Mumbai: India’s external debt rose marginally to $624.7 billion annually at end-March 2023, although the debt-GDP ratio declined, as per a Reserve Bank data released on Friday.
The external debt rose by $5.6 billion from $619.1 billion at end-March 2022.
“The external debt to GDP ratio declined to 18.9 per cent at end-March 2023 from 20 per cent at end-March 2022,” said the Reserve Bank’s data on India’s External Debt as at end-March 2023. Valuation gains due to the appreciation of the US dollar compared to the Indian rupee and major currencies such as yen, SDR, and euro were placed at $20.6 billion.
“Excluding the valuation effect, external debt would have increased by $26.2 billion instead of $5.6 billion at end-March 2023 over end-March 2022,” the central bank added.
