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ECBs stand at US$ 4.56 bn during Dec 2013
Indian firms have raised US$ 4.56 bn through external commercial borrowings (ECBs) in the month of Dec 2013 and US$ 2.18 bn during Nov 2013 by automatic and approval route. The borrowings stood at US$ 4.56 bn in Dec 2013 as compared to US$ 1.14 bn in Dec 2012.
External commercial borrowings (ECBs) since April 2011 (US$bn)
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Source: PHD Research Bureau, compiled from RBI
Note: ECB contains both automatic and approval routes
India has received gross ECBs worth around US$233 bn between FY2001 and FY2014 (till Dec 2013).
Gross ECB Inflows (US$bn)
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Source: PHD Research Bureau, compiled from RBI
* Data pertains till Dec 2013
Note: ECB contains both automatic and approval routes
A closer look at the ECBs pattern reveals that the lion’s share in ECB during the month of Dec 2013 is held by Overseas Acquisition contributing to about 62% of the total, followed by Other (Import of Non-Capital Goods) at about 11% and import of Capital Goods at about 8%.
Pattern showing ECBs during Dec 2013 (% share in total)
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Source: PHD Research Bureau, compiled from RBI, Note: ECB contains automatic& approval route both
*Others with share of 0.15% include the external commercial borrowings by Vautid shah Hardface Private Limited and SGS India Private
Limited however, the purposes is not mentioned in the release.
Warm regards,
Dr. S P Sharma
Chief Economist
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