India transformed from a moderate to low indebted country with a fall in debt-GDP ratio to 20 per cent and foreign debt was slated to be at $102.3 billion in March 2003, a United Nations survey said on Thursday.

"The debt-GDP ratio declined continuously from 38 per cent in 1991 to just over 20 per cent in 2002, and the debt-service ratio from 35 per cent in 1990 to 13.3 per cent in 2002," UN's Economic and Social Commission for Asia and Pacific survey said on Thursday.

Citing World Bank classification, it said, "There was also a marked improvement in the external debt position of India, which had been transformed from a moderately indebted country to a low indebted country as of 1999."

"It is estimated that India's external debt, both short and long term, will amount to around $102.3 billion at the end of March 2003," it said.

Despite the continuing weakness in global economy, Escap said, "Foreign direct investment flows into India grew by 2.4 per cent to $4.0 billion in 2002, reflecting the ongoing improvement in infrastructure, further liberalization of foreign investment policies and the removal of economic sanctions on India by US."

India's forex position strengthened as a result of higher FDI, improvement in current account balance. Forex reserves had reached an estimated $74.7 billion by the end of March 2003, compared to $54.1 billion a year ago, which is equivalent to nearly 14 months of imports.

Apart from IT boom, the Escap survey said "increase in reserves reflected higher remittances, quicker repatriation of export proceeds and non-debted inflows of capital."