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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (6997)	9/16/1999 12:32:00 PM
From: Mohan Marette	Read Replies (2) of 12475

India's external debt touches $98 billion Source : BS Sep 16, 1999, 10:07:29 AM India's external debt aggregated $98.2 billion at the end of March, reflecting an increase of nearly $4 billion from the level of $94.4 billion of external debt stock reported at the end of March 1998. This is only marginally lower than the record $99 billion reported at the end of March 1995 on cross-currency variations. The time, however, the external debt burden has gone up on account of increased debt creating inflows consisting of $4.2 billion in Resurgent India Bonds and $500 to 700 billion as fresh net FCNR (foreign currency-resident) deposits. Government officials maintained there was no cause for alarm, especially since the country had crossed the hump in external debt service payments in 1996-97 when $14.1 billion was paid out. The bulk of these payments was towards debt obligations that accrued after the country had raised funds commercially and from the international Monetary Fund to tide over the balance of payments crisis inn 1991. The debt-service ratio, which peaked at 35.3 per cent in 1990-91, was down to 18 per cent by Mach 1999.

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