The Ledger
What India borrowed, and from whom
243 facilities, credits, bonds and deposit schemes from 1947 to 2017. Some loans appear more than once, from different sources; the rows are printed as recorded and must not be summed.
0200k400k600k5,00010k20k50k100k200k500k1m19701980199020002010
1991
Source: World Bank IDS. Download CSV
024619701980199020002010
1991
Source: World Bank IDS. Download CSV
243 rows
| Instrument | Rate | Purpose / status | Source | |||
|---|---|---|---|---|---|---|
| 1945 | India (RBI / Government of India) as creditor; debtor HM Treasury / Bank of England Other | Sterling balances, peak (1945-12-31) | 5,283 | Wartime accumulation (defence expenditure recoverable from HMG, paid in sterling) Peak. Pre-slice, context row. | ReportedAbreu, "India as a creditor: sterling balances, 1940–1953", PUC-Rio TD 643, Table 4 (citing TNA T236/2684) | |
| 1947 | IMF Imf | GRA currency purchase (IMF FY to 1948-04-30) | 28 | balance of payments repaid | VerifiedIMF Annual Report 1948 p.45 (imf.org) | |
| 1947 | India as creditor; HM Treasury / Bank of England Other | UK–India Financial Agreement, 1947-08-14 (London): balances split into No. 1 (free) and No. 2 (blocked) accounts | 4,675 | Total balance as at 1947-07-14. £30 mn credited to No. 1 as a working balance and £1,095 mn to No. 2. £35 mn to be released by 1947-12-31, of which £15 mn could be spent in dollars. Superseded by the Feb 1948 extension | ReportedAbreu TD 643 (citing Cmd. paper Financial Agreement… 14 Aug 1947) | |
| 1947 | Republic of India (issuer) Bond | Sovereign foreign-currency bond, none issued; first proposed in the July 2019 Budget and never carried out | never issued | VerifiedEDGAR ("No matching companies" for Republic of India); Business Standard 2019 (snippets) | ||
| 1947 | USSR Bilateral | Bhilai steel plant credit (agreement 1955-02-02) | Public-sector steel, repaid in rupees and goods Not verified by me. Amount and terms are secondary-only. | Unconfirmednot found by me in primary | ||
| 1948 | HM Government (annuity seller); India pays from balances Other | Purchase of pension annuities (sterling pensions of the Government of India and provinces) | 677 | Central £147.5 mn + provincial £20.5 mn (Abreu). Cripps in Hansard gave £176¼ mn, with payments of about £5.5 mn in year 1 declining to zero over 50–60 years. The figures conflict; both recorded. Abreu: the present value at 3 per cent was £123.3 mn, so India overpaid by £44.8 mn. Settled 1948; annuity payments run to about the 2000s | VerifiedHansard 1948-07-15; Abreu TD 643 | |
| 1948 | HM Government (seller); India pays from balances Other | Purchase of UK defence stores and fixed installations in India (part of 1948-07-09 settlement) | 403 | £100 mn for stores and installations, set against £55 mn owed by the UK for outstanding defence expenditure, leaving a net payment of £45 mn (Abreu). Abreu's release table puts "stores" at £54 mn. Settled | VerifiedHansard 1948-07-15 (Cripps); Abreu TD 643 | |
| 1948 | IMF Imf | GRA purchase (FY to 1949-04-30); cumulative to Apr 1949 USD 99.98 mn | 71.98 | balance of payments repaid | VerifiedIMF AR 1949 p.44 (imf.org) | |
| 1948 | India as creditor; HM Treasury Other | Raisman–Rao exchange of letters, 1948-02-15/16: extension to 1948-06-30 | 72.5 | Further release of £18 mn with a dollar limit of £10 mn. The Treasury argued India had overspent US$92 mn (£23 mn) in 1947. Superseded July 1948 | ReportedAbreu TD 643 | |
| 1948 | India as creditor; HM Treasury Other | Chetty–Cripps agreement, 1948-07-09 (London): three years from 1948-07-01 | 322 | Releases from No. 2 to No. 1: none in 1948-49; up to £40 mn in each of 1949-50 and 1950-51 (only as needed to keep No. 1 above £60 mn). Hard-currency (dollar pool) drawings capped at £15 mn for the year to 1949-06-30. India also agreed to liberalise imports of consumer goods. Superseded Aug 1949 | VerifiedCripps statement, Hansard (Commons) 1948-07-15, "India (Sterling Balances)"; Abreu TD 643 | |
| 1948 | International Monetary Fund Imf | Purchases (drawings) of US dollars against rupees, FY to 1948-04-30 (March 1948) | 28 | BoP gap after partition and import decontrol (1947-48). This is India's first use of Fund resources. It predates the 1957 drawing that the 11-decade file calls "first". Repurchased 1953-54 to 1956-57 (see next row) | VerifiedIMF Annual Report 1949, "Currencies purchased from the Fund" (cumulative 99,980 thousand less FY1948-49 71,980 thousand) | |
| 1948 | International Monetary Fund Imf | Purchases FY 1948-05-01 ~ 1949-04-30 (Rs 238,147,229 sold to the Fund) | 71.98 | Import surge 1948-49 while sterling releases were restricted. Cumulative India purchases to 1949-04-30: US$99.98 mn. The Economic Survey shows US$100 mn outstanding at end-1950-51, repurchases of US$36 mn (1953-54), 36 (1954-55), 15 (1955-56) and 12 (1956-57). Fully repurchased by 1956-57 | VerifiedIMF Annual Report 1949 (exchange transactions, App.); Economic Survey 2000-01, App. 6.1(B) | |
| 1949 | IBRD World bank ibrd | Loan P009588, approved 1949-08-18, India's first World Bank loan | 34 | railway rehabilitation repaid | VerifiedWorld Bank Projects API; IBRD AR 1948-49 (documents.worldbank.org) | |
| 1949 | IBRD World bank ibrd | Loan P009586, 1949-09-29 | 10 | agricultural machinery and land reclamation repaid | VerifiedWorld Bank Projects API | |
| 1949 | IBRD World bank ibrd | Railway Project loan (P009588; loan 17-IN), approved 1949-08-18 | 34 | Railway rehabilitation (locomotives, boilers). First IBRD loan to India. Wikipedia says "November 1948", which conflicts with the Bank's own project record (1949-08-18). Disbursed and repaid | VerifiedWorld Bank Projects API (countrycode IN, 1948–58), P009588 | |
| 1949 | IBRD World bank ibrd | Agricultural Machinery Project (P009586), 1949-09-29 | 10 | Tractors for the Central Tractor Organisation (land reclamation, kans weed) Disbursed | VerifiedWorld Bank Projects API, P009586 | |
| 1949 | India as creditor; HM Government Other | Wilson–Krishna Menon agreement, 1949-08-01 (London) | 403 | Validated £81 mn of releases already taken in advance (India had spent £90 mn of balances in 9 months of 1948-49) and set releases of £50 mn in 1949-50 and £50 mn in 1950-51. Abolished the separate dollar ration. Signed seven weeks before the devaluation. Superseded 1952 | ReportedAbreu TD 643 (citing Cmd. …High Commissioner for India… 1 Aug 1949) | |
| 1950 | IBRD World bank ibrd | Sum of 1950s loans (current net amounts) | 551 | railways, steel (Tata, IISCO), ports, power, ICICI, Air India repaid | VerifiedWorld Bank Projects API, our aggregation | |
| 1950 | IBRD World bank ibrd | Loan P009587, 1950-04-18 | 18.5 | Bokaro-Konar power (DVC) repaid | VerifiedWorld Bank Projects API | |
| 1950 | IBRD World bank ibrd | Bokaro–Konar Electric Power Project (P009587), 1950-04-18 | 18.5 | Damodar Valley Corporation thermal power Disbursed | VerifiedWorld Bank Projects API, P009587 | |
| 1951 | Colombo Plan (Canada, bilateral grant under the Plan) Other | Canadian Colombo Plan grant of wheat to India, 1951 | Canada's first Colombo Plan contribution. It was a grant of wheat, and the counterpart rupee funds went to development projects. Canada's whole first-year commitment was C$25 mn. The CAD→USD rate for 1951 was not applied (Canada was floating 1950–62). Delivered | ReportedCampbell-Miller, "The Colombo Plan and Canadian aid in India" (Univ. Calgary Press, 2015) | ||
| 1951 | United States Government Bilateral | Wheat loan under the India Emergency Food Aid Act (signed by Truman 1951-06-15) | 190 | Up to 2 mn tons of food grains after the 1950–51 harvest failure (Bihar). By 1951-11-02, 97 ships carrying about 845,500 tons had sailed. The package included Indian commitments on shipping strategic minerals to the US (beryl, manganese, mica, kyanite, and a first 500-ton monazite contract) and not shipping strategic items to China. Interest and repayment terms were not found by me in the documents I read. Delivered 1951–52 | VerifiedTruman Library, statement on signing (1951-06-15); FRUS 1951 vol VI pt 2 doc 108 | |
| 1952 | IBRD World bank ibrd | Iron and Steel Project (P009590), 1952-12-18, Indian Iron & Steel Co. (IISCO, Burnpur) | 31.5 | Private-sector steel expansion, government-guaranteed Disbursed | VerifiedWorld Bank Projects API, P009590 | |
| 1952 | India as creditor; HM Government (Churchill govt; Chancellor Butler) Other | Deshmukh–Butler exchange of letters, 1952-02-08: final six-year settlement to 1957-06-30 "in the framework of the Colombo Plan" (confirmed by consolidating agreement, New Delhi, 1953-07-20) | 1,456 | £310 mn moved at once from No. 2 to No. 1 as a currency reserve, not to be drawn down except in consultation with the British Government, plus £35 mn a year for six years (£210 mn). Abreu's release table shows £35 mn (1951) and £175 mn (1952–56). Completed 1957. The remaining balances became ordinary reserves, and ran down fast in 1956–58. | ReportedAbreu TD 643 (citing Cmd. Exchange of letters… 8 Feb 1952 and the 1953 consolidating agreement) | |
| 1953 | IBRD World bank ibrd | Damodar Multi-purpose Project (P009589), 1953-01-23 | 19.5 | DVC Disbursed | VerifiedWorld Bank Projects API | |
| 1954 | IBRD World bank ibrd | Trombay Power Project (P009592), 1954-11-19 | 16.2 | Tata Power, Bombay (private, guaranteed) Disbursed | VerifiedWorld Bank Projects API | |
| 1955 | IBRD World bank ibrd | Industrial Credit and Investment Project (P009591), 1955-03-14, ICICI founding loan | 10 | Financial intermediary for private industry. ICICI was founded in 1955 with World Bank, US and British (City) institutional shareholding; see OBLIGATION_HOLDER. Disbursed | VerifiedWorld Bank Projects API | |
| 1955 | USSR Bilateral | State credit for the Bhilai steel plant (signed 1955-02-02) | 2.5% | Bhilai steel plant repaid in rupee trade | Reportedsearch snippets only; USD 132 mn often quoted but not verified | |
| 1956 | IBRD World bank ibrd | Indian Iron and Steel Project (02) (P009594), 1956-12-19 | 20 | IISCO further expansion Disbursed | VerifiedWorld Bank Projects API | |
| 1956 | IBRD World bank ibrd | Tata Steel Project (P009593), 1956-06-26 | 75 | TISCO two-million-ton expansion (Jamshedpur) Disbursed | VerifiedWorld Bank Projects API | |
| 1956 | United States (PL-480 Title I) Bilateral | First PL-480 agreement, 1956-08-29 | Wheat and rice. Commonly cited as about USD 360 mn; I did not see this in a primary source. Delivered 1956–59 | Unconfirmednot found by me in primary; secondary literature | ||
| 1956 | United States (USDA/CCC, PL-480 Title I) Bilateral | First PL-480 Title I agreement, signed New Delhi 1956-08-29 | Wheat and rice for rupees. Meant to run 3 years, but the grain was imported in under 2. The US Embassy in March 1956 had proposed "more than 300 million dollars" over three years. The oft-cited figure of about US$360 mn was not found by me in a primary source. Delivered 1956–58. Further agreement June 1958, and the large one on 1960-05-04 (see 11-decade file). | ReportedUSDA ERS, "P.L. 480's Contribution to India's Economic Development" (1961); FRUS 1955–57 vol VIII doc 158 | ||
| 1957 | IBRD World bank ibrd | Railway Project (02), tranches A–D (P009600–P009603), all 1957-07-12 | 90 | Second Plan railways: A 24.0 + B 19.1 + C 11.2 + D 35.7 = 90.0 Disbursed | VerifiedWorld Bank Projects API | |
| 1957 | IBRD World bank ibrd | Tata Steel Project (02) (P009597), 1957-11-20 | 32.5 | TISCO expansion, second loan Disbursed | VerifiedWorld Bank Projects API; WB press release 1957-11-20 | |
| 1957 | IBRD World bank ibrd | Air India Project (P009596), 1957-03-05 | 5.6 | Aircraft (Super Constellations) Disbursed | VerifiedWorld Bank Projects API | |
| 1957 | IBRD World bank ibrd | Trombay Thermal Power Station Expansion (P009595), 1957-05-29 | 9.8 | Tata Power Disbursed | VerifiedWorld Bank Projects API | |
| 1957 | IMF Imf | Outright purchase, Feb–Mar 1957 (part of the "USD 200 mn" of 1957) | 127.5 | 2nd Plan balance of payments repaid | ReportedIMF AR 1958 (imf.org) | |
| 1957 | IMF Imf | Stand-By Arrangement 1957-03-11 to 1958-03-10 | 72.5 | balance of payments fully drawn; repaid 1960 | VerifiedIMF arrangements for India (imf.org) | |
| 1957 | International Monetary Fund Imf | Outright purchase (drawing) announced Feb 1957 | 127.5 | Second Plan BoP gap / Suez-hit reserves. USD 60 mn was paid immediately and USD 67.5 mn after 30 days. First IMF use by India. Repurchased (dates not found) | ReportedEncyclopedia.com "IMF, Relations with" (India), citing the IMF Annual Report 1957 | |
| 1957 | International Monetary Fund Imf | Stand-by Arrangement, 1957-03-11 to 1958-03-10 | 72.5 | Balance of the USD 200 mn 1957 package Fully drawn (72.5 of 72.5) | VerifiedIMF, History of Lending Commitments: India (extarr2) | |
| 1957 | International Monetary Fund Imf | Outright purchase announced Feb 1957 | 127.5 | Second Plan BoP gap and Suez-hit reserves. The Economic Survey records drawals of US$126 mn (Rs 60.7 crore) in 1956-57 and US$72 mn in 1957-58. The US$1.5 mn difference from 127.5 is unexplained (rounding or timing). Repurchased | ReportedEncyclopedia.com (citing IMF AR 1957), as in 11-decade file; Economic Survey 2000-01 App. 6.1(A)/(B) | |
| 1957 | International Monetary Fund Imf | Stand-by Arrangement 1957-03-11 ~ 1958-03-10 | 72.5 | Balance of the US$200 mn package. First stand-by arrangement for India. It was not the first IMF use (see 1948 rows). Fully drawn | VerifiedIMF, History of Lending Commitments: India (as in 11-decade file) | |
| 1958 | Aid India Consortium (US, UK, Canada, West Germany, Japan, IBRD), first meeting 1958-08-25~27 Other | Consortium pledges | 600 | balance-of-payments gap to Mar 1959 disbursed | VerifiedFRUS 1958-60 v15 d217; World Bank Archives exhibit on the India Consortium (worldbank.org) | |
| 1958 | Aid-India Consortium (IBRD + US, UK, Canada, W. Germany, Japan) Other | Consortium pledges, first meeting Washington 1958-08-25~27 | 350 | Emergency cover for the Second Plan to March 1959, plus about USD 250 mn more signalled for the last two Plan years Pledged; disbursement by donor not tabulated here | VerifiedFRUS 1958–60 vol XV doc 217; World Bank archives exhibit | |
| 1958 | Japan Bilateral | First yen loan (also Japan's first ODA loan to any country) | project loans repaid | ReportedJICA/MOFA search snippets (MOFA PDF returned 403) | ||
| 1960 | IBRD World bank ibrd | IBRD commitments in the decade | 555 | infrastructure, industry repaid | VerifiedWorld Bank Projects API, our aggregation | |
| 1960 | IDA World bank ida | IDA commitments in the decade | 1,044 | infrastructure, agriculture repaid/amortising | VerifiedWorld Bank Projects API, our aggregation | |
| 1960 | United States (USDA / Title I PL-480) Bilateral | PL-480 Title I sale agreement, signed 1960-05-04 (Eisenhower–S.K. Patil) | 1,276 | 16 mn tonnes wheat + 1 mn tonnes rice over 4 years, paid in rupees (the counterpart funds became the "PL-480 rupee" holdings) Delivered and supplemented. The rupee balances were largely written off by the 1974 Moynihan settlement. | VerifiedFRUS 1958–60 vol XV doc 257 (editorial note) | |
| 1961 | Aid India Consortium (meeting 1961-05-31 to 06-02) Other | Pledges for the first two years of the Third Plan | 2,225 | Third Five-Year Plan disbursed over 1961-63 | VerifiedFRUS 1961-63 v19 d24 (history.state.gov) | |
| 1961 | Aid-India Consortium Other | Pledges for the first two years of the Third Plan (meeting 1961-06-02) | Third Plan external finance. The widely cited exact figure is USD 2,225 mn; the WB exhibit says only "over 2 billion". Pledged | ReportedWorld Bank archives, "Role in the India Consortium" | ||
| 1961 | IDA World bank ida | Cumulative IDA commitments to India: 403 operations, ~14% of all IDA commitments ever; IDA's largest borrower | 46,700 | 0.75% | development lending graduated FY2014 | Verified"IDA in India: A Retrospective" (2018) ; MoF Status Report 2016-17 (thedocs.worldbank.org) |
| 1961 | IDA World bank ida | First IDA credits to India (FY1961) | Highways and other projects. Standard IDA terms: 10-year grace. Disbursed | Unconfirmednot found by me in project-level primary; IDA terms are standard | ||
| 1961 | IDA World bank ida | Credit P009610, 1961-06-21, India's first IDA credit | 60 | ~1,000 km of national highways repaid | VerifiedWorld Bank Projects API; "India and the World Bank" info paper, Dec 1977 (documents.worldbank.org) | |
| 1961 | IMF Imf | GRA drawing (multi-currency incl. yen) | 122.5 | 3rd Plan balance of payments repaid | VerifiedIMF AR 1962 p.147 (imf.org) | |
| 1962 | IMF Imf | Stand-By 1962-07-09 to 1963-07-08 (100 agreed) | 25 | balance of payments after the China war expired | VerifiedIMF arrangements for India (above) | |
| 1962 | International Monetary Fund Imf | Stand-by Arrangement, 1962-07-09 to 1963-07-08 | 100 | Third Plan reserve pressure Only 25 of 100 drawn | VerifiedIMF, History of Lending Commitments: India | |
| 1962 | United States and United Kingdom/Commonwealth Bilateral | Emergency military aid after the Sino-Indian war (Nassau understanding, Dec 1962) | 120 | Defence re-equipment. Widely reported as a USD 120 mn joint package split roughly equally; I did not see the primary document. Delivered 1963–65; US MAP suspended Sept 1965 | Reportedsecondary: Kux, Estranged Democracies (1992) | |
| 1963 | IMF Imf | Stand-By 1963-07-09 to 1964-07-08 (100 agreed) | precautionary expired undrawn | VerifiedIMF arrangements for India | ||
| 1963 | International Monetary Fund Imf | Stand-by Arrangement, 1963-07-09 to 1964-07-08 | 100 | Precautionary Undrawn (0 of 100) | VerifiedIMF, History of Lending Commitments: India | |
| 1965 | IMF Imf | Stand-By 1965-03-22 to 1966-03-21 | 200 | balance of payments, food imports, 1965 war fully drawn; repaid by FY1970-71 | VerifiedIMF arrangements for India; IMF AR 1966 | |
| 1965 | International Monetary Fund Imf | Stand-by Arrangement, 1965-03-22 to 1966-03-21 | 200 | Reserves at their lowest since 1947 (Feb 1965), war and drought Fully drawn (200 of 200). This is the SBA in force going into the devaluation. The IMF lending table lists no stand-by dated 1966. | VerifiedIMF, History of Lending Commitments: India | |
| 1965 | International Monetary Fund Imf | Reported withholding of about USD 150 mn pending corrective measures (Dec 1965) | 150 | Leverage before the devaluation Contested / not confirmed in IMF records | Unconfirmedfiftytwo.in, "Shortfall" | |
| 1966 | Aid India Consortium Other | Non-project aid target (plus ~300 project aid) tied to the 1966-06-06 devaluation (36.5%) and the Bell Mission conditions | 900 | import liberalisation after devaluation pledges not fully met: 295 received 1967-68, 642 in 1968-69 | ReportedFRUS 1964-68 v25 d349; received amounts from Srinivas, "India at 70 – Relations with IMF" (LBSNAA lecture, 2017) | |
| 1966 | Aid-India Consortium (World Bank-chaired) Other | Non-project aid pledge tied to the devaluation/liberalisation package | 900 | Import liberalisation (maintenance imports). The Bank's target was USD 900 mn a year non-project plus USD 300 mn project aid. First tranche arrived late (Nov 1966). Later rounds were cut to about USD 600 mn; the May 1968 figure was about USD 642 mn. | ReportedFRUS 1964–68 vol IX doc 66 (Gaud memo, 1967-07-29); the1991project.com timeline | |
| 1966 | IBRD World bank ibrd | Cumulative loans to India (34 loans) | 971.9 | stock amortising | VerifiedWB/IDA AR 1965-66 appendix (documents.worldbank.org) | |
| 1966 | IDA World bank ida | Cumulative credits to India (19 credits) | 675.5 | stock amortising | VerifiedWB/IDA AR 1965-66 | |
| 1966 | IMF Imf | GRA purchase outside any stand-by, Mar 1966 ("Other" column of AR 1966 Table 50) | 187.5 | drought and foodgrain imports, just before the June 1966 devaluation repaid by FY1970-71 | VerifiedIMF AR 1966 p.108 (imf.org) | |
| 1966 | IMF Imf | Gold-tranche purchase linked to the quota increase from 600 to 750 | 37.5 | quota subscription | EstimatedIMF AR 1966 Table 50 (columns garbled when extracted) | |
| 1966 | International Monetary Fund Imf | Drawing outside a stand-by arrangement (March 1966 per IMF F&D; "April 1966" per the IMF 1966–71 history) | 187.5 | Drought-driven food and raw-material imports. This is the "1966 IMF facility". It was a drawing, not a new SBA. The date (March vs April) conflicts between two IMF publications. Repurchased (dates not found) | ReportedIMF Finance & Development vol 3 no 3 (1966) "Recent Activity"; de Vries, The IMF 1966–71 ch. 23 (search-result snippets only; both pages returned 403 to me) | |
| 1966 | United States (PL-480) Bilateral | Emergency food aid 1966 (Congressional joint resolution backing about 3.5 mn tonnes; total 1966 PL-480 grain about 10 mn tonnes) | 1965–66 and 1966–67 droughts (Bihar famine). Released on Johnson's "short tether", conditioned on agricultural reform (Freeman–Subramaniam, late 1965) and, per the State Dept history, on India easing its Vietnam criticism. Delivered, with monthly-release delays | Reportedhistory.state.gov milestone "PL-480"; fiftytwo.in; FRUS 1964–68 vol XXV | ||
| 1968 | Aid India Consortium (hard lenders France and Japan carried 55%) Other | Consortium debt relief (rescheduling, not a Paris Club agreement) | 100 | debt-service relief done | VerifiedFRUS 1969-76 vE7 d266 (Jun 1972); OHCHR Right to Development ch.20 | |
| 1968 | Aid India Consortium members (World Bank-chaired; US, UK, W. Germany, Japan, Canada, France, Italy, Netherlands, Belgium, Austria) Bilateral | Debt relief (rescheduling / refinancing of service due) | 100 | Debt-service relief for FY1968-69, alongside ≈USD 1,000 mn of non-project aid. Members agreed to "consider favourably" similar relief for the following two years. Agreed 1968. Relief arrangements continued at consortium meetings to 1976. | ReportedIMF Finance & Development vol. 5 no. 3 (1968), "Recent Activity: IBRD/IFC/IDA"; CIA reading room "India Debt Rescheduling" | |
| 1969 | Aid India Consortium members Bilateral | Debt relief, 2nd and 3rd years of the 1968 undertaking | Continued debt-service relief. Amounts per year not found by me. | UnconfirmedCIA reading room "India Debt Rescheduling"; World Bank consortium minutes (not seen) | ||
| 1970 | IBRD World bank ibrd | FY1970 commitments | 40 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1970 | IBRD World bank ibrd | IBRD commitments in the decade | 1,540 | project lending repaid | VerifiedWorld Bank Projects API, our aggregation | |
| 1970 | IDA World bank ida | IDA commitments in the decade | 5,602 | project lending amortising | VerifiedWorld Bank Projects API, our aggregation | |
| 1970 | IDA World bank ida | FY1970 commitments | 227.5 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1970 | Non-resident Indians Nri deposit | NR(E)RA non-resident external rupee account scheme introduced, Feb 1970 | attract NRI funds continuing (NRE) | VerifiedGordon & Gupta, IMF WP/04/48 (imf.org) | ||
| 1971 | United States (AID) Bilateral | Suspension of general economic (non-project) assistance in the pipeline | 87.6 | Aid not yet firmly committed to suppliers or banks. Suspended 1971-12-06 during the Bangladesh war. Suspension lasted until 1973-03. In FY1972 no new development aid was given (≈USD 190 mn had been programmed) and a planned USD 72 mn PL-480 agreement was never signed. | ReportedGAO report B-177988; FRUS 1969-76 vol. XI and E-7 | |
| 1972 | Aid India Consortium Other | Debt relief of USD 200 mn proposed by the Bank; US share of 1971 relief was 9 of 100 | 200 | debt-service relief outcome not found | VerifiedFRUS 1969-76 vE7 d266 | |
| 1973 | Swiss public (lead manager not named) Bond | ICICI Swiss franc public bond, ICICI's first foreign commercial borrowing | ICICI on-lending repaid | VerifiedWorld Bank PPAR 8850 (documents1.worldbank.org) | ||
| 1973 | USSR Bilateral | Foodgrain loan in kind | 1972-73 drought: grain shortfall after the failed kharif crop. Brezhnev offered it in a letter to Indira Gandhi. Shipped from 1973. Repayment terms for India not found. The comparable Bangladesh loan was repayable in kind over five years. | ReportedCIA reading room (CIA-RDP79T01098A000600080003-0) | ||
| 1973 | United States (PL-480 rupee holdings) Bilateral | Rupee settlement initialled 1973-12-13: about USD 2.2 bn equivalent returned or granted to India; US kept ~1.1 bn for its own use | 2,200 | disposal of PL-480 counterpart rupees settled Feb 1974; the "Rs 1,664 crore cheque" figure is not verified | VerifiedFRUS 1969-76 vE8 d154, d150 | |
| 1973 | Paris club | No formal Paris Club agreement with India found; relief continued through the Consortium. Amounts for 1973-76 not found | ReportedOHCHR RTD ch.20; FRUS vE7 d266; clubdeparis.org blocked, so not checked directly | |||
| 1974 | Aid India Consortium members Bilateral | Debt relief (continuation) | Debt-service relief during the oil shock. Amounts not found by me. Primary source would be World Bank Aid-India Consortium chairman's reports. | UnconfirmedKoreascience "The Aid-India Consortium, the World Bank…" (covers 1958–68 only) | ||
| 1974 | IMF Imf | Credit-tranche purchase (IMF FY1974/75) | 282 | first oil shock repaid | VerifiedIMF AR 1975 (imf.org) | |
| 1974 | IMF Imf | Oil Facility 1974 + 1975 (cumulative) | 480 | oil import bill fully repurchased before 1980 | VerifiedIMF AR 1976 ; AR 1975 (charges); AR 1980 (imf.org) | |
| 1974 | International Monetary Fund Imf | Credit-tranche purchase ("Other", Decision 102-(52/11)) | Oil-shock balance of payments. Purchased in FY ended 1975-04-30. | VerifiedIMF Annual Report 1975, Appendix I, Table I.7 | ||
| 1974 | International Monetary Fund, 1974 Oil Facility Imf | Oil-facility purchase | Increase in net oil-import cost over 1972. Purchased in FY ended 1975-04-30. The facility was funded by loans at 7% from Saudi Arabia 1,000, Iran 580, Venezuela 450, Kuwait 400, Canada 258, Netherlands 150, Abu Dhabi 100, Nigeria 100 and Oman 20 (SDR mn). No gold was involved. | VerifiedIMF Annual Report 1975, Table I.7 and pp. 53–56 | ||
| 1975 | IMF Imf | Compensatory Financing Facility purchase (only the SDR 62 mn voluntary repurchase in FY1975/76 is documented) | export shortfall repaid | VerifiedIMF AR 1976 | ||
| 1975 | International Monetary Fund, 1975 Oil Facility Imf | Oil-facility purchase | Oil-import cost. Stricter conditionality than 1974: a medium-term policy description and energy-conservation measures were required. Purchased in FY ended 1976-04-30. India was a beneficiary of the Subsidy Account (interest subsidy) and discharged all 1975 oil-facility holdings early (repurchase obligation by 1978). Lenders included SAMA 1,000, Central Bank of Iran 410, Bundesbank 300, Netherlands, Nigeria, Kuwait and Venezuela 200 each (SDR mn), among 12. This is the actual "1975 IMF drawing"; it was not from the Trust Fund and was not linked to gold. | VerifiedIMF Annual Report 1976, Table I.7; IMF Annual Report 1975 p. 56; IMF Annual Report 1978 p. 88 | ||
| 1975 | International Monetary Fund, Compensatory Financing Facility Imf | CFF purchase | India has no CFF entry in FY1974/75 or FY1975/76 (Tables I.7) and no purchases at all in FY1976/77 (Table I.6). This contradicts the encyclopedia.com claim that India "initially" used the CFF in 1974-75, unless that claim refers to the ordinary credit-tranche drawing above. | VerifiedIMF Annual Reports 1975, 1976 and 1977, Appendix I | ||
| 1975 | Non-resident Indians Nri deposit | FCNR(A) introduced Nov 1975 (RBI bore the exchange risk) | attract NRI funds closed Aug 1994; paid out by 1997 | VerifiedIMF WP/04/48 | ||
| 1975 | United States Bilateral | PL-480 Title I agreement, 1975-03-20 | 128 | wheat imports repaid | VerifiedFRUS 1969-76 vE8 d192 | |
| 1976 | IMF Trust Fund (funded by profits from IMF gold auctions) Imf | Concessional Trust Fund loan | 0.5% | India was on the list of eligible members but is not among the 43 borrowers in the first period (1976-07-01 to 1978-06-30). Second period (1978–81) not checked. Separately, a share of gold-sale profits proportional to quota (at 1975-08-31) went directly to developing members, India included. India's amount was not found. | VerifiedIMF Annual Report 1978, Table I.15 and Appendix II Annex B; IMF "Gold in the IMF" factsheet | |
| 1977 | IBRD + IDA Other | Cumulative commitments to India; more than two-thirds from IDA | 6,900 | stock amortising | VerifiedWB info paper Dec 1977 (above) | |
| 1977 | IMF Trust Fund Imf | Concessional Trust Fund loans (two periods) | 640 | 0.5% | low-income balance-of-payments support repaid 1986 – Feb 1991 | EstimatedIMF transactions for India (repayments of 105.092 mn/yr in 1986-90 + 3.549 mn in 1991; interest 2.645 mn/yr) (imf.org) |
| 1978 | Eurocurrency bank syndicate (members not named) Syndicated loan | ICICI's first syndicated Eurodollar loan | ICICI on-lending repaid | VerifiedWorld Bank P-3116-IN (documents1.worldbank.org) | ||
| 1980 | Eurocurrency bank syndicate (not named) Syndicated loan | ICICI's second Eurocurrency syndicated loan | ICICI on-lending repaid | VerifiedWorld Bank P-3116-IN | ||
| 1980 | IBRD World bank ibrd | FY1980 commitments | 125 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1980 | IBRD World bank ibrd | IBRD commitments in the decade | 14,081 | power, energy, industry amortising | VerifiedWorld Bank Projects API, our aggregation | |
| 1980 | IDA World bank ida | FY1980 commitments | 1,535 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1980 | IDA World bank ida | IDA commitments in the decade | 8,953 | project lending amortising | VerifiedWorld Bank Projects API, our aggregation | |
| 1980 | IMF Imf | Compensatory Financing Facility | 330 | export and cereal-import shortfall repaid | ReportedSrinivas LBSNAA lecture (2017) | |
| 1980 | Non-resident Indians Nri deposit | NRE deposit stock at end-Mar 1980 (FCNR(A) under USD 200 mn) | 850 | stock | VerifiedIMF WP/04/48 | |
| 1981 | Bank syndicate (not named) Syndicated loan | ICICI three-currency Euroloan (CHF 30 mn + DM 30 mn + JPY 3 bn), its first without a government guarantee | 35 | ICICI on-lending repaid | VerifiedWorld Bank P-3116-IN; PPAR 8850 | |
| 1981 | Eurobond investors (not named) Bond | ICICI's first FRN, government-guaranteed | 30 | ICICI on-lending repaid | VerifiedWorld Bank P-3116-IN; PPAR 8850 | |
| 1981 | IMF Imf | Extended Fund Facility 1981-11-09 to 1984-05-01 (SDR 5,000 mn agreed, 3,900 mn drawn; India stopped drawing early) | 4,500 | second oil shock; structural adjustment SDR 1.1 bn left undrawn; repaid 1984-90 | VerifiedIMF arrangements for India; IMF AR 1982 (imf.org) | |
| 1981 | International Monetary Fund Imf | Extended Fund Facility (EFF), three-year arrangement, described in the slice brief as SDR 5 bn and as the largest facility the Fund had then made, approved 1981-11-09 | Balance-of-payments support for India's adjustment programme after the second oil shock Not verified by me. The nearest primary document I could open is a Rajya Sabha unstarred answer of 1993-03-10 on "IMF's extended fund facility", which refers to "the I.M.F.'s extended fund facility of 5 to 7 billion dollars" and confirms only that such a facility existed to "help finance current account deficits", it is a 1993 document and does not state the 1981 size or the drawn amount | Unconfirmedarchive.org | ||
| 1982 | Bank syndicate (not named) Syndicated loan | ICICI Euroloan | 12 | ICICI on-lending repaid | VerifiedWorld Bank PPAR 8850 | |
| 1982 | KfW (Germany) Bilateral | ICICI loans (DM 25 + 20 + 20 mn) | ICICI on-lending repaid | VerifiedWorld Bank PPAR 8850 | ||
| 1983 | Bank syndicate (not named) Syndicated loan | ICICI Eurocurrency loan (USD 30 mn + DM 45 mn) | ICICI on-lending repaid | VerifiedWorld Bank PPAR 8850 | ||
| 1983 | Swiss lender (not named) Supplier credit | ICICI Swiss franc export credit | ICICI on-lending repaid | VerifiedWorld Bank PPAR 8850 | ||
| 1985 | Commercial creditors (aggregate) Commercial bank | Medium- and long-term commercial debt stock, USD 3 bn (end 1984-85) rising to 13 bn (end 1990-91) | 13,000 | stock | VerifiedCerra & Saxena, IMF Staff Papers 2002 (imf.org) | |
| 1986 | Asian Development Bank Other | Loan LN0778 to ICICI, ADB's first loan to India | 100 | on-lending to private industry | ReportedADB PPAR search snippet (adb.org returned 403) | |
| 1987 | "Group of banks" / tender panel (not named) Commercial bank | ICICI Euro-commercial paper backed by a note issuance facility; 12 swaps by Sep 1989 | ICICI funding | VerifiedWorld Bank PPAR 8850 | ||
| 1988 | Japanese bank syndicate (not named) Syndicated loan | NTPC's first syndicated Japanese loan | power projects | VerifiedNTPC "Our Journey" (ntpc.co.in) | ||
| 1990 | ECB lenders (aggregate, not named) Other | External commercial borrowing approvals, FY1990-91 | 1,903 | corporate and PSU borrowing flow | VerifiedMoF External Debt Status Report 2017-18 Annex XXIII (dea.gov.in) | |
| 1990 | IBRD World bank ibrd | IBRD commitments in the decade | 6,590 | project and adjustment lending amortising | VerifiedWorld Bank Projects API, our aggregation | |
| 1990 | IBRD World bank ibrd | FY1990 commitments | 1,078 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1990 | IDA World bank ida | IDA commitments in the decade | 8,154 | project and adjustment lending amortising | VerifiedWorld Bank Projects API, our aggregation | |
| 1990 | IDA World bank ida | FY1990 commitments | 622.5 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1990 | IMF Imf | Reserve-tranche drawing, Jul–Sep 1990 (India's own reserve position, not credit) | 660 | Gulf crisis oil bill | ReportedSrinivas LBSNAA lecture (it prints "US$60 million", apparently a typo; ~660 at the 1990 rate of ~Rs 17.9) | |
| 1990 | International Monetary Fund Imf | Gold tranche (reserve tranche) purchase | 550 | Balance-of-payments support; borrowed by the V.P. Singh government in Sept 1990 without public disclosure Drawn | Reportedbusiness-standard.com | |
| 1990 | Non-resident Indians Nri deposit | NRI deposit stock at end-Mar 1990 (70% in foreign currency) | 12,400 | stock | VerifiedIMF WP/04/48 | |
| 1991 | Disputed counterparties, Bank of England and Union Bank of Switzerland (UBS) Commercial bank | Gold pledge, alternative account | 600 | Same episode, different counterparties: this account gives the whole 67 t against BoE (47 t) and UBS (20 t), raising US$600mn in total; the Indian Express account gives 20 t to UBS (May) and 46.91 t to BoE and Bank of Japan (July), also totalling US$600mn Repurchased | Unconfirmedhttps://en.wikipedia.org/wiki/1991_Indian_economic_crisis | |
| 1991 | Aid India Consortium (US, Japan, Germany, UK, France, Netherlands) Bilateral | Requested bridge loan of US$700mn | 700 | Bridge finance sought by finance secretary S. P. Shukla in Washington in April 1991 so India would not default on official obligations Requested, never disbursed as such, met instead by the bilateral loans above | Reportedbusiness-standard.com | |
| 1991 | Asian Development Bank Other | Fast-disbursing loan (amount not stated) | exceptional financing disbursed | UnconfirmedWorld Bank P-5678-IN (mentions it without an amount) | ||
| 1991 | Bank for International Settlements Bis | Bridging credit, none found for 1981 or 1991 | not found by us | Unconfirmedsearched IMF/WB documents and the press; RBI History ch.12 was behind a captcha | ||
| 1991 | Bank of England and Bank of Japan Commercial bank | Pledge of gold as collateral (gold airlift, tranche 2) | 400 | Emergency BoP finance; RBI pledged physical gold 1991-07-04 to 1991-07-18; central banks insisted on physical delivery because India's IMF depository status was not accepted as collateral Repurchased by Dec 1991 | Reportedindianexpress.com | |
| 1991 | Bank of England + Bank of Japan Bilateral | Loan against 46.91 t of RBI gold pledged and flown out in four consignments from 1991-07-04 | 405 | reserve support redeemed Sep–Nov 1991 (RBI AR 1991-92) | ReportedThePrint/Rangarajan (above); The Quint citing a Rajya Sabha answer and the RBI AR 1991-92 (thequint.com) | |
| 1991 | Commercial creditors (aggregate) Commercial bank | Commercial borrowing stock at end-Mar 1991 (bank loans 6,831; securitised 3,022) | 10,209 | stock | VerifiedMoF External Debt Status Report 2004 (dea.gov.in) | |
| 1991 | Germany Bilateral | Balance-of-payments assistance | 60 | exceptional financing disbursed | ReportedRBI History Vol.4 ch.12 (snippet) | |
| 1991 | Germany Bilateral | Co-financing of the World Bank Structural Adjustment Loan | 27 | quick-disbursing balance-of-payments support | VerifiedWorld Bank P-5678-IN | |
| 1991 | Germany Bilateral | Bilateral loan | 400 | Crisis-period bilateral support; DM/USD conversion is the source's own Drawn | Reportedbusiness-standard.com | |
| 1991 | IBRD World bank ibrd | FY1991 commitments (incl. Andhra Pradesh cyclone 40) | 505 | project lending amortising | VerifiedWorld Bank Projects API; WB AR 1991 | |
| 1991 | IBRD World bank ibrd | Structural Adjustment Loan L3421, approved 1991-12-05, the Bank's first adjustment operation in India | 250 | policy-based balance-of-payments support closed Dec 1992 | VerifiedWB PAR 15774 ; P-5678-IN (documents.worldbank.org) | |
| 1991 | IDA World bank ida | Structural Adjustment Credit C2316-0 + C2316-1 (SDR 183.8 mn) | 250 | policy-based balance-of-payments support closed Dec 1992 | VerifiedWB PAR 15774; P-5678-IN | |
| 1991 | IDA World bank ida | FY1991 commitments (incl. Andhra Pradesh cyclone 170) | 569.9 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1991 | IMF Imf | Stand-By 1991-10-31 to 1993-06-30; drawn ~85 in 1991, 1,109 in 1992, 462 in 1993 | 2,289 | stabilisation and structural reform fully drawn; repaid by 2000-06-30 | VerifiedIMF arrangements for India; IMF transactions; IMF AR 1992; WB P-5678-IN | |
| 1991 | IMF Imf | Stand-By, first credit tranche, 1991-01-18 to 04-17 | 789 | balance-of-payments crisis fully drawn; repaid | VerifiedIMF arrangements for India; World Bank P-5678-IN (1991-11-12) (documents1.worldbank.org) | |
| 1991 | IMF Imf | CCFF, first purchase 1991-01-23 | 1,025 | higher oil import cost (Gulf War) repaid | VerifiedWorld Bank P-5678-IN | |
| 1991 | IMF Imf | CCFF, second purchase 1991-07-22 | 230 | oil and remittance shortfall repaid | VerifiedWorld Bank P-5678-IN n.2; IMF AR 1992 (imf.org) | |
| 1991 | IMF Imf | CCFF, third purchase 1991-09-12 | 648 | oil and remittance shortfall repaid | VerifiedWorld Bank P-5678-IN; IMF monthly credit outstanding | |
| 1991 | International Monetary Fund Imf | Stand-By Arrangement (SBA), approved 1991-10-31 | 2,269 | Front-loaded BoP support; conditionality included fiscal deficit reduction, exchange-rate reform, trade liberalisation and industrial decontrol Approved 1991-10-31; drawing/expiry dates to be confirmed | Reportedhttps://en.wikipedia.org/wiki/1991_Indian_economic_crisis | |
| 1991 | International Monetary Fund Imf | First credit tranche purchase | 775 | BoP support approved Jan 1991 in return for a promised reform Budget; the Feb 1991 Budget was never passed Drawn | Reportedbusiness-standard.com | |
| 1991 | International Monetary Fund Imf | Compensatory and Contingency Financing Facility (CCFF) | 1,020 | BoP support for an export/remittance shock, in 1990-91 chiefly the Gulf War remittance collapse Drawn | Reportedbusiness-standard.com | |
| 1991 | International Monetary Fund Imf | First IMF tranche (alternative figure, see notes) | 755 | Same first IMF disbursement as the row above, reported as US$755mn in a different account Drawn | Unconfirmedindianexpress.com | |
| 1991 | Japan (Aid India Consortium member) Bilateral | Soft loan, with further commitment of US$350mn | 150 | Crisis-period concessional assistance sought after the April 1991 IMF/World Bank spring meetings failed to produce a bridge loan Drawn | Reportedbusiness-standard.com | |
| 1991 | Japan (Exim Bank / OECF) Bilateral | Quick-disbursing balance-of-payments loan | 300 | exceptional financing disbursed | ReportedRBI History Vol.4 ch.12 (search snippet only) (rbidocs.rbi.org.in) | |
| 1991 | NRIs/OCBs via State Bank of India Bond | India Development Bonds, launched 1991-10-01 | 1,600 | balance-of-payments support repaid 1996 | VerifiedKetkar & Ratha, WB WPS4311 ; IMF WP/04/48 (documents1.worldbank.org) | |
| 1991 | Netherlands Bilateral | Bilateral loan | 30 | Crisis-period bilateral support Drawn | Reportedbusiness-standard.com | |
| 1991 | Non-resident Indians Nri deposit | Net fall in NRE + FCNR(A) balances during FY1991-92 (deposit flight) | -904 | crisis outflow | VerifiedIMF WP/04/48 | |
| 1991 | Non-resident Indians Nri deposit | NRI deposit stock at end-Mar 1991 (long-term 10,209 + up to 1 year 3,577) | 13,786 | stock | VerifiedMoF Status Report 2004 | |
| 1991 | Union Bank of Switzerland (UBS) Commercial bank | Sale-and-repurchase of confiscated gold (gold airlift, tranche 1) | 200 | Emergency foreign exchange; consignments airlifted between 1991-05-21 and 1991-05-31 under the Chandra Shekhar caretaker government, during the general election campaign Repurchased by Dec 1991 | Reportedindianexpress.com | |
| 1991 | Union Bank of Switzerland (with State Bank of India) Commercial bank | Sale with repurchase option of ~20 t of confiscated gold, Apr–May 1991 | 200 | bridge financing for reserves SBI repurchased; 18.36 t later sold to the RBI | ReportedRangarajan, Forks in the Road, excerpt in ThePrint ; the USD 200 mn and UBS come from press summaries (Wikipedia wrongly says USD 600 mn) (theprint.in) | |
| 1991 | World Bank World bank ibrd | India Structural Adjustment Credit/Loan | Structural adjustment operation whose conditionality is reported to have pushed trade and industrial liberalisation Operation identified; amount not verified in this session | Unconfirmeddocuments.worldbank.org | ||
| 1992 | IDA World bank ida | Social Safety Net Sector Adjustment Credit P009987, 1992-12-17 | 500 | cushioning the social cost of adjustment closed | VerifiedWorld Bank Projects API | |
| 1993 | International Monetary Fund Imf | Reported "Extended Fund Facility" under this decade's terms of reference | The slice brief asserts an EFF of SDR 3.8bn in 1993. I could not verify any 1993 IMF arrangement for India in the sources opened in this session; the SBA of 1991-10-31 is documented and no EFF row appears in the RBI chronology of 1991-2000. Recorded here as a contested item, value left ?Unverified | Unconfirmedrbi.org.in | ||
| 1993 | Non-resident Indians Nri deposit | FCNR(B) introduced May 1993 (banks bear the exchange risk) | NRI funds continuing | VerifiedIMF WP/04/48 | ||
| 1993 | Russian Federation Bilateral | Rupee-rouble debt settlement of 1993-01-28: Moscow's USD 11.8 bn claim cut by ~32% | 8,020 | Soviet-era state credits repaid through rupee exports | ReportedUPI 1993-01-28 | |
| 1994 | ECB lenders (aggregate) Other | ECB approvals, FY1994-95 | 4,469 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 1995 | IBRD World bank ibrd | FY1995 commitments | 1,119 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1995 | IDA World bank ida | FY1995 commitments | 944.7 | project lending amortising | VerifiedWorld Bank Projects API | |
| 1996 | ECB lenders (aggregate) Other | ECB approvals, FY1996-97 | 8,581 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 1997 | ECB lenders (aggregate) Other | ECB approvals, FY1997-98 | 8,712 | corporate borrowing flow | Verifiedsame | |
| 1997 | External commercial borrowings (ECB), aggregate approvals Commercial bank | ECB approvals and disbursements | Corporate and infrastructure financing via the ECB window under the 1999 ECB guidelines Outstanding stock grew through the decade | UnconfirmedNOT YET SOURCED to an RBI publication in this session, see Gaps | ||
| 1998 | ECB lenders (aggregate) Other | ECB approvals, FY1998-99 (fall after sanctions) | 5,200 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 1998 | Germany Bilateral | New development aid put on hold | 168 | sanctions: aid suspended suspended | VerifiedMorrow & Carriere 1999 | |
| 1998 | Government of India / State Bank of India Nri deposit | Resurgent India Bonds (RIB) | Outside this decade, noted only as required by the brief. Post-Pokhran FX mobilisation, 1998 Issued 1998 | Unconfirmedhttps://en.wikipedia.org/wiki/1991_Indian_economic_crisis | ||
| 1998 | Japan Bilateral | New yen loans frozen after Pokhran-II (plus USD 26–30 mn of grant aid) | sanctions: aid frozen, not lent lifted Oct 2001 | VerifiedCRS 98-570 ("nearly $1bn"); Morrow & Carriere (USD 1.2 bn) | ||
| 1998 | NRIs/OCBs via State Bank of India Bond | Resurgent India Bonds, 1998-08-05 to 08-24 | 4,200 | rebuild reserves after the Pokhran sanctions redeemed 2003: USD 5.2 bn incl. ~1 bn interest | VerifiedMoF Status Report 2017-18 Annex XXIII; IMF WP/04/48; Ketkar & Ratha WPS4311 | |
| 1998 | State Bank of India (RIB) Nri deposit | Resurgent India Bonds, GBP tranche | GBP-denominated tranche of the same 1998 RIB issue Raised | UnconfirmedRS Unstarred Q. 995, 1998-12-08 (aggregate only; tranche split not given) | ||
| 1998 | State Bank of India (on behalf of Government of India / RBI) Nri deposit | Resurgent India Bonds (RIB) | 4,230 | Balance-of-payments support and reserve rebuilding after Pokhran-II and the Asian crisis; marketed to non-resident Indians Raised; repaid 2003 (sinking-fund route) | VerifiedRajya Sabha, Unstarred Question 995, 1998-12-08, answered by Finance Minister Yashwant Sinha: "Approximately US $ 4.23 billion or Rs. 18,051 crores" (archive.org) | |
| 1998 | United States, Japan, Canada, Germany, Netherlands, Sweden, Norway, Denmark, Switzerland, Australia Bilateral | suspension / restriction of developmental assistance and concessional loans (sanctions) | Post-Pokhran-II punitive measures following the 1998-05-11 and 1998-05-13 tests Partly lifted; US measures partially removed by 2000. Government told the Rajya Sabha it "would not be possible to quantify the commercial and economic impact" | VerifiedRajya Sabha, Unstarred Q. 2086, 2000-08-10, MoS External Affairs Ajit Kumar Panja (archive.org) | ||
| 1998 | World Bank World bank ibrd | Same postponement, alternative figure | 1,200 | sanctions delayed | VerifiedMorrow & Carriere, Nonproliferation Review 1999 (nonproliferation.org) | |
| 1998 | World Bank (IBRD/IDA) World bank ibrd | Loans postponed after Pokhran-II under G8/US pressure (800 energy/roads + 206 agriculture/health) | 1,006 | sanctions: loans postponed, not lent delayed; US dropped its objection Feb 1999 | VerifiedCRS Report 98-570 (everycrsreport.com) | |
| 1998 | World Bank / IDA World bank ibrd | withheld or delayed lending (US opposition) | US instructed its executive directors to oppose new multilateral lending to India after Pokhran-II Temporarily suspended, resumed 1999-2000 | UnconfirmedNOT YET SOURCED to a primary document in this session, see Gaps | ||
| 2000 | ECB lenders (aggregate) Other | ECB approvals, FY2000-01 | 2,837 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 2000 | IBRD World bank ibrd | IBRD commitments in the decade | 11,328 | project lending amortising | VerifiedWorld Bank Projects API, our aggregation | |
| 2000 | IBRD World bank ibrd | FY2000 commitments | 808 | project lending amortising | VerifiedWorld Bank Projects API | |
| 2000 | IDA World bank ida | IDA commitments in the decade | 9,930 | 0.75% | project lending amortising | VerifiedWorld Bank Projects API, our aggregation |
| 2000 | IDA World bank ida | FY2000 commitments | 741.5 | project lending amortising | VerifiedWorld Bank Projects API | |
| 2000 | IMF Imf | Last repurchase of the 1991-93 credit: SDR 19.25 mn outstanding on 2000-05-31, zero on 2000-06-30 | repayment fully repaid Jun 2000 | VerifiedIMF credit outstanding for India (imf.org) | ||
| 2000 | NRIs/PIOs via State Bank of India Bond | India Millennium Deposits, Oct–Nov 2000 (not offered in the US) | 5,500 | build reserves redeemed Dec 2005: USD 7.1 bn incl. 1.6 bn interest (7.3 bn per the IUP journal) | VerifiedMoF Status Report 2017-18 Annex XXIII; Ketkar & Ratha WPS4311 | |
| 2000 | State Bank of India (on behalf of Government of India / RBI) Nri deposit | India Millennium Deposits (IMD) | 5,500 | Further reserve accretion and BoP support, again sold to the NRI diaspora Raised 2000-11; repaid 2005-06 | ReportedHeadline figure USD 5.5 bn is widely reported; the primary RBI press release has NOT been opened in this session, see Gaps | |
| 2003 | International Monetary Fund Imf | India becomes a creditor (no longer a net borrower) to the IMF's Financial Transaction Plan | Reserve adequacy reached the point where India repaid outstanding IMF obligations and joined the Ftp as a creditor Repaid early / exited borrower status | UnconfirmedNOT YET SOURCED to a primary document in this session, see Gaps | ||
| 2003 | Small bilateral donors Bilateral | Budget 2003-04: prepayment of USD 3 bn of external loans; small donors asked to route aid through NGOs | 3,000 | debt reduction done | VerifiedBudget Speech 2003-04 (indiabudget.gov.in) | |
| 2005 | ECB lenders (aggregate) Other | ECB approvals, FY2005-06 | 17,175 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 2006 | ECB lenders (aggregate) Other | ECB approvals, FY2006-07 | 24,492 | corporate borrowing flow | Verifiedsame | |
| 2007 | ECB lenders (aggregate) Other | ECB approvals, FY2007-08, peak before 2011 (29,112 disbursed) | 28,842 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 2007 | FCCB holders (not named) Bond | Reliance Communications foreign-currency convertible bond | 1,270 | capex due Mar 2012 | VerifiedBusiness Today 2011-06-15 (businesstoday.in) | |
| 2007 | International Monetary Fund Imf | No IMF borrowing | India drew nothing from the IMF in this decade. It acted as a lender (2009 NPA, 2012 firewall) and as a gold buyer (see FLASHPOINT 2009-11-02). | ReportedIMF press releases 09/381, 12/231 | ||
| 2007 | Various (ECB lenders not disclosed) Syndicated loan | ECB raised by Indian companies, Apr 2007–Feb 2008 | 20,580 | Corporate capex during the 2007 capital-inflow surge. The only figure found came from a search summary and I did not see it in an RBI table, so confidence is unknown. Full-year FY08 ECB, and all years to FY17, are not found by me; they are published in RBI ECB monthly data. | UnconfirmedSearch summary citing "RBI data" (Business Standard) | |
| 2008 | All external creditors (aggregate stock) Other | Total external debt, end-March 2008 | 224,400 | Benchmark for the decade. External debt was 18.0% of GDP, the debt-service ratio 4.8%, and reserves covered 138% of debt. Stock | ReportedMoF India's External Debt: A Status Report (series), as quoted via search | |
| 2008 | Bank of Japan / Government of Japan Bilateral | Bilateral currency swap arrangement | 3,000 | Liquidity backstop. Contingent line. Not found drawn. | ReportedBusiness Standard 2013-09-06 (history of the line); PIB release relid=102007 | |
| 2008 | ECB lenders (aggregate) Other | ECB approvals, FY2008-09 (global financial crisis) | 16,517 | corporate borrowing flow | Verifiedsame | |
| 2008 | Foreign banks and bond markets (ECB lenders, not named) Syndicated loan | External commercial borrowing, policy relaxation | Post-Lehman easing to let corporates refinance abroad. On 2008-10-08 mining, exploration and refineries were added to the ECB definition of "infrastructure". Policy change 2008-10. The volume effect was not extracted. | ReportedPSA Legal "RBI's monetary measures to monitor recession"; RBI Annual Report 2008-09 ch. V | ||
| 2008 | Non-resident Indians (FCNR(B) depositors) Nri deposit | FCNR(B) deposit rate ceiling raised | To attract foreign-currency deposits while the rupee was falling. Policy change 2008-09/10. | ReportedBW Businessworld; Business Standard 2008-09-17 "RBI steps in to cool financial markets" | ||
| 2009 | IBRD World bank ibrd | 2009-09-22 package: Banking Sector Support P116020 (2,000) + IIFCL PPP P102771 (1,195) + Power System V P115566 (1,000); plus IDA 150 for Andhra Pradesh water the same day | 4,195 | crisis-era recapitalisation of public-sector banks; infrastructure disbursed | VerifiedWorld Bank Projects API | |
| 2009 | IMF (India as lender, not borrower) Other | G20 London: Note Purchase Agreement commitment | 10,000 | India lending to the IMF's crisis resources. This is the reverse of an obligation, recorded for completeness. Committed 2009. Amount actually called not found. | ReportedWikipedia "India and the International Monetary Fund"; IMF press release 09/300 (not opened) | |
| 2009 | IMF (India as buyer, asset purchase, not debt) Other | RBI purchase of 200 t of IMF gold, Oct–Nov 2009 | 6,700 | diversifying reserves; noted because it reverses the 1991 gold pledge settled | ReportedIMF gold FAQ ; PR 09/381 via search snippet (403 on fetch) (imf.org) | |
| 2009 | World Bank (IBRD + IDA) World bank ibrd | Lending commitments, FY ended 2009-06 | 2,200 | Normal-year programme. Historical average ≈USD 2.5–3 bn a year. Committed | ReportedWorld Bank feature story 2010-06-24 "World Bank lends record $9.3 billion to India in FY10" | |
| 2010 | World Bank, IBRD World bank ibrd | Lending commitments, FY ended 2010-06 | 6,700 | Post-crisis: bank recapitalisation, infrastructure finance (IIFCL) and power. India was IBRD's largest borrower that year (15.1% of IBRD lending). Committed. Loan-level terms not extracted. | ReportedWorld Bank press release 2010-06-23; Business Standard 2010-08-29 | |
| 2010 | World Bank, IDA World bank ida | Credit commitments, FY ended 2010-06 | 2,600 | Social sectors, rural. Committed. India's IDA eligibility ended around FY2014 (not re-verified). | ReportedWorld Bank press release 2010-06-23 | |
| 2011 | Bank of Japan Bilateral | Bilateral swap arrangement, enlarged | 15,000 | Backstop. Signed 2011-12. Not drawn (not found drawn). | ReportedBusiness Standard 2013-09-06; PIB relid=102007 | |
| 2011 | ECB lenders (aggregate) Other | ECB approvals, FY2011-12, peak of the series | 35,240 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 2011 | FCCB holders (not named) Bond | Zenith Infotech FCCB default, Sep 2011 | 33 | default | ReportedBusiness Today, May 2012 (snippet) | |
| 2011 | FCCB holders (~100 issuers of 2006-08) Bond | FCCBs due within 24 months (Crisil estimate) | redemption stress | VerifiedBusiness Today 2011-06-15 | ||
| 2012 | FCCB holders (not named) Bond | Suzlon FCCB default, Oct 2012; restructured May 2014 with USD 575.7 mn outstanding | 209 | default, then restructured | VerifiedForbes India (forbesindia.com) | |
| 2012 | IMF (India as lender) Other | Bilateral borrowing agreement ("firewall") | 10,000 | India's share of the BRICS USD 75 bn pledge to the IMF's USD 430 bn firewall for the euro crisis. Announced by the PM at the Los Cabos G20, 2012-06. Committed | ReportedDNA India 2012-06; IMF press release 12/231 (not opened) | |
| 2013 | All external creditors (aggregate stock) Other | Total external debt, end-March 2013 | 409,400 | Derived: 440.6 − 31.2. NRI deposits were 17.3% of the total. Stock | EstimatedMoF External Debt Status Report 2013-14 (PIB relid=109165) | |
| 2013 | Bank of Japan Bilateral | Bilateral swap arrangement, enlarged from 15 to 50 | 50,000 | Backstop at the height of the taper tantrum, announced 2013-09-06. Contingent. Not found drawn. Enlarged to USD 75 bn in 2018-10, outside the decade. | VerifiedPIB release relid=102007 "…enhanced from US$15 billion to US$50 billion"; Bloomberg 2013-09-06 | |
| 2013 | ECB lenders (aggregate) Other | ECB approvals, FY2013-14 (33,218 in the 2013-14 report; revised to 30,563) | 30,563 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 2013 | Foreign portfolio investors (aggregate) Other | FII debt outflows during the taper tantrum: Jun Rs 33,135 cr, Jul ~12,000 cr, Aug 9,773 cr; calendar 2013 Rs 50,989 cr | 9,000 | portfolio outflow (converted at ~Rs 60/USD) outflow | EstimatedBusiness Standard (search snippets); NSDL not fetched | |
| 2013 | International bond investors (would-be) Bond | Overseas sovereign (foreign-currency) bond: debated, NOT issued | Floated in 2013-07/08 to fund the current-account deficit. Subbarao said: "Among the menu of options, sovereign bond issue is the least preferred… That's the RBI view". DEA Secretary Arvind Mayaram said the government "has not decided". Not issued. It returned as a USD 10 bn proposal in the 2019-07-05 Budget, outside this decade; its later fate is not covered here. | ReportedBusiness Standard 2013-07-15 "Subbarao reaches Delhi to discuss sovereign bond issue"; BS 2013-08-08 (Mayaram); BS 2019-07-05 | ||
| 2013 | NRIs and foreign banks (not individually named), via Indian banks Nri deposit | FCNR(B) swap window: fresh 3-year+ FCNR(B) deposits, swapped with RBI at a concessional 3.5% a year | 26,000 | Emergency reserve build after the rupee fell to 68.85. Effective all-in cost ≈5.0% (≈UST + 4.35 pp). Window open 2013-09-04 to 2013-11-30 (announced with Rajan's first statement). The deposits matured and were repaid in 2016-09 to 11; the RBI met them from its forward book (redemption amount ?). Rajan later called it the "least bad option". | ReportedSPJIMR "The 2013 RBI FCNR(B) Swap Window – Review & Takeaways"; Business Standard 2016-09-03 (Rajan) | |
| 2013 | NRIs via Indian banks Nri deposit | FCNR(B) swap window, 2013-09-04 to 11-30 (RBI swap at 3.5%), plus ~8 bn through the banks' overseas-borrowing window = 34 bn in total | 26,000 | defending the balance of payments and the rupee matured Sep–Nov 2016 | VerifiedSPJIMR ; MoF Status Report 2013-14 http://dea.gov.in/files/external_debt_documents/India_External_Debt201314E.pdf (spjimr.org) | |
| 2013 | Overseas head offices and correspondent banks of Indian banks Commercial bank | Bank overseas-borrowing swap window (FC borrowings swapped with RBI at 1% below market) | 8,000 | Same purpose as the FCNR(B) window. Closed 2013-11-30. The two windows together raised ≈USD 34 bn. | ReportedSPJIMR (above); The Wire, "Raghuram Rajan's legacy" | |
| 2014 | All external creditors (aggregate stock) Other | Total external debt, end-March 2014 | 440,600 | Up USD 31.2 bn (7.6%) in the year. Commercial borrowings were the largest component at 33.3%, followed by NRI deposits at 23.6%. Stock | ReportedPIB relid=109165 | |
| 2014 | IBRD World bank ibrd | FY2014 commitments | 1,975 | project lending amortising | VerifiedWorld Bank Projects API | |
| 2014 | IDA World bank ida | FY2014 commitments, last regular IDA year (end of IDA16); India graduated at the end of FY2014 | 2,647 | 0.75% | project lending amortising | VerifiedWorld Bank Projects API; WB AR 2016 |
| 2014 | IFC (issuer); offshore investors (buyers) Bond | First offshore rupee ("Masala") bond, listed in London | Proceeds invested in Axis Bank infrastructure bonds. The currency risk sat with foreign investors, not India. Issued 2014-11 on the London Stock Exchange. | ReportedBusiness Standard 2014-11-11 | ||
| 2014 | NRIs (not named) Nri deposit | Stock of NRI deposits, end-March 2014 | 103,800 | FCNR(B) share rose from 21.4% (end-March 2013) to 40.3% because of the swap window. NR(E)RA was 50.9% and NRO 8.8%. NRI deposits were 23.6% of total external debt. Stock | ReportedMoF External Debt Status Report 2013-14 (via DEA PDF, summarised in search; PDF fetch failed on TLS) | |
| 2014 | Non-resident Indians Nri deposit | NRI deposit stock at end-Mar 2014 (70,822 in 2013; FCNR(B) share 21.4% → 40.3%) | 103,845 | stock | VerifiedMoF Status Report 2013-14 | |
| 2015 | Foreign sovereign and pension funds (equity, not debt) Other | National Investment and Infrastructure Fund (NIIF): government-anchored equity platform | Infrastructure equity. GoI committed INR 20,000 crore (49%); 51% was to come from foreign and other investors. Approved by DEA 2015-08, registered with SEBI as a Category II AIF after its governing council met in 2015-12. Operating | ReportedBusiness Standard 2015-07-29 and 2015-08-25; Wikipedia "National Investment and Infrastructure Fund" | ||
| 2015 | Indian households and temples (domestic, not external) Other | Gold Monetisation Scheme (GMS) gold deposits | Not an external obligation. Launched 2015-11-05, together with Sovereign Gold Bonds and the Indian Gold Coin, to cut gold imports, which had been a large part of the 2013 current-account deficit. Only ≈37.8 t had been mobilised by 2025-03. Operating. SGBs had 14,071 kg subscribed (INR 4,127 crore) by 2016-11. | ReportedPIB release relid=153849 (2016-11-18) "Sovereign Gold Bond Scheme and Gold Monetisation Scheme"; Business Standard | ||
| 2016 | ECB lenders (aggregate) Other | ECB approvals, FY2016-17 (quick estimate) | 20,052 | corporate borrowing flow | VerifiedMoF Status Report 2017-18 Annex XXIII | |
| 2016 | IBRD World bank ibrd | FY2016 commitments (Annual Report says 2,820; Projects API says 1,320, a net figure) | 2,820 | project lending amortising | VerifiedWB AR 2016 Table 16 | |
| 2016 | IDA World bank ida | FY2016 transitional support under IDA17 (after graduation) | 1,025 | transitional lending amortising | VerifiedWB AR 2016 Vol.2, IDA MD&A Table 5 (documents.worldbank.org) | |
| 2016 | Offshore investors (not named) Bond | HDFC Ltd Masala bond: first by an Indian company | Corporate funding. Rupee risk borne by investors. Oversubscribed 4.3×. Issued 2016-07 on the London Stock Exchange. | ReportedBusiness Standard 2016-07-14 | ||
| 2017 | Abu Dhabi Investment Authority (ADIA), via a subsidiary Other | NIIF Master Fund equity commitment, plus a stake in NIIF Ltd | 1,000 | First international institutional investor in the NIIF Master Fund. Signed 2017-10 (reported 2017-10-17). | ReportedNewsBharati 2017-10-17; Business Standard 2017-12-07 | |
| 2017 | All external creditors (aggregate stock) Other | Total external debt, end-March 2017 | 471,900 | Down USD 13.1 bn (2.7%) from end-March 2016 (485.0), largely because the 2013 FCNR(B) deposits were repaid. Stock | ReportedPIB relid=170828, External Debt: A Status Report 2016-17 (the page returned 403 on direct fetch; figure from the PIB headline) | |
| 2017 | Asian Development Bank Other | Outstanding at end-Mar 2017 | 10,795 | stock amortising | Verifiedsame | |
| 2017 | ECB/commercial lenders (aggregate) Commercial bank | Commercial borrowing stock at end-Mar 2017 | 173,074 | stock | Verifiedsame | |
| 2017 | Germany / Russia / France / United States Bilateral | Outstanding at end-Mar 2017: 1,938 / 900 / 455 / 155 | 3,448 | stock amortising | Verifiedsame | |
| 2017 | IBRD World bank ibrd | FY2017 commitments | 1,530 | project lending amortising | VerifiedWorld Bank Projects API | |
| 2017 | IBRD World bank ibrd | Outstanding at end-Mar 2017 | 9,338 | stock amortising | Verifiedsame | |
| 2017 | IDA World bank ida | FY2017 transitional commitments | 508 | transitional lending amortising | VerifiedWorld Bank Projects API | |
| 2017 | IDA World bank ida | Outstanding at end-Mar 2017 | 23,705 | stock amortising | VerifiedMoF Status Report 2016-17 Table 5.1 | |
| 2017 | IMF Imf | "IMF" line at end-Mar 2017, SDR allocations (2009), not credit | 5,410 | stock | Verifiedsame | |
| 2017 | Japan Bilateral | Outstanding at end-Mar 2017 (typical ODA loan terms 30 yrs incl. 10 grace) | 14,993 | stock amortising | Verifiedsame | |
| 2017 | Non-resident Indians Nri deposit | NRI deposit stock at end-Mar 2017 | 116,867 | stock fell 7.9% y/y on FCNR(B) redemptions | VerifiedMoF Status Report 2016-17 (dea.gov.in) |
Who was on the other side
85 documented counterparties| Obligation | Holder | Share | Evidence | |
|---|---|---|---|---|
| 1945 | IMF quota at India's original membership | India | 5.02% | Quota USD 400 mn; 4,250 votes = 4.69% of votes at 1948-04-30 IMF quota history for India ; IMF AR 1948 (imf.org) |
| 1947 | IMF voting power | United States | 30.62% | 27,750 votes IMF AR 1948 |
| 1947 | IMF voting power | United Kingdom | 14.62% | 13,250 votes IMF AR 1948 |
| 1947 | IMF voting power | China (Republic of China) | 6.34% | 5,750 votes IMF AR 1948 |
| 1947 | IMF voting power | France | 6.07% | 5,500 votes IMF AR 1948 |
| 1947 | IMF voting power | India | 4.69% | 4,250 votes, 5th-largest IMF AR 1948 |
| 1947 | IMF voting power | Japan; Germany | not members until 1952 IMF AR 1948 | |
| 1947 | Sterling balances split at partition | State Bank of Pakistan / Government of Pakistan (share transferred out of India's balances) | About £180 mn transferred to Pakistan by mid-1949, including £75.6 mn of RBI assets and liabilities (July 1948) and £73 mn of Issue Department securities (Sept 1948 to March 1949) Abreu TD 643 (citing Simha, RBI History 1935–51, pp. 567–8) | |
| 1947 | Sterling balances (India's claim) | Reserve Bank of India, holding Nos. 1 and 2 accounts at the Bank of England, mostly in UK Treasury bills and short gilts; the obligor is HM Treasury | 100% | The Financial Agreements of 1947–53 are bilateral HMG–GoI Abreu TD 643; Hansard 1948-07-15 |
| 1947 | Sovereign or NRI debt holders in ICIJ leak databases | None | The Offshore Leaks DB excludes bank accounts and transactions, so it cannot identify creditors ICIJ "About" page (offshoreleaks.icij.org) | |
| 1947 | SBI / Exim Bank of India / IDBI registrations on EDGAR | None (SBI filed only paper SUPPL/ARS in 2005-10) | No registration statement for any Indian public-sector debt found EDGAR CIK 1036627; company searches | |
| 1947 | Republic of India sovereign bonds in the US (Schedule B / 18-K) | None | EDGAR: "No matching companies"; the only 18-K full-text hits for "Republic of India" are AIIB filings from 2019 on EDGAR company search | |
| 1949 | IBRD voting power | India | 4.45% | 4,250 votes; 4,000 of 83,485 shares subscribed (4.79%); share of votes computed by us IBRD AR 1948-49 App. K |
| 1949 | IBRD voting power | United States / United Kingdom / China / France | 32,000 / 13,250 / 6,250 / 5,500 votes; shares computed by us IBRD AR 1948-49 App. K | |
| 1949 | IBRD loans to India | IBRD (US the largest shareholder). The ultimate funding came from IBRD bonds sold mainly in the New York market; the holders are not disclosed per loan. | Not disclosed. India's IBRD subscription for these years was not extracted by me. | |
| 1949 | IMF drawings 1948–49 and 1957 | IMF general resources (pooled quotas). As of 1949-04-30: US quota US$2,750 mn (34.23%), UK US$1,300 mn (16.18%), India US$400 mn (4.98%), total about US$8,034 mn | 34.23% | IMF Annual Report 1949, App. VII (quotas, governors, voting power). India's Governor: C.D. Deshmukh; Alternate: N. Sundaresan. IMF AR 1949 |
| 1951 | 1951 wheat loan | United States Government | 100% | Single-creditor, authorised by statute (India Emergency Food Aid Act 1951) Truman Library; FRUS 1951 vol VI pt 2 doc 108 |
| 1955 | ICICI (IBRD P009591) | Shareholders of ICICI at founding: Indian banks and insurers, British institutions (e.g. the Commonwealth Development Finance Co., British insurers/exchange banks) and US investors | The foreign-shareholder list is known from the literature. I did not see the 1955 prospectus, so the names and shares are not verified. not found by me in primary | |
| 1956 | PL-480 Title I 1956 | United States Government (CCC); the rupee proceeds were held by the US in India | 100% | Single-creditor agreement USDA ERS 1961 |
| 1957 | Commercial / supplier credits | Suppliers' credits for Second and Third Plan projects (UK, W. German and Japanese exporters) are known from the literature. Named holders are not disclosed in any source I found. | ||
| 1957 | IMF drawings 1957–66 | IMF general resources (pooled quotas; US the largest shareholder) | India's quota and the US vote share for these years were not extracted. Not found by me; obtainable from IMF Annual Reports 1958–1967. | |
| 1958 | Aid India Consortium, first meeting | United States, United Kingdom, Canada, West Germany, Japan (IMF as observer) | Founding members; joint pledge of 350 + 250; split by country not published World Bank Archives exhibit on the India Consortium; FRUS 1958-60 v15 d217 | |
| 1958 | Aid-India Consortium (founding) | United States, United Kingdom, Canada, Federal Republic of Germany, Japan, IBRD (chair) | Attendees at the first meeting, 1958-08-25~27 FRUS 1958–60 vol XV doc 217; World Bank archives | |
| 1958 | Aid India Consortium | IBRD | Convened and chaired the consortium World Bank Archives exhibit | |
| 1959 | IMF quota | India | USD 600 mn (1959-10-13), then USD 750 mn (1966-03-12) IMF quota history | |
| 1960 | Aid India Consortium, expansion | France, Austria, Italy, Netherlands, Belgium; IDA | Membership widened in the 1960s World Bank Archives exhibit | |
| 1960 | Aid-India Consortium (expansion) | France, Austria, Italy, Netherlands, Belgium, IDA join; IMF attends as observer | WB archives exhibit World Bank archives exhibit | |
| 1960 | PL-480 1960 agreement | United States Government (CCC/USDA) | 100% | Single-creditor agreement FRUS 1958–60 vol XV doc 257 |
| 1961 | same | Canada, France, Germany, Japan, UK, IBRD, IDA (combined) | 53% | USD 1,180 mn, not itemised by member FRUS 1961-63 v19 d24 |
| 1961 | Consortium pledges for the Third Plan, first two years (total 2,225) | United States | 47% | USD 1,045 mn incl. 45 of Ex-Im Bank/DLF loans; plus ~1.3 bn of PL-480 commodities outside the pledge FRUS 1961-63 v19 d24 |
| 1965 | Consortium non-project aid, FY1965 | United States | 35% | US share of non-project aid FRUS 1964-68 v25 d349 |
| 1966 | Consortium non-project aid target of 900 after devaluation | United States / West Germany | US planning figure up to 335; Germany 62 planned (shares of 900 computed by us) FRUS 1964-68 v25 d349 | |
| 1966 | Consortium non-project aid USD 900 mn | United States | 40% | "US traditionally supplying 40% of non-project needs" FRUS 1964–68 vol IX doc 66 |
| 1966 | IDA voting power | United States / UK / India | table WB/IDA AR 1965-66 App. E | |
| 1966 | IMF voting power | United States / UK / France / Germany / India / Japan / China (ROC) | 51,850 / 24,650 / 8,125 / 8,125 / 7,750 / 7,500 / 5,750 votes (Japan's share computed by us) IMF AR 1966 | |
| 1966 | IBRD voting power | United States / UK / Germany / France / India / Japan / China | India 8,250 votes WB/IDA AR 1965-66 App. C | |
| 1970 | IMF quota | India | USD 940 mn (1970-12-24); SDR 1,145 mn (1978); 1,717.5 mn (1980); 2,207.7 mn (1983-12-30) IMF quota history | |
| 1971 | Consortium debt relief (100) | United States | 9% | US share of 1971 relief was 9 of 100; France and Japan (hard lenders) carried 55% of 1968-71 relief FRUS 1969-76 vE7 d266 |
| 1978 | ICICI Euroloans, FRN, Euro-CP | Eurocurrency bank syndicates | NOT DISCLOSED, World Bank appraisal and audit documents give amounts and spreads but no lender names World Bank P-3116-IN; PPAR 8850 | |
| 1980 | ICICI foreign-currency borrowings outstanding | IBRD | IBRD share fell from 77% (end-1980) to 8.8% (Mar 1989) as commercial borrowing replaced it World Bank PPAR 8850 | |
| 1981 | IMF voting power (1981 EFF year) | United States / UK / Germany / France / Japan / China (PRC) / India | India 17,425 votes (its share computed by us); the US executive director's position on the 1981 EFF is recorded in the literature, but the Board vote was not fetched IMF AR 1982 | |
| 1982 | ICICI DM loans | KfW (Kreditanstalt für Wiederaufbau) | DM 65 mn in three loans World Bank PPAR 8850 | |
| 1988 | NTPC JPY 30 bn syndicated loan | Japanese bank syndicate | NOT DISCLOSED on NTPC's own page NTPC "Our Journey" | |
| 1991 | IBRD voting power | United States / Japan / Germany / France / UK / India / China | India 38,494 votes WB AR 1991 (documents.worldbank.org) | |
| 1991 | same | Bank of Japan | Joint lender; split not published same | |
| 1991 | Gold-pledged loan, 46.91 t, USD 405 mn | Bank of England | Joint lender; per-bank split NOT PUBLISHED in any source found The Quint (quoting a Rajya Sabha answer and the RBI AR 1991-92) | |
| 1991 | IMF voting power (1991 stand-by year, at 1992-04-30) | United States / UK / Germany / France / Japan / China / India | India 22,327 votes (its share computed by us) IMF AR 1992 | |
| 1991 | Gold sale-and-repurchase, ~20 t (SBI) | Union Bank of Switzerland | 100% | Sole counterparty named in press accounts ThePrint / Rangarajan excerpt; press summaries |
| 1991 | IDA credits outstanding | India | 29.36% | India held 29.36% of all IDA credits disbursed and outstanding (USD 13,353 mn) WB AR 1991 |
| 1992 | IMF quota | India | SDR 3,055.5 mn (1992-12-09); 4,158.2 mn (1999-02-05); 5,821.5 mn (2011-03-31) IMF quota history | |
| 1993 | Aid India Consortium → India Development Forum | Last Consortium meeting Jul 1993; first IDF 1994-06-30; last IDF Apr 2000 World Bank Archives exhibit | ||
| 1998 | RIB, US sales | "At least a dozen" other brokers and sub-brokers (not named) | 4.5% | ~USD 190 mn SEC 33-8036 |
| 1998 | RIB, US sales | Citibank N.A. (NRI Services) as placement agent, with at least 5,000 US investors | 3.8% | USD 160 mn SEC 33-8036 |
| 1998 | RIB, US tranche (unregistered with the SEC) | US-resident NRIs and NRI-controlled entities | 12.7% | USD 532 mn of ~4.2 bn sold in the US without registration; led to a 2001 SEC cease-and-desist order SEC 33-8036; SEC press release 2001-139 |
| 1998 | RIB | SBI Capital Markets Ltd (86.16% SBI; the rest ADB) | Lead arranger SEC Admin. Proc. 33-8036 (sec.gov) | |
| 1998 | Resurgent India Bonds (USD 4.2 bn) | Non-resident Indians/OCBs, over 74,000 investors in over 30 countries | Subscribed only by the diaspora Euromoney, "India: Resurgence bond taps diaspora" (euromoney.com) | |
| 1998 | RIB, US sales | ~12,000 US NRI investors through SBI and SBI Capital Markets | 4.3% | USD 182 mn SEC 33-8036 |
| 1999 | IBRD/IMF shareholders' use of the 1998 veto threat | US (G8 policy) | The US used its IBRD vote to push postponement of ~USD 1 bn of loans in 1998; objection dropped Feb 1999 CRS 98-570 | |
| 2000 | India Millennium Deposits (USD 5.5 bn) | NRIs/PIOs in Europe, the Gulf and the Far East (not sold in the US; no SEC registration) | Diaspora-only placement Ketkar & Ratha WPS4311; IMF WP/04/48 | |
| 2000 | IMD | Punjab & Sind Bank (appointed by SBI) | Search snippet only banknetindia (SSL failed on fetch) | |
| 2000 | ICICI Bank ADR (equity, not debt), SEC F-1 file 333-30132 | Merrill Lynch and Morgan Stanley Dean Witter (joint global coordinators) | Level-3 ADR registered with the SEC; recorded to show that equity was registered but sovereign/SBI debt never was EDGAR CIK 1103838 | |
| 2003 | NRI share of India's debt to private creditors (mid-2003, incl. RIB + IMD) | NRIs (all deposit schemes plus RIB/IMD) | 60% | "NRIs held 60 percent of India's external debt owed to private creditors" IMF WP/04/48 |
| 2005 | IMD redemption, currency mix of the RBI sale to SBI (2005-12-28) | IMD holders | Of USD 5.107 bn sold: USD 4.569 bn + GBP 233.3 mn + EUR 113.2 mn IUP Treasury Management journal (iupindia.in) | |
| 2006 | Swiss Leaks (HSBC Geneva), capital flight, not creditor identity | 1,195 Indian-linked clients | USD 4.1 bn; India ranked 16th; shows where private savings went, not who lent to India Business Standard 2015-02-09 (business-standard.com) | |
| 2011 | Venus Remedies FCCB (USD 12 mn) | D.E. Shaw; Citadel | Named as petitioners in winding-up proceedings, the only named FCCB holders we found Business Today 2011-06-15 | |
| 2012 | Suzlon FCCBs | Bondholders | NOT NAMED in public reporting; SBI-led consortium provided an SBLC for the restructuring Forbes India | |
| 2013 | FPI debt outflows during the taper tantrum | Individual FPIs | NOT DISCLOSED, SEBI/NSDL publish only aggregate flows | |
| 2013 | same | "Large foreign lenders" (not named) | 2.9% | ~USD 1 bn same |
| 2013 | same | ICICI Bank | 5.9% | ~USD 2 bn ("market sources") same |
| 2013 | same | State Bank of India | 5.9% | ~USD 2 bn ("market sources") same |
| 2013 | FCNR(B) swap, deposit-taking bank | HDFC Bank | 10% | USD 3.4 bn + ~260 mn Tier-I same |
| 2013 | FCNR(B) plus bank-borrowing swap windows, USD 34 bn (Sep 4 – Nov 30) | NRI depositors (FCNR(B)) | USD 26~28 bn of 34 bn; bankers say 6~7 bn came through the Tier-I capital/borrowing route Business Standard 2013-12-09 (business-standard.com) | |
| 2013 | Government of India dated securities: FPI share of ownership (end-Mar) | FPIs (aggregate; names not disclosed) | Ownership pattern, Table 2.8 MoF Status Paper on Government Debt 2017-18 (dea.gov.in) | |
| 2016 | IBRD voting power (2016-06-30) | US / Japan / China / Germany / France / UK / India | India 70,602 votes WB AR 2016 Vol.2 (IBRD financial statements) | |
| 2016 | IDA credits outstanding | India | 18.11% | USD 24,765 mn outstanding WB AR 2016 Vol.2 (IDA financial statements) |
| 2016 | IMF quota (14th General Review, effective 2016-02-18) | India | 2.751% | SDR 13,114.4 mn; votes 2.629% IMF quota history; IMF PR 10/418 table (imf.org) |
| 2016 | IMF voting power after the 14th Review (proposed shares; actual shares on 2016-02-18 may differ slightly) | US / Japan / China / Germany / France / UK / India | The US alone keeps its >15% veto over 85%-majority decisions IMF PR 10/418 table | |
| 2017 | Bilateral sovereign external debt (end-Mar) | Japan | 81.3% | USD 15.0 bn, "single largest bilateral creditor" MoF Status Report 2016-17 |
| 2017 | same | Germany | 10.5% | USD 1.9 bn same |
| 2017 | same | Russian Federation | 4.9% | USD 0.9 bn (remaining rupee-rouble debt) same |
| 2017 | same | France | 2.5% | USD 0.5 bn same |
| 2017 | same | United States | 0.8% | USD 155 mn same |
| 2017 | Multilateral sovereign external debt (end-Mar) | IDA / ADB / IBRD / IFAD | Multilateral = 70.6% of sovereign debt under external assistance same | |
| 2017 | Long-term external debt (end-Mar, USD 383.9 bn) | Commercial/ECB lenders (not named) / NRI depositors | Borrower-side totals only; lenders on ECBs are NOT DISCLOSED in public data (RBI publishes borrower-wise ECB lists, not lender-wise) same | |
| 2017 | GoI dated securities, domestic comparators (end-Mar) | Commercial banks / insurers / RBI | Shown so the FPI share can be read in scale same |
