New Delhi: India's total external debt increased by $ 100 million to $ 112.6 billion as on June-end this year compared to the same period last year, Rajya Sabha was informed today (Dec 7, 2004).

Finance Minister P Chidambaram said, in a written reply, the short-term debt increased from $ 4.7 billion as on March-end 2004 to $ 5.9 billion during the end of June 2004.

The increase in the short-term debt of $ 1.2 billion was due to rise in trade credits resulting from higher imports during April-June 2004.

The external debt had gone up by $ 7,645 million to $ 1,12,515 million in 2003-04 as compared to the previous year.

It had risen by $ 6,113 million in 2002-03 when the debt rose to 1,04,870 million from 98,757 million in 2001-02, the Minister said.

During 2001-02, external debt had declined by $ 2,375 million as against the previous fiscal, he said.

Chidambaram said the Government is following prudent external debt management policies. This included emphasis on raising funds on concessional terms, monitoring of short- term debt, prepaying high cost loans and encouraging non-debt creating capital flows.

GDP ratio of External debt: The ratio of external debt to GDP has gone down to 16.6 per cent during 2003-04 as compared to 20.2 per cent in 2002-03 and 21.1 per cent in 2001-02, Chidambaram said.