ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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will require both larger foreign borrowing and higher domestic saving. India's external debt had touched the equivalent of $ 99 bn as of March 1995 or, taking account of the subsequent appreciation of the dollar, $ 93.84 bn as of September 1995. External debt already works out to 248 per cent of exports and 34 per cent of GDP, By contrast, the corresponding ratios for China are 80 per cent and 19 per cent. No wonder, there is a realisation even in official circles that fresh external borrowing should not exceed $ 6 to $ 7 bn per annum.

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