Explanation:

India’s external debt stock stood at US$ 471.9 billion at end-March 2017, decreasing by US$ 13.1 billion (2.7 per cent) over the level at end-March 2016. The decline in external debt was due to the decrease in long- term debt particularly NRI deposits and commercial borrowings. The dominance of non-government debt in total external debt is evident from the fact that such debt accounted for 65.6 per cent of total debt during the 2000s decade, against 45.3 per cent in the 1990s. Non-government debt accounted for over 70 per cent of total debt in  the last five years and stood at 80.6 per cent at end-September 2014.