India’s external debt rises by 13.9%

India’s external debt increased by 13.9%, from $261.2 billion in March’2010 to $297.5 billion at the end December 2010 and the share of short-term debt has declined. Depreciation of US dollar against other currencies is the main reason for increase in external debt to the extent of $36.3 billion. Commenting on the currency impact, a Department of Economic Affairs' quarterly statistics report said "Excluding the valuation effect, the increase in external debt would have been $31.0 billion.”

The share of short term debt has decreased by 1.3% for the quarter ending December’2010 which stood at $62.6 billion as against $66 billion in the previous quarter. The share of short term debt is 21% and of long term debt is 79%. The external debt has increased due to attractive interest rates in India as compared to developed nations, which is a serious issue. India's external debt to GDP ratio is currently 17% whereas the debt service ratio is 4%. Commenting on the debt structure, India's finance ministry said, "The long-term debt increased by $26.0 billion to $234.9 billion i.e. an increase of 12.5%. The short-term debt showed an increase of $10.3 billion to $62.6 billion.”

Increasing debt is a serious issue for Indian economy, which is already facing current and fiscal deficit. High levels of debt lead to increase in revenue expenditure in terms of interest payment which is unfavorable for emerging economy like India, which requires significant capital expenditures to augment growth.

Source: Dion Global Solutions Ltd

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Japan Nuke explosion: Poisoning reported;toll rises to 2,000

Tokyo, Mar 13: Updates 

Recent reports claimed that the death toll mounted to 2,000 in Japan on Sunday, Mar 13. On Friday, the country experienced a massive earthquake following tsunami.
10:50 AM

Poisoning reported;toll rises to 1,800

Earthquake, Tsunami and now radioactive explosion bruised Japan completely. Second nuclear explosion have been reported on Sunday, Mar 13. 18 people reportedly affected by the radiation leak and the total death toll is estimated to cross 1,800.

Japan's largest electric utility, Tokyo Electric Power Co (TEPCO) informed that they had started releasing air from a reactor container vessel at the No 3 reactor of its Fukushima power plant. After tsunami, the reactor stopped working from Friday, Mar 11.

Japan ordered to evacuate almost 170,000 people from the area near the damaged nuclear power plant, informed the UN nuclear watchdog. People were ordered out of a 20-kilometre radius surrounding the Fukushima, sources reported.

Earlier reports showed that the explosion was not of the reactors, but occurred in the plant. The outer wall of the building holding the first reactor was blown off in the impact.

Authorities informed that if the cooling system remains inoperative for many hours, the water will eventually boil away, and the fuel will begin to melt.

However, Secretary of States, Hillary Clinton informed, "We just had our Air Force assets in Japan transport some really important coolant to one of the nuclear plants." Confirming Clinton's statement, President Barack Obama also earlier claimed, "So Air Force planes were able to deliver that. So we're really deeply involved in trying to do as much as we can on behalf of the Japanese and on behalf of US citizens."

The crisis at the aging plant confronted Japan with its worst nuclear accident and perhaps the biggest mishap at nuclear plant since the Chernobyl nuclear disaster in 1986.

OneIndia News

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3rd explosion at nuclear plant jolts Japan; death toll rises

Tuesday, March 15, 2011, 7:52 [IST]Tokyo, Mar 15: Japanese government is struggling to cease meltdown in nuclear power plants from last four days but blasts, one after another, increased their miseries. Another nuclear blast in Fukushima Daiichi Nuclear Power Station shattered Japan once again on the wee hours of Tuesday (Mar 15) morning.

Tuesday's blast, which is counted as the third continuous blast in the nuclear plant, reportedly occurred at the No 2 reactor in Fukushima. The recent blast is believed to have hit each of the three crippled reactors at the plant.

Tokyo Electric Power Co officials informed that the latest blast happened near a suppression pool, which removes heat under a reactor vessel. Sources reported that the recent explosion injured 15 workers and military personnel and exposed up to 190 people to elevated radiation.

The first explosion at the nuclear plant happened on Saturday, Mar 12 following a massive earthquake and tsunami just a day before. Japanese news agency Kyodo on Sunday reported that the cooling system had stopped working in a sixth reactor. Watch Japan Tsunami Videos.

Soon after the first explosion, Japan ordered to evacuate almost 180,00 people from the area near the damaged nuclear power plant, informed the UN nuclear watchdog.

Then on Monday, another Hydrogen blast crippled the region when a massive column of smoke was seen belching from the plant's No 3 unit. However, sources informed that the reactor, previously, was under emergency watch for a possible explosion.

The total death toll in the country is feared to have crossed 10,000. After the nuclear explosions, up to 160 may have been exposed to radiation, sources confirmed.

OneIndia News

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