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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PM instructs armed forces that response to every action by Pak should be more forceful: Govt sources
New Delhi, May 11 (PTI): There is a new normal in India's response to cross-border terrorism, with Prime Minister Narendra Modi instructing the armed forces that the country's response to every action by Pakistan should be more forceful, government sources said on Sunday.
Following Operation Sindoor, Prime Minister Modi told the armed forces that bullets must be responded to by artillery (Wahan se goli chalegi, toh yahan se gola chalega), the sources said.
They said Operation Sindoor is not concluded and there is a new normal in India's response to cross-border terrorism. The cost of cross-border terrorism will be raised, and Pakistan can't continue with terrorism while expecting cooperation in areas of its choosing.
They also said that India will never accept mediation in the Kashmir issue and the only matter to discuss is Pakistan returning the territory which is under its illegal occupation
Foreign Secretary Vikram Misri on Saturday evening announced that India and Pakistan reached an understanding to stop all firings and military actions on land, air and sea, with immediate effect, after four days of intense cross-border drone and missile strikes.
The development was first announced by US President Donald Trump, who claimed that the two countries had agreed to a "full and immediate ceasefire" after US mediation.
In a statement, US Secretary of State Marco Rubio said he was "pleased to announce the Governments of India and Pakistan have agreed to an immediate ceasefire and to start talks on a broad set of issues at a neutral site".
The only matter related to Kashmir to discuss is Pakistan returning territory under its illegal occupation, Government sources asserted on Sunday.
They made it clear that the Indus Waters Treaty will be in abeyance as long as terrorism sponsored by Pakistan against India continues.
Only talks with Pakistan will be through the Director General of Military Operations (DGMOs). There is no other issue to discuss, the sources said.
India's position after the May 7 strikes on terror infrastructure was that if Pakistan fires, India will respond more forcefully, they said, adding it was the Pakistani DGMO who reached out to the Indian DGMO on May 10 to de-escalate situation
After the Pahalgam attack, India had told countries that reached out to New Delhi it would hit terror infrastructure in Pakistan territories.
After the May 7 strikes, every Pakistani action was dealt with very firmly, the sources said.
