External debt in comfort zone and better than many others, says FM Sitharaman
debt-to-GDP ratio at 18.7%, its debt service ratio at 6.7% and foreign exchange reserves-to-external debt ratio at 97.4% are «within the comfort zone» and way better than many middle-income countries, finance minister Nirmala Sitharaman said.
In a foreword to a status report released by the finance ministry, Sitharaman underscored that India's external debt «remains sustainable and prudently managed».
The country's external debt rose 6.4% from a year before to touch $663.8 billion as of March 2024, according to the status report, firmed up by the department of economic affairs.
Indian rupee-denominated loan, accounting for 31.5% of the total external debt, also «provides an element of comfort from a currency risk standpoint», the minister said.
«The stability of the total external debt is further enhanced by the fact that the long-term debt constitutes a significant proportion of the debt, and the short-term debt is essentially incurred to finance imports,» Sitharaman added.
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