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Not as well buffered
The sharp rise in the absolute value of India’s external debt in recent months merits serious attention. While the absolute volume of external debt rose by an average of $1.8 billion a year between 1990-91 and 2002-03, it has risen by over $25 billion on average over the next eight years. For the last two years, the increases have been $36.5 billion and $45 billion respectively. Even if one normalises
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