(a) whether India has paid some multilateral debt ahead of schedule;
(b) if so, the details thereof;
(c) the total debt burden on India alongwith the interest payable thereon till date; and
(d) the steps taken/being taken by the Union Government to reduce the debt burden?
Minister of State in the Ministry of Finance (SHRI ANANDRAO V. ADSUL)
(a) Yes, Sir.
(b) As a part of its prudent debt management policy, Government of India prematurely repaid high cost loans owed to the World Bank and Asian Development Bank amounting to US $ 2.9 billion in 2002-03. During 2003-04 so far, high cost Currency Pool Loans of the World Bank amounting to US $ 1.4 billion have been prematurely repaid.
(c) The total external debt as at end-June 2003 stood at US $ 109.6 billion. Total debt service stood at US $ 14.0 billion in 2002-03 comprising US $ 10.1 billion as principal and US $ 3.9 billion as interest payment.
(d) Government of India has been following a prudent debt management policy as a result of which the key debt indicators have shown consistent improvement. Total external debt to GDP ratio that stood at 38.7 per cent in 1991-92 has declined to 20.0 per cent in 2002-03.