The Glad Tidings About 88 per cent of the rise in debt is due to exchange rate fluctuations About 45 per cent of total debt is concessional Short-term debt is only 4 per cent of total debt Debt has grown by only 0.9 per centThe Bad Omens Even if it is due only to forex fluctuations, the debt is real and will have to be paid off Concessional debt is expected to dwindle The debt-GDP ratio and debt-servicing as a proportion of export earnings are up Nearly half the forex reserve is hot money Exports are decelerating