MINISTER OF FINANCE (SHRI JASWANT SINGH)
(a) to (e):A statement is placed on the Table of the House.
Statement referred to in reply to Lok Sabha Starred Question No.688 by
Shri Ajay Singh Chautala and Prof. Dukha Bhagat regarding Foreign Debt for
answer on May 9th, 2003.
(a) As per information available, India`s total external debt as at end-September, 2002,
was US $ 101.97 billion. Information on country-wise debt outstanding is maintained
only in respect of Government debt. Donor-wise details of outstanding external debt
on Government Account as on 30th April, 2003 are given in the Annexure.
(b)&(c)Details of external debt service payments (Principal and Interest payments)
during the last three years are as under:
Year Debt Service Payments (US $ million) Principal Interest payments Principal Interest Total Repayment as as percentage of percentage of Gross Gross Domestic Domestic Product Product (GDP) (GDP)
2000-01 8,317 3,822 12,139 1.81 0.83
2001-02 6,995 4,081 11,076 1.45 0.85
2002-03# 4,799 1,559 6,358 0.96 0.31
# April - September, 2002.
(d) & (e): The Government follows a prudent external debt management policy
focusing on external borrowing only from multilateral and bilateral sources;
concentrating on concessional and less expensive debt; keeping the maturity
structure of the total external debt under manageable limits; limiting short term
debt; encouraging non debt creating financial flows; particularly foreign direct
investment; and emphasizing the growth of exports and invisibles` on current account.
Besides, taking advantage of foreign exchange reserves and lower domestic interest
rates, the Government has effected premature repayment of high cost currency pooled
loans of the World Bank (IBRD) and of the Asian Development Bank (ADB) totaling
around US $ 3 billion. The Government intends to continue with this policy of prudently
managing external liabilities and of proactively liquidating relatively high cost component
of country`s external debt portfolio.
ANNEXURE
Details of Outstanding External Debt on Government Account as on 30.04.2003.
S.No. Country/Donor (Rs. Crores) (US $ Million)
1 Asian Development Bank 7,971.81 1,682.17
2 EEC(SAC) 188.79 39.84
3 Austria 140.89 29.73
4 Australia 26.47 5.59
5 Belgium 162.98 34.39
6 Canada 1,407.57 297.02
7 Rep. Of Czech & Slovak 8.55 1.81
8 Germany 11,330.58 2,390.92
9 Denmark 395.57 83.47
10 Spain 123.21 26.00
11 France 2,896.78 611.26
12 Italy 463.95 97.90
13 Japan 39,667.98 8,370.54
14 Kuwait Fund 132.32 27.92
15 Netherlands 2,145.42 452.72
16 Russian Federation 1,918.85 404.91
17 Saudi Arabia 33.62 7.09
18 Switzerland 40.37 8.52
19 Sweden 520.86 109.91
20 USA 4,849.68 1,023.35
21 IBRD 18,953.72 3,999.52
22 IDA 100,930.13 21,297.78
23 IFAD 1,163.24 245.46
24 OPEC 71.99 15.19
Total 195,545.33 41,263.01
