Dear All,
Large ECBs for Replacing the Bridge Finance in May 2013
Indian firms have raised US$ 2.49 bn through external commercial borrowings (ECBs) in the month of May 2013 and US$ 1.12 bn during April 2013 by automatic and approval route. The borrowings stood at US$2.49 bn in May 2013 as compared to US$ 3.37 bn in May 2012.
External commercial borrowings (ECBs) since April 2011 (US$bn)
Source: PHD Research Bureau, compiled from RBI
Note: ECB contains both automatic and approval routes
India has received gross ECBs worth around US$225 bn between FY2001 and FY2014 (till May 2013).
Gross ECB Inflows (US$bn)
Source: PHD Research Bureau, compiled from RBI
* Data pertains till May 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 May 2013 is held by the replacing the bridge finance contributing to about 32% of the total, followed by modernisation at around 20% and refinancing of rupee Loans at around 17%.
Pattern showing ECBs during May 2013 (% share in total)
Source: PHD Research Bureau, compiled from RBI
Note: ECB contains automatic& approval route both
Warm regards,
Dr. S P Sharma
Chief Economist
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