India's External Debt Rises By 12% To Over $529 Billion
Mumbai, June 29: India's total external debt for the quarter ended March 2018 rose on a year-on-year basis by over 12 per cent to $529.7 billion, official data showed on Friday.
According to the RBI, external debt rose to $529.7 billion from $471.3 billion reported for the corresponding period of 2017, on the back of an increase in commercial borrowings, short-term debt and non-resident Indian (NRI) deposits.
"At end-March 2018, India's external debt witnessed an increase of 12.4 per cent over its level at end-March 2017, primarily on account of an increase in commercial borrowings, short-term debt and NRI deposits," the RBI said in a statement on "India's External Debt as at the end of March 2018".
"The increase in the magnitude of external debt was partly due to valuation loss resulting from the depreciation of the US dollar against major currencies. The external debt to GDP ratio stood at 20.5 per cent at end-March 2018, higher than its level of 20 per cent at end-March 2017."
As per the statement, valuation loss worth $5.2 billion occurred due to depreciation of the US dollar vis-a-vis major currencies like Euro, SDR (special Drawing Right), Japanese Yen and Pound Sterling.
"Excluding the valuation effect, the increase in external debt would have been US$ 53.1 billion instead of $58.4 billion at end-March 2018 over end-March 2017," the statement said.
"Commercial borrowings continued to be the largest component of external debt with a share of 38.2 per cent, followed by NRI deposits (23.8 per cent) and short-term trade credit (19 per cent)."
Courtesy: www.ndtv.com
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Consumers feeling the heat of rising tender coconut prices in Karnataka
Bengaluru: The cost of tender coconuts has skyrocketed in Karnataka, with retail prices now ranging between Rs 50 and Rs 60 per coconut. In parts of North India, prices have even touched Rs 80 to Rs 100. This price hike is reportedly attributed to a combination of extreme temperatures in Northern India and lower yields in Karnataka, which has been facing its own heatwave.
Maddur, the largest market for tender coconuts in India, has seen average wholesale prices fluctuating between Rs 38 and Rs 50 per coconut over the past three months. Retail prices are higher and depend upon distance from key markets such as Davangere, Tumakuru, Mandya, Hassan, and others as reported by Deccan Herald on Saturday.
During June and July of this year, tender coconuts were available for around Rs 35 in Karnataka, the country's leading coconut producer. However, prices have spiked due to a variety of factors. According to the state government's online agriculture marketing information website, Krishi Marata Vahini, wholesale prices have risen by at least Rs 10,000 per 1,000 coconuts compared to last year.
V. Rajannab, Deputy Director of the Tumakuru APMC Yard, attributed the supply disruption to the "heatwave conditions of the summer of 2024," explaining that farmers could harvest only 30% to 40% of their expected yield. He told the news outlet that the increased demand from North Indian states has further driven up prices in the local market. Nearly 60% of Karnataka's tender coconuts are shipped to North India, with states like Jammu and Kashmir and Gujarat now seeking supplies, he added.
Officials from the horticulture department have suggested that the high price of ball copra could also have impacted the supply of tender coconut. “The price of ball copra has more than doubled in the last three months, going from Rs 8,000 to Rs 18,000 a tonne. There is a general feeling that the price could go further high, which is why most of the farmers are not harvesting tender coconuts,” Horticulture Deputy Director Kadiregowda was quoted as saying by DH.
However, there is some hope for price relief in the near future. With copious rains this monsoon, the yield is anticipated to improve, which could further help stabilise the market and bring prices down in the coming weeks.
