Financial Daily from THE HINDU group of publications
Thursday, Jul 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 01, 2004 |
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Money & Banking
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RBI & Other Central Banks Industry & Economy - Economy External debt up 7.4 per cent Our Bureau
Mumbai , June 30 THE country's external debt rose by $7.7 billion to Rs 112.6 billion in the fiscal ended March 2004, according to figures released by the Reserve Bank of India. The major portion of this 7.4 per cent rise in the external debt is due to the currency valuation on account of the depreciation of the US dollar against other major currencies. Adjusted for valuation effects, the stocks of external debt at the end of March 2004 was broadly at the March 2003 level. In fact, measured in rupees, the stock of debt recorded a decline of 1.9 per cent over March 2003, stated RBI. In terms of components, NRI deposits were the key driver of the increase in external debt during the lat fiscal. This essentially reflects the flow of discontinued non-resident non-repatriable deposits scheme into the repatriable NRE scheme. Among the other debt components, bilateral debt and short-term trade credits recorded an increase during the year.
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