<h1>India's External Debt Hits $334.9 Billion by December 2011, Up 9.4% Since March; US Dollar Dominates at 56.9.</h1> At the end of December 2011, India's external debt reached $334.9 billion, marking a 9.4% increase from the $306.1 billion recorded at the end of March 2011. This rise was primarily due to increased commercial borrowings and short-term trade credits. Long-term debt was $256.9 billion, while short-term debt rose to $78.1 billion. The largest share of debt was in US dollars at 56.9%. The external debt to GDP ratio increased to 20%, and foreign exchange reserves covered 88.6% of the total debt. Government external debt stood at $81.2 billion.