India''s external debt stock at end March 2008 was at $ 221.2 billion, reflecting a 30.4 per cent increase over the previous year. Valuation change due to falling of the US dollar vis-a-vis other major international currencies calculated for almost 20 per cent of the increment in total external debt during the year, said a status report on the country''s external debt for 2007-08 released by the Finance Ministry on Sept 4.
In rupee terms, the increase in external debt during 2007-08 was lower at 19.6 per cent due to the appreciation of the rupee against the dollar. The report attributed the increase in external debt to increase in external commercial borrowing and short-term debt. Between end-March 2007 and end-March 2008, the Government debt as a proportion of total external debt fell from 28.4 per cent to 25.6 per cent and as a percentage of GDP, it fell from 5.3 per cent to 4.8 per cent.
In rupee terms, the increase in external debt during 2007-08 was lower at 19.6 per cent due to the appreciation of the rupee against the dollar. The report attributed the increase in external debt to increase in external commercial borrowing and short-term debt. Between end-March 2007 and end-March 2008, the Government debt as a proportion of total external debt fell from 28.4 per cent to 25.6 per cent and as a percentage of GDP, it fell from 5.3 per cent to 4.8 per cent.
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