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Report released by World Bank recently showed that India’s external debt position may be improving. The report, shows that India fares much better than most of its Brics counterparts. Within the group of the Brics nations, China has the most comfortable position followed by India.
India’s long-term external debt for 2017 is $392,483 million and short-term debt stands at $81,562 million. Currently, the external debt to gross national income (GNI) ratio is 23.4 per cent. India has a GNI of $2,049,502 million.
Indian economy grew 7.2 percent in the first current fiscal, Finance Ministry said in December. Economy continued to consolidate the gains, restoring macroeconomic stability despite the continuing global sluggishness.
Given the growth outlook and scope for further reform, India stands in a comfortable position with regards to external debt. Despite the economic liberalisation of the 1990s, the domestic economy has not fallen into an external debt trap.
