New Delhi: Data released by the Union government revealed that the external debt of the country surged by 8.2% to more than $620 billion at the end of March this year. The 28th edition of the Status Report on India’s External Debt 2021-22 released by the Department of Economic Affairs of Union Finance Ministry revealed this. India’s external debt was over $573 billion at the end of March, last year.
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Commercial borrowings, Non-resident Indians (NRIs) deposits, short-term trade credit and multilateral loans together accounted for 90% of the total external debt. The External debt as a ratio to Gross domestic product (GDP) fell marginally to 19.9% as of March this year. It was at 21.2% in March, last year.
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