External debt falls in Sept quarter to $222.6 billion

The country’s total external debt stood at $222.61 billion at the end of September this year, marginally lower than the $223.81 billion at the end of June. The ratio of foreign exchange reserves to total external debt stood at a comfortable level of 128.6%, the ministry said. Besides, India has the lowest level of external debt to gross domestic product (GDP) ratio, the statement said, quoting World Bank data. Long-term external debt, which accounts for 78% of total external debt, declined by $2.69 billion to finish the quarter at $172.51 billion. Although external commercial borrowings and NRI deposits declined, export credit posted a growth