The stock of external debt at end-June 2020 as well as revised data for earlier quarters are set out in Statements I (old format) and II (IMF format)1. The major developments relating to India’s external debt as at end-June 2020 are presented below.
Highlights
At end-June 2020, India’s external debt was placed at US$ 554.5 billion, recording a decrease of US$ 3.9 billion over its level at end-March 2020 (Table 1).
The external debt to GDP ratio increased to 21.8 per cent at end-June 2020 from 20.6 per cent at end-March 2020.
Valuation loss due to the depreciation of the US dollar vis-à-vis major currencies such as euro, yen and SDR2 were placed at US$ 0.7 billion. Excluding the valuation effect, the decrease in external debt would have been US$ 4.5 billion instead of US$ 3.9 billion at end-June 2020 over end-March 2020.
Commercial borrowings remained the largest component of external debt, with a share of 38.1 per cent, followed by non-resident deposits (23.9 per cent) and short-term trade credit (18.2 per cent).
At end-June 2020, long-term debt (with original maturity of above one year) was placed at US$ 449.5 billion, recording a decrease of US$ 2.0 billion over its level at end-March 2020.
The share of short-term debt (with original maturity of up to one year) in total external debt declined to 18.9 per cent at end-June 2020 from 19.1 per cent at end-March 2020; the ratio of short-term debt (original maturity) to foreign exchange reserves declined to 20.8 per cent at end-June 2020 (22.4 per cent at end-March 2020).
Short-term debt on residual maturity basis (i.e., debt obligations that include long-term debt by original maturity falling due over the next twelve months and short-term debt by original maturity) constituted 44.0 per cent of total external debt at end-June 2020 (42.4 per cent at end-March 2020) and stood at 48.2 per cent of foreign exchange reserves (49.6 per cent at end-March 2020) (Table 2).
US dollar denominated debt remained the largest component of India’s external debt, with a share of 53.9 per cent at end-June 2020, followed by the Indian rupee (31.6 per cent), yen (5.7 per cent), SDR (4.5 per cent) and the euro (3.5 per cent).
The borrower-wise classification shows that the outstanding debt of both government and non-government sectors decreased at end-June 2020 (Table 3).
The share of outstanding debt of non-financial corporations in total external debt was the highest at 42.3 per cent, followed by deposit-taking corporations (except the central bank) (28.1 per cent), general government (18.0 per cent) and other financial corporations (7.4 per cent).
The instrument-wise classification shows that the loans were the largest component of external debt, with a share of 35.4 per cent, followed by currency and deposits (24.3 per cent), trade credit and advances (18.8 per cent) and debt securities (16.3 per cent) (Table 4).
Debt service (principal repayments plus interest payments) increased to 8.1 per cent of current receipts at end-June 2020 as compared with 6.5 per cent at end-March 2020, reflecting lower current receipts (Table 5).
| Table 1: External Debt - Outstanding and Variation |
| (US$ billion) |
| Component | Outstanding as at end of | Absolute variation | Percentage variation |
| June 2019 PR | March 2020 PR | June 2020 P | Jun-20 over Jun-19 | Jun-20 over Mar-20 | Jun-20 over Jun-19 | Jun-20 over Mar-20 |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 1. Multilateral | 59.0 | 60.0 | 64.8 | 5.8 | 4.8 | 9.8 | 8.0 |
| 2. Bilateral | 26.5 | 27.2 | 27.5 | 0.9 | 0.3 | 3.6 | 1.1 |
| 3. IMF | 5.5 | 5.4 | 5.5 | -0.1 | 0.0 | -1.0 | 0.8 |
| 4. Trade Credit | 7.8 | 7.2 | 7.0 | -0.8 | -0.2 | -9.7 | -2.2 |
| 5. Commercial Borrowings | 213.7 | 220.1 | 211.1 | -2.6 | -9.1 | -1.2 | -4.1 |
| 6. NRI Deposits | 133.6 | 130.6 | 132.7 | -0.9 | 2.1 | -0.6 | 1.6 |
| 7. Rupee Debt | 1.1 | 1.0 | 1.0 | -0.1 | -0.1 | -13.4 | -5.2 |
| 8. Short-term Debt | 109.7 | 106.9 | 105.0 | -4.7 | -1.8 | -4.3 | -1.7 |
| Of which: | | | | | | | |
| Short-term trade credit | 104.4 | 101.4 | 101.2 | -3.2 | -0.2 | -3.1 | -0.2 |
| Total External Debt | 556.9 | 558.4 | 554.5 | -2.4 | -3.9 | -0.4 | -0.7 |
| Memo Items: | | | | | | | |
| A. Long-term Debt (original maturity)@ | 447.2 | 451.5 | 449.5 | 2.3 | -2.0 | 0.5 | -0.4 |
| B. Short-term Debt (original maturity)# | 109.7 | 106.9 | 105.0 | -4.7 | -1.8 | -4.3 | -1.7 |
| PR: Partially Revised P: Provisional |
| @: Debt with original maturity of above one year. |
| #: Debt with original maturity of up to one year. |
| Table 2: Residual Maturity of Outstanding External Debt as at end-June 2020 |
| (US$ billion) |
| Sector | Short-term up to one year | 1 to 2 years | 2 to 3 years | More than 3 years | Total
(2 to 5) |
| 1 | 2 | 3 | 4 | 5 | 6 |
| I. General Government | 5.5 | 7.5 | 7.9 | 79.0 | 99.9 |
| I.A. Short-term (original maturity) | 0.2 | | | | 0.2 |
| I.B. Long-term (original maturity) | 5.3 | 7.5 | 7.9 | 79.0 | 99.7 |
| II. Central Bank | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 |
| II.A. Short-term (original maturity) | 0.2 | | | | 0.2 |
| II.B. Long-term (original maturity) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| III. Deposit-Taking Corporations, except the Central Bank | 96.1 | 22.0 | 11.1 | 26.4 | 155.6 |
| III.A. Short-term (original maturity) | 1.7 | | | | 1.7 |
| III.B. Long-term (original maturity) | 94.4 | 22.0 | 11.1 | 26.4 | 154.0 |
| IV. Other Sectors | 137.4 | 24.8 | 26.4 | 86.7 | 275.3 |
| IV.A. Short-term (original maturity) | 102.9 | | | | 102.9 |
| IV.B. Long-term (original maturity) | 34.5 | 24.8 | 26.4 | 86.7 | 172.4 |
| IV.1. Other financial corporations | 6.7 | 5.2 | 9.0 | 19.9 | 40.9 |
| IV.1.A. Short-term (original maturity) | 1.7 | | | | 1.7 |
| IV.1.B. Long-term (original maturity) | 5.0 | 5.2 | 9.0 | 19.9 | 39.2 |
| IV.2. Non-financial corporations | 130.7 | 19.6 | 17.4 | 66.8 | 234.4 |
| IV.2.A. Short-term (original maturity) | 101.2 | | | | 101.2 |
| IV.2.B. Long-term (original maturity) | 29.5 | 19.6 | 17.4 | 66.8 | 133.2 |
| IV.3. Households and nonprofit institutions serving households (NPISHs) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| IV.3.A. Short-term (original maturity) | 0.0 | | | | 0.0 |
| IV.3.B. Long-term (original maturity) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| V. Direct Investment: Intercompany Lending | 4.8 | 2.9 | 2.7 | 13.0 | 23.4 |
| A. Total Short-term Debt (original maturity) | 105.0 | | | | 105.0 |
| B. Total Long-term Debt (original maturity) | 138.9 | 57.2 | 48.2 | 205.2 | 449.5 |
| C. Total External Debt (A+B) | 244.0 | 57.2 | 48.2 | 205.2 | 554.5 |
| Memo Items: | | | | | |
| Short-term Debt (residual maturity) as per cent of Total External Debt | 44.0 |
| Short-term Debt (residual maturity) as per cent of Foreign Exchange Reserves | 48.2 |
| Table 3: Government and Non-government External Debt |
| (US$ billion) |
| Component | End-March | End-June |
| 2018 | 2019 PR | 2020 PR | 2020 P |
| 1 | 2 | 3 | 4 | 5 |
| A. Government Debt (I+II) | 111.9 | 103.8 | 100.9 | 99.9 |
| (As percentage of GDP) | (4.3) | (3.8) | (3.7) | (3.9) |
| I. External Debt on Government Account under External Assistance | 68.6 | 68.8 | 72.7 | 77.3 |
| II. Other Government External Debt @ | 43.4 | 35.0 | 28.1 | 22.6 |
| B. Non-government Debt | 417.3 | 439.3 | 457.5 | 454.6 |
| (As percentage of GDP) | (15.9) | (16.0) | (16.9) | (17.9) |
| B.1. Central Bank | 0.3 | 0.2 | 0.2 | 0.2 |
| B.2. Deposit-taking Corporations, except the Central Bank | 154.6 | 164.3 | 158.2 | 155.6 |
| B.3. Other Financial Corporations | 26.4 | 31.2 | 40.9 | 40.9 |
| B.4. Non-financial Corporations | 220.4 | 226.4 | 235.4 | 234.4 |
| B.5. Households and nonprofit institutions serving households (NPISHs) | 0.0 | 0.0 | 0.0 | 0.0 |
| B.6. Direct Investment: Intercompany Lending | 15.7 | 17.1 | 22.8 | 23.4 |
| C. Total External Debt (A+B) | 529.3 | 543.1 | 558.4 | 554.5 |
| (As percentage of GDP) | (20.1) | (19.8) | (20.6) | (21.8) |
| PR: Partially Revised P: Provisional |
| @: Other government external debt includes defence debt, investment in Treasury Bills/government securities by FPIs, foreign central banks and international institutions and IMF. |
| Table 4: Outstanding External Debt by Instruments |
| (US$ billion) |
| Instrument | End-March | End-June |
| 2018 | 2019 PR | 2020 PR | 2020 P |
| 1 | 2 | 3 | 4 | 5 |
| 1. Special Drawing Rights (allocations) | 5.8 | 5.5 | 5.4 | 5.5 |
| 2. Currency and Deposits | 127.6 | 134.4 | 134.1 | 134.6 |
| 3. Debt Securities | 98.3 | 91.9 | 97.5 | 90.5 |
| 4. Loans | 178.7 | 189.0 | 194.2 | 196.6 |
| 5. Trade Credit and Advances | 103.2 | 105.2 | 104.3 | 104.0 |
| 6. Other Debt Liabilities | 0.0 | 0.0 | 0.0 | 0.0 |
| 7. Direct Investment: Intercompany Lending | 15.7 | 17.1 | 22.8 | 23.4 |
| Total External Debt | 529.3 | 543.1 | 558.4 | 554.5 |
| PR: Partially Revised P: Provisional |
| Table 5: India’s Key External Debt Indicators |
| (Per cent, unless indicated otherwise) |
| 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
(original 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 PR | 543.1 | 19.8 | 6.4 | 76.0 | 8.7 | 26.3 | 20.0 |
| 2020 PR | 558.4 | 20.6 | 6.5 | 85.6 | 8.8 | 22.4 | 19.1 |
| End-June 2020 P | 554.5 | 21.8 | 8.1 | 91.2 | 8.9 | 20.8 | 18.9 |
| PR: Partially Revised P: Provisional |
# Works out to 6.3 per cent with the exclusion of India Millennium Deposits (IMDs) repayments of US$ 7.1 billion and pre-payment of external debt of US$ 23.5 million.
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