India’s external debt escalated by 8.2% to $620.7 billion in March 2022 compared to 2021, per the Union Ministry of Finance. According to the reports, 53.2% of India’s external debt is in the form of US dollars. However, the debt payable in Indian currency is 31.2%.
Ministry of Finance said, “India’s external debt remains restricted in an ever-increasing manner. At the end of March 2022, the external debt stood at $620.7 billion, an 8.2% hike from a year ago. The external debt as gross domestic product (GDP) ratio was 19.9%. Further, the foreign exchange reserve to external debt ratio was 97.8%.”
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Moreover, the Ministry of Finance data shows that India’s long-term debt is $499.1 billion, 80.4% of total debt. On the other hand, the share of short-term debt is $121.7 billion is 19.6%. Sovereign debt grew by 17.1% to $130.7 billion, while non-sovereign debt grew by 6.1% to $490 billion. The NRI deposits declined by 2% to $139 billion. Further, the commercial credit grew by 5.7% to $209.71 billion, and short-term credit rose b 20.5% to $117.4 billion.
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