the biggest element of India’s exterior debt, with a share of 54.7 per cent at end-June 2022, adopted by debt denominated within the Indian rupee (30.4 per cent), SDR (6.3 per cent), yen (5.1 per cent), and the euro (2.8 per cent).

  8. Outstanding debt of the overall authorities decreased, whereas non-authorities debt elevated at end-June 2022 (Table 3).

  9. The share of excellent debt of non-monetary firms in complete exterior debt was 41.3 per cent, adopted by deposit-taking firms (besides the central financial institution) (25.2 per cent), normal authorities (20.7 per cent) and different monetary firms (8.4 per cent).

  10. Loans remained the biggest element of exterior debt, with a share of 31.1 per cent, adopted by foreign money and deposits (22.3 per cent), commerce credit score and advances (20.6 per cent) and debt securities (18.0 per cent) (Table 4).

  11. Debt service (i.e., principal repayments and curiosity funds) stood at 4.9 per cent of present receipts at end-June 2022 as in contrast with 5.2 per cent at end-March 2022 (Table 5).

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/959


Table 1: External Debt – Outstanding and Variation
(US$ billion, until indicated in any other case)
Sector Outstanding as at finish of Absolute Variation Percentage Variation
June 2021 PR March 2022 PR June 2022 P Jun. 2022 over Jun. 2021 Jun. 2022 over Mar. 2022 Jun. 2022 over Jun. 2021 Jun. 2022 over Mar. 2022
1 2 3 4 5 6 7 8
I. General Government 111.8 130.8 127.7 15.9 -3.1 14.2 -2.4
II. Central Bank 0.3 0.1 0.1 -0.2 0.0 -64.6 60.7
III. Deposit-taking Corporations, besides the Central Bank 160.5 158.7 155.3 -5.2 -3.4 -3.2 -2.2
IV. Other Sectors 276.9 302.3 306.3 29.4 3.9 10.6 1.3
      IV.1. Other monetary firms 50.5 52.8 51.6 1.1 -1.1 2.2 -2.2
      IV.2. Non-financial firms 226.4 249.6 254.6 28.3 5.1 12.5 2.0
      IV.3. Households and nonprofit establishments serving households (NPISHs) 0.0 0.0 0.0 0.0 0.0 -16.0 -7.6
V. Direct Investment: Intercompany Lending 25.7 27.7 27.7 2.0 0.0 7.9 0.2
Total Debt (I to V) 575.3 619.6 617.1 41.8 -2.5 7.3 -0.4
(As share of GDP) (20.3) (19.9) (19.4)        
Memo Items:              
A. Long-term Debt (unique maturity)@ 472.8 497.9 487.3 14.6 -10.6 3.1 -2.1
B. Short-term Debt (unique maturity)# 102.5 121.7 129.8 27.3 8.1 26.6 6.6
PR: Partially Revised. P: Provisional.
@: Debt with unique maturity of above one 12 months.
#: Debt with unique maturity of as much as one 12 months.
Note: Figures could not add as much as complete attributable to rounding off.

Table 2: Residual Maturity of Outstanding External Debt as at end-June 2022
(US$ billion, until indicated in any other case)
Sector Short-term as much as one 12 months 1 to 2 years 2 to three years More than 3 years Total (2 to five)
1 2 3 4 5 6
I. General Government 7.2 8.0 9.3 103.2 127.7
  I.A. Short-term 0.8       0.8
  I.B. Long-term 6.4 8.0 9.3 103.2 126.9
II. Central Bank 0.1 0.0 0.0 0.0 0.1
  II.A. Short-term 0.1       0.1
  II.B. Long-term 0.0 0.0 0.0 0.0 0.0
III. Deposit-Taking Corporations, besides the Central Bank 99.6 18.4 9.8 27.5 155.3
  III.A. Short-term 1.3       1.3
  III.B. Long-term 98.2 18.4 9.8 27.5 154.0
IV. Other Sectors 167.9 28.1 23.4 86.8 306.3
  IV.A. Short-term 127.5       127.5
  IV.B. Long-term 40.4 28.1 23.4 86.8 178.7
      IV.1. Other monetary firms 13.9 8.5 5.8 23.3 51.6
        IV.1.A. Short-term 1.4       1.4
        IV.1.B. Long-term 12.5 8.5 5.8 23.3 50.2
      IV.2. Non-financial firms 154.0 19.6 17.6 63.5 254.6
        IV.2.A. Short-term 126.1       126.1
        IV.2.B. Long-term 27.9 19.6 17.6 63.5 128.5
      IV.3. Households and nonprofit establishments serving households (NPISHs) 0.0 0.0 0.0 0.0 0.0
        IV.3.A. Short-term 0.0       0.0
        IV.3.B. Long-term 0.0 0.0 0.0 0.0 0.0
V. Direct Investment: Intercompany Lending 5.5 3.7 3.9 14.6 27.7
A. Total Short-term Debt 129.8       129.8
B. Total Long-term Debt 150.6 58.3 46.4 232.1 487.3
C. Total External Debt (A+B) 280.4 58.3 46.4 232.1 617.1
Memo Items:          
Short-term Debt (residual maturity) as per cent of Total External Debt 45.4
Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves 47.6
Note: Figures could not add as much as complete attributable to rounding off.  

Table 3: Government and Non-government External Debt
(US$ billion, until indicated in any other case)
Component End-March End-June
2020 2021 PR 2022 PR 2022 P
1 2 3 4 5
A. Government Debt (I+II) 100.9 111.6 130.8 127.7
    (As share of GDP) (3.8) (4.1) (4.2) (4.0)
    I. External Debt on Government Account below External Assistance 72.7 84.5 86.7 86.2
    II. Other Government External Debt@ 28.1 27.1 44.1 41.5
B. Non-government Debt 457.4 462.0 488.8 489.4
    (As share of GDP) (17.1) (17.1) (15.7) (15.4)
    B.1. Central Bank 0.2 0.2 0.1 0.1
    B.2. Deposit-taking Corporations, besides the Central Bank 158.2 160.8 158.7 155.3
    B.3. Other Financial Corporations 40.7 55.2 52.8 51.6
    B.4. Non-financial Corporations 235.6 220.7 249.6 254.6
    B.5. Households and nonprofit establishments serving households (NPISHs) 0.0 0.0 0.0 0.0
    B.6. Direct Investment: Intercompany Lending 22.7 25.2 27.7 27.7
C. Total Debt (A+B) 558.3 573.6 619.6 617.1
    (As share of GDP) (20.9) (21.2) (19.9) (19.4)
PR: Partially Revised. P: Provisional.
@: Other authorities exterior debt contains defence debt, funding in treasury payments/authorities securities by FPIs, international central banks and worldwide establishments, and SDR allocations by the IMF.
Note: Figures could not add as much as complete attributable to rounding off.

Table 4: Outstanding External Debt by Instruments
(US$ billion)
Instrument End-March End-June
2020 2021 PR 2022 PR 2022 P
1 2 3 4 5
1. Special Drawing Rights (allocations) 5.4 5.6 22.9 22.0
2. Currency and Deposits 134.1 143.8 141.0 137.4
3. Debt Securities 97.6 108.4 114.1 111.0
4. Loans 194.2 190.3 195.8 192.1
5. Trade Credit and Advances 104.3 100.3 118.2 126.9
6. Other Debt Liabilities 0.0 0.0 0.0 0.0
7. Direct Investment: Intercompany Lending 22.7 25.2 27.7 27.7
Total Debt 558.3 573.6 619.6 617.1
PR: Partially Revised. P: Provisional.
Note: Figures could not add as much as complete attributable to rounding off.

Table 5: India’s Key External Debt Indicators
(Per cent, until indicated in any other case)
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 to Foreign Exchange Reserves Ratio of Short-Term Debt (unique 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 PR 573.6 21.2 8.2 100.6 9.0 17.5 17.6
2022 PR 619.6 19.9 5.2 98.0 8.3 20.0 19.6
End-June 2022 P 617.1 19.4 4.9 95.5 8.0 22.0 21.0
PR: Partially Revised. P: Provisional.
# works out to six.3 per cent with the exclusion of India Millennium Deposits (IMDs) repayments of US$ 7.1 billion and pre-fee of exterior debt of US$ 23.5 million.

See also  Reserve Bank of India - Press Releases



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