Corporate overseas borrowings at $3 billion in September: RBI report
22 Oct 2010
Corporates in India raised a total of around $3.09 billion in external commercial borrowings (ECB), in bonds of 3 years to 13 years maturity, in September 2010.
Of this, an amount of $1.17 billion was raised through the automatic route and $1.92 billion through the approval route, the Reserve Bank of India (RBI) said in a release today.
Besides the data on external commercial borrowings (ECB) and foreign currency convertible bonds (FCCB), both through the automatic route and approval route, the RBI also today issued its monthly bulletin.
The bulletin, a survey by the Department of Economic Policy and Research, also includes articles on topical issues, various press releases, a list of regulatory and other measures and foreign exchange developments as also detailed statistics and list of publications besides recent speeches by the governor and other top executives.
India's long-term external debt stood at $215.2 billion and short-term debt at $57.8 billion, which accounted for 78.8 per cent and 21.2 per cent, respectively, of the country's total external debt. India's external debt, as of end-June 2010, was at $273.1 billion.
On the trade front, RBI said, a higher trade deficit combined with lower invisibles surplus widened the country's current account deficit during Q1. The capital account surplus increased significantly, over the corresponding quarter of last year, on account of short-term trade credit, external commercial borrowings, external assistance and banking capital. With capital account surplus being higher than the current account deficit, the overall balance was in surplus at $3.7 billion, RBI said.
A survey based on the respondents' perceptions of current inflation as well inflation expectations for 3 months ahead (July-September 2010) and one year ahead (July 10-June 11) has found that households expect inflation to rise further by 30 and 80 basis points during next quarter (11.4 per cent) and next year (11.9 per cent) respectively from the expected current rate of 11.10 per cent.
The survey was based on response from 134 branches and 99 subsidiaries of 14 Indian banks operating abroad and 289 branches of 29 foreign banks operating in India.