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India's external debt of USD 624.7 billion at March-end 2023 is within the comfort zone and modest from a cross-country perspective, says FM Sitharaman.
India Business News: India's external debt of $624.7 billion at March-end 2023 with a debt-service ratio of 5.3% is within the comfort zone and modest from a cross-country
Foreign exchange reserves covered 92.6 per cent of the external debt at March-end 2023
New Delhi: India's external debt of USD 624.7 billion at March-end 2023 with a debt-service ratio of 5.3 per cent is within the comfort zone and modest from a cross-country perspective, Finance Minister Nirmala Sitharaman has said. In her foreword to 'India's External Debt: A Status Report 2022-23' released earlier this month, Sitharaman said the ratio of external debt to GDP
India's external debt decreased to 18.9% of GDP by the end of March 2023, down from 20% the previous year, according to the status report by the Finance Ministry. The report stated that external debt stood at $624.7 billion, showing a marginal growth of 0.9%. Commercial borrowings remained the largest component of external debt, accounting for 89.6% of the total.