Jun 9, 1999|
India's external debt crosses US$ 95 bn in December'98
India's external debt crossed the US$ 95 bn mark in
December '98 after falling to US$ 92.88 bn in
end-September '97, according to a summary of a white
paper on the country's external debt released by the
The sharp surge in India's external debt is attributed
to US$ 4.2 bn raised through the Resurgent India Bonds
in August '98 following the Pokhran nuclear tests.
Other indicators of the country's indebtedness showed
a decline. The two important external debt indicators,
the debt to GDP ratio and the debt service-to-current
receipts ratio (which indicates what proportion of the
current income goes towards servicing the debt through
interest payments) have shown steady decline.
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