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Private players dominate external debt growth amid economic recovery

External borrowings up 8.2% overall in FY22; private debt accounts for 60%, against 29% a year ago

Photo: Bloomberg
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The revival of economic activity during FY22 renewed the appetite for accessing external debt

Indivjal Dhasmana New Delhi
As economic recovery gained momentum, private players dominated the growth in external debt of the country in financial year 2021-22 (FY22), unlike in FY21.

Of the overall growth of 8.2 per cent in the country’s external debt as of March end, the share of non-sovereign external debt (non-SED) stood at about 60 per cent as compared to 29 per cent a year ago.

In a normal year, it is the relative movements in non-SED that influences the dynamics of external debt. In the pandemic year, on the contrary, it was growth in SED that accounted for a larger share in