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External liabilities down by $12 billion

Our Bureau

Mumbai , Sept 30

INDIA'S net foreign liabilities have come down by $12 billion to $48.60 billion as on March 2004 as against $60.64 billion a year ago.

According to the data on `India's international investment position' released by the Reserve Bank of India on Thursday, India's total liabilities stood at $184.58 billion as against the total assets of $135.98 billion as on March 2004.

The net foreign liabilities as a percentage of GDP, has come down to 8.37 per cent (12.82 per cent).

International investment position represents the stocks of external liabilities as at the end of a specified period. The net international investment position (external assets mines external liabilities) shows the difference between what an economy owns in relation to what it owes.

According to the RBI, with the redemption of Resurgent India Bond during 22003-04 debt securities liabilities of banks significantly went down as at the end of 2003-04.

The loan liabilities of the Government sector in dollar terms have remained almost stagnant in the last three financial years at around $43 billion.

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