India's external debt stock jumped by US$39.9 billion or 13.0 per cent over the twelve months through March this year, the finance ministry said in a statement.

According to the statement, the country's external debt jumped from US$ 305.9 billion at the end of March 2011 to US$345.8 billion at the end of March 2012.

The current account deficit was recorded at an all-time high of 4.2 per cent of the country's GDP in 2011-12.

The finance ministry said the drastic jump in the country's external debt stock could be attributed largely to increase commercial borrowings, short-term debt as well as non-resident Indian (NRI) deposits.

In its recent statement, the ministry said, "Aggravating external sector risks is reflected in upward movement in India's current account deficit, falling reserve cover for imports and external debt."

The ministry also said that India's external vulnerability indicators showed signs of stress, and reflected the impact of worsening euro zone crisis and slowdown in the global economy.

The statement warned that weakening recovery, lethargic growth prospects and heavy financing needs in advanced economies could further increase the global economic risks to Indian economy.