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Time of India
21 hours ago
- Business
- Time of India
Foreign debt climbs: India's external debt rises 10% to $736.3 billion in FY25; debt-to-GDP edges up to 19.1%
I ndia's external debt rose 10% to $736.3 billion at the end of March 2025 from $668.8 billion a year earlier, according to data released by the Reserve Bank of India (RBI) on Friday. The debt-to-GDP ratio also inched up to 19.1% from 18.5% in FY24. The increase includes a $5.3 billion valuation impact due to the appreciation of the US dollar against the rupee and other currencies. Excluding this effect, the underlying increase in debt was $72.9 billion, PTI reported. Breakdown of debt composition The non-financial corporate sector accounted for the largest share, borrowing $261.7 billion. Deposit-taking corporations excluding the central bank owed $202.1 billion, while the government's share of external debt stood at $168.4 billion. Long-term debt (with original maturity above one year) rose by $60.6 billion to $601.9 billion. Meanwhile, the share of short-term debt in total external liabilities declined to 18.3% from 19.1% a year ago. However, the ratio of short-term debt to foreign exchange reserves rose slightly to 20.1%, up from 19.7% at the end of FY24, the report said. Debt instruments and currency mix Loans remained the largest component of external debt, making up 34% of the total, followed by: Currency and deposits: 22.8% Trade credit and advances: 17.8% Debt securities: 17.7% The US dollar continued to dominate India's foreign borrowing, accounting for 54.2% of the total external debt. Other currencies in the debt mix included the Indian rupee (31.1%), Japanese yen (6.2%), Special Drawing Rights (4.6%), and euro (3.2%). Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
2 days ago
- Business
- The Hindu
Two parallel compensations at work for domestic, international services in case of airline accidents in the country
Although many airlines have been using the same aircraft for the operations of domestic and international services, two 'parallel systems of compensation' — one for the domestic and the other for the international — are at work in the country. For instance, in the event of an accident, compensation to the victims varies depending on whether the flight was international or domestic. For death or serious injury, international passengers may receive up to 1,13,100 Special Drawing Rights (SDR) (around ₹1.25 crore), while the compensation for the same in the domestic sector is limited to just ₹20 lakh. The SDR is the global currency for airline compensation under the Montreal Convention, valued daily by the IMF based on five major currencies and published as the official exchange rate. Similarly, baggage claims are capped at 1,131 SDR in international flights, but only ₹20,000 in domestic. For cargo loss or damage, the limit is 19 SDR per kg internationally, compared to just ₹350 per kg on domestic flights. Equal compensation Speaking to The Hindu, Biji Eapen, president, Airline Users Rights and Grievances Redressal Forum (AURGRF) which submitted a representation to the Union Minister of Civil Aviation seeking to fix the anomalies in the compensation rules, said equal compensation is the right of all passengers, regardless of route or carrier type. Further, the adoption of the International Civil Aviation Organisation's (ICAO) revised compensation limits under the Montreal Convention 1999 (MC99), effective 28 December 2024, will address some of the major gaps in the area, he said. Though the Air Passengers Rights Charter, 2019, was a positive move, the revised Montreal Convention Compensation Limits were not adopted by the country. The 1999 Montreal Convention (MC99), framed by the ICAO and International Air Transport Association (IATA), establishes a uniform global liability standard that applies equally to domestic and international airline operations worldwide. Under MC99 As per the ICAO's revised compensation limits under the MC99, death or serious injury will attract a compensation of 151,880 SDR ($2,02,500) followed by 6,303 SDR ($8,400) for passenger delay, 1,519 SDR ($2,000) for baggage loss/damage/delay, and 26 SDR/kg ($35/kg) for cargo loss/damage. In the aftermath of the Ahmedabad plane crash, the Air India and the Tata Group announced ₹1 crore in compensation per victim, along with an interim ₹25 lakh payment. If the revised compensation limit is adopted, the compensation would be around ₹1.72 crore, said Mr. Eapen. Considering that Indian carriers frequently operate the same aircraft across both the domestic and the international routes and participate in code-sharing with foreign airlines, a unified regulatory framework is essential. Hence, the Union government should be ready to ratify the ICAO's updated MC99 limits without delay, along with amending the 2019 Air Passengers Rights Rules to reflect international standards, said the representation submitted to the Centre.
Jordan News
2 days ago
- Business
- Jordan News
IMF Completes Third Review of Jordan's Economic Program, Unlocks $134 Million - Jordan News
On Wednesday, the Executive Board of the International Monetary Fund (IMF) completed the third review of Jordan's Extended Fund Facility (EFF) program, enabling the Jordanian government to access immediate new financing worth 97.784 million Special Drawing Rights (SDRs), approximately USD 134 million, in support of its national economic program. اضافة اعلان This progress is part of the four-year agreement approved in January 2024, with a total value of about USD 1.3 billion (equivalent to 270% of Jordan's IMF quota). With this new disbursement, the total amount received by Jordan under this program has reached approximately USD 595 million. In an official statement, the IMF affirmed that Jordan's program remains firmly on track, reflecting the authorities' commitment to sound macroeconomic policies and structural reforms aimed at strengthening resilience, accelerating growth, and creating job opportunities. Jordan's economy grew by a stronger-than-expected 2.5% in 2024, and it is expected to continue improving gradually in the coming years, supported by continued sound policies and reform implementation. The statement noted that inflation in the Kingdom remains low and stable, while the Central Bank's reserves surpassed the USD 20 billion mark by the end of 2024. The current account has remained stable, with the deficit expected to hover around 6% of GDP. The IMF highlighted the government's ongoing efforts to gradually contain public spending, aiming to reduce public debt and create room for increased social and investment spending. It also praised reforms in the business environment and labor market, particularly those expanding opportunities for women and youth. (Al-Mamlaka)
New Indian Express
7 days ago
- General
- New Indian Express
If Cost of death escalates, will the State invest in keeping its citizens alive?
The tragic air accident in Ahmedabad involving the Air India flight has shocked the world. Air travel is one of the safest modes of transport, and when such a tragedy occurs, it is heartbreaking. Although nothing can compensate for the loss of life of the dear ones, Air India's parent company, Tata, has announced a compensation of `1 crore for the families of the victims. Though this may appear generous, under the international Montreal Convention, the airline is liable to pay a compensation amounting to 1,51,880 Special Drawing Rights (SDRs) per deceased passenger. This translates to approximately Rs 1.8 crore at the current exchange rates to the next of kin. It is unclear whether the Tata offer is in addition to the mandatory payment of Rs 1.8 crore as per law. A few days before the tragic air accident, some passengers of Mumbai's infamous local trains fell off the overcrowded compartments and died. These were daily commuters struggling to make a living in one of the world's most prosperous cities. The Maharashtra government promptly announced a compensation of Rs 5 lakhs. Railways have remained silent so far, but as per the Railways Act of 1989, the Railways are bound to give a compensation of Rs 8 lakh. For this, the kin of the victim will have to file a claim with the Railway Claims Tribunal, and the compensation may take many years to be fruitful, if at all. On an average, the passengers in an international flights are wealthier than an average commuter in a Mumbai local. The disparity in compensation between the two sets of victims is glaring. All lives are equal, but some lives are more equal in our society. Life is so cheap in India. The victory celebration of the IPL champions claimed many lives in Bengaluru a few weeks ago. Many died in a stampede in Kumbh Mela; we don't even know how many actually died there. The accident in Mumbai local that claimed five lives are in headlines only because they happened together in one tragic accident. It is estimated that on an average seven people die every day in accidents related to Mumbai local. That is around three thousand victims a year. To put things in perspective, total number of terror victims in India last year was 87, including the terrorists killed. In other words, commuting to office or college in a Mumbai local is more dangerous than living in a terror-prone area.
Mint
21-06-2025
- Business
- Mint
Stock market this week sees big moves—Check the top gainers and losers
India's foreign exchange reserves saw a healthy rise of $2.29 billion, touching a new total of $698.95 billion for the week ending June 13, 2025, according to the latest data from the Reserve Bank of India. This consistent growth in forex reserves reflects the country's strong external position and the confidence of global investors in the Indian economy. The increase is likely supported by gains in foreign currency assets, gold holdings, and Special Drawing Rights (SDRs). A robust forex reserve buffer not only strengthens India's ability to manage external shocks but also enhances the country's creditworthiness and macroeconomic stability. This upward trend provides the RBI with more room to manage currency volatility, support the rupee when required, and ensure smooth financing of the current account deficit. Overall, the steady accumulation of reserves underscores India's resilience and growing economic stature on the global stage. The Initial Public Offering (IPO) of Arisinfra Solutions Limited has received an encouraging response from investors, closing with an oversubscription of 1.32 times. This reflects growing investor confidence in the company's business model and future prospects. Arisinfra Solutions, known for its expertise in infrastructure and engineering solutions, attracted interest across various investor categories, including retail, high-net-worth individuals (HNIs), and institutional investors. The oversubscription indicates a healthy demand for the company's shares and highlights market optimism surrounding infrastructure development and allied services in India. The company's focus on innovative project delivery, operational efficiency, and its growing footprint in the infrastructure sector have contributed to this positive sentiment. With the IPO now concluded successfully, the next steps include the finalization of share allotment and eventual listing on the stock exchange. The strong subscription figures signal a promising start for Arisinfra Solutions as it prepares to enter the public market. Mirae Asset Mutual Fund has introduced two new investment opportunities through its latest NFOs: the Mirae Asset CRISIL IBX Financial Services 9-12 Months Debt Index Fund (Growth – Direct Plan) and the Mirae Asset Income Plus Arbitrage Active FoF (Growth – Direct Plan). The debt index fund offers investors access to a portfolio of high-quality financial sector instruments with a defined maturity range of 9 to 12 months, making it ideal for those seeking short-term, stable returns with low interest rate sensitivity. Meanwhile, the arbitrage active FoF provides a balanced approach by investing in arbitrage opportunities and income-generating schemes, aiming to deliver consistent returns with lower volatility. This fund leverages price differences in equity markets while dynamically allocating assets to optimize returns. Both funds reflect Mirae Asset's commitment to offering innovative, low-risk strategies tailored to diverse investor needs, making them attractive options for those looking to diversify their portfolios and align with evolving market dynamics. Index Returns Best Performers Worst Performers Bought and Sold Most Watchlisted Kuvera is a free direct mutual fund investing platform. Unless otherwise stated data sourced from BSE, NSE and kuvera.
