India’s external debt has risen by 7.1% to $617.1 billion in June 2022 as against $575.3 billion during the corresponding period last year, according to data released by the Reserve Bank of India (RBI).

Compared to March 2022, when the external debt had stood at $619 billion, there has been a marginal drop in external debt in June 2022, which was $617 billion. In another statement, the government said there is no overshooting of its borrowing programme for the current fiscal. According to the RBI, US dollar-denominated debt was the largest component of India’s external debt, accounting for 54.7% at the end of June. This was followed by debt denominated in the Indian rupee (30.4%), SDR or special drawing rights (6.3%), yen (5.1%), and euro (2.8%). Short-term debt on residual maturity basis was 45.4% of total external debt at end-June 2022 as against 43.2% at end-March 2022. It was 47.6% of foreign exchange reserves.