Government has actually stated that it can repaying its liabilitiesGovernment's financial obligation is estimated to be around 62 percent of the GDP for the current financial year and it remains in a position of repaying its liabilities, the Parliament was notified on Tuesday.Minister of state for finance Pankaj Chaudhary said this in a written reaction to a concern during Question Hour in Rajya Sabha.
Increasing the buoyancy of tax revenue through improved compliance, mobilisation of resources through monetisation of assets, improving efficiency and efficiency of public expense and so on are the crucial steps initiated by Federal government to manage the financial deficit and the debt burden, he said in a written reply in the Rajya Sabha.Government financial obligation is held predominantly in domestic currency, he stated, adding that the Centre is capable of repaying its debt.