Dear All,

ECBs stand at US$ 3.5bn during Nov 2014

Indian firms have raised US$ 3.5 bn through external commercial borrowings (ECBs) in the month of November 2014 as against US$ 2.8 bn during October 2014 by automatic and approval route. The borrowings stood at US$ 3.5 bn in Nov 2014 as compared to US$ 2.2 bn in Nov 2013.

     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$267.9 bn between FY2001 and FY2015 (till Nov 2014).

             Gross ECB Inflows                                                                                                                                  (US$bn)

Source: PHD Research Bureau, compiled from RBI *Data pertains till Nov 2014

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 November 2014 is held by Refinancing of earlier ECB contributing to about 45% of the total, followed by Power at around 18% and Refinancing of Rupee loans at about 14%.

      Pattern showing ECBs during Nov 2014                                                                            (% share in total)

  Source: PHD Research Bureau, compiled from RBI, Note: ECB contains automatic and approval route both.