India's external debt stood reduced by 2.7 per cent at $471.9 billion by March-end as compared to March 2016 due to reduced commercial borrowings and NRI deposits, a Finance Ministry report said on Friday.

"India's external debt stock stood at $471.9 billion at end-March 2017, decreasing by $13.1 billion (2.7 per cent) over $485 billion at end-March 2016. The decline in external debt was due to the decrease in long-term debt particularly NRI deposits and commercial borrowings," according to the India's External Debt: A Status Report 2016-17.

The report is the 23rd issue of the annual publication, which is a detailed analysis of India's external debt position at end-March 2017, based on the data released by the Reserve Bank of India on June 30 and data and information available from other sources.

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Apart from analysing the trend, composition and debt service of India's external debt, the report provides a comparative picture of India's external debt vis-a-vis other countries, particularly developing countries.

"India's external debt has remained within manageable limits and the external debt situation has improved in 2016-17 over 2015-16 as indicated by the increase in foreign exchange reserves cover to debt to 78.4 per cent from 74.3 per cent and fall in the external debt-GDP ratio to 20.2 per cent from 23.5 per cent. External debt of the country continues to be dominated by the long-term borrowings," the report noted.

It also said that by March-end, India's long-term external debt was at $383.9 billion, showing a decrease of 4.4 per cent over the level at end-March 2016. Long-term external debt accounted for 81.4 per cent of total external debt at end-March 2017 as compared to 82.8 per cent at end-March 2016.

"Short-term external debt increased by 5.5 per cent to $88.0 billion at end-March 2017. This is mainly due to the increase in trade related credits, a major component of short-term debt with a share of 98.3 per cent.