<h1>India's External Debt Surges 30.4% in 2008 to US$ 221.2 Billion; Debt Indicators Remain Stable Amid Increase.</h1> India's external debt reached US$ 221.2 billion at the end of March 2008, marking a 30.4% increase from the previous year. The rise was primarily due to external commercial borrowings and short-term debt. The depreciation of the US dollar contributed to 20% of this increase. Despite the rise, India's debt indicators remained stable, with a high foreign exchange reserve cover and a low debt service ratio. Government debt as a share of total external debt decreased, and India's external debt burden was manageable relative to GDP. Internationally, India ranked fifth among developing countries in external debt stock.