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External debt has stabilised: RBI
NEW DELHI,
OCT. 31.
At $112.6 billion by the end of June 2004, external debt has stabilised at the end of its March 2004 level, thanks to the rising level of foreign exchange reserves and robust export growth.
``This marks a moderation of the sharp increase in the debt stock in 2003-04,'' says a study by the Reserve Bank of India. According to the World Bank's classification, India continues to be among the less indebted low-income countries.
Significant improvements in the form of buoyant export performance and the rising level of foreign exchange reserves have strengthened the external debt servicing capacity and imparting strength and resilience to external debt management.
The external debt at the end of March 2004 stood at $1,12,515 million compared to $1,12, 636 million at the end June 2004.
UNI
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