ECBs stand at US$ 2.1 bn during July 2015
Indian firms have raised US$ 2.1 billion through external commercial borrowings (ECBs) in the month of July 2015 as against US$ 3.2 billion during June 2015 by automatic and approval route. The borrowings stood at US$ 2.1 billion in July 2015 as compared to US$ 3.7 billion in July 2014.
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$280 billion between FY2001 and FY2016 (till July 2015).
Gross ECB Inflows (US$bn)
Source: PHD Research Bureau, compiled from RBI Note: ECB contains both automatic and approval routes
A closer look at the ECBs pattern reveals that the lion’s share in ECBs during the month of July 2015 is held by on-lending/sub-lending contributing to about 37% of the total followed by refinancing of earlier ECB contributing to about 33%, overseas Acquisition at about 7% and rupee expenditure at 6.4%.
Pattern showing ECBs during July 2015 (% share in total)
Source: PHD Research Bureau, compiled from RBI, Note: ECB contains automatic and approval route both.