बाह्य सार्वजनिक कर्जाच्या बाबतीत उच्च कर्ज परतफेड-बचत प्रमाणाचा अन्वयार्थ असा होतो.

The correct answer is Option A (Fall in domestic capital formation).

Key Points:
• External public debt servicing involves the outflow of economic resources to repay principal and interest obligations to foreign creditors.
• Economic Mechanism: The Debt Service to Savings ratio measures the proportion of national domestic savings absorbed strictly to service external obligations.
• Impact on Capital Formation: Savings are the primary domestic source for investment (S = I). When a high proportion of domestic savings is drained abroad for debt servicing, investible financial surplus within the economy shrinks drastically.
• Domestic Consequences: With less capital available for private and public infrastructure or enterprise expansion, aggregate domestic investment and capital accumulation decline. Hence, it implies a direct fall in domestic capital formation.
• Other Options: While debt-service to export ratio is another indicator, this question specifies the ratio with savings, making capital formation the direct macro impact.
• Key Takeaway: A high external debt service-to-savings ratio diverts domestic savings abroad, causing a direct fall in domestic capital formation.