ECBs stand at US$ 2.1 bn during July 2015

Indian firms have raised US$ 2.1 billion through external commercial borrowings (ECBs) in the month of July  2015 as against US$ 3.2 billion during June 2015 by automatic and approval route. The borrowings stood at US$ 2.1 billion in July 2015 as compared to US$ 3.7 billion in July 2014.      External commercial borrowings (ECBs) since April 2011                                                                 (US$bn)      Source: PHD Research Bureau, compiled from RBI ,  Note: ECB contains both automatic and approval routes India has received gross ECBs worth around US$280 billion between FY2001 and FY2016 (till July 2015).   Gross ECB Inflows                                                                                                                                                                  (US$bn) Source: PHD Research Bureau, compiled from RBI Note: ECB contains both automatic and approval routes A closer look at the ECBs pattern reveals that the lion’s share in ECBs during the month of July 2015 is held by on-lending/sub-lending contributing to about 37%  of the total followed by refinancing of earlier ECB contributing to about 33%, overseas Acquisition at about 7% and rupee expenditure at 6.4%.       Pattern showing ECBs during July 2015                                                                     (% share in total)       Source: PHD Research Bureau, compiled from RBI, Note: ECB contains automatic and approval route both.