INSUBCONTINENT EXCLUSIVE:
Centre had budgeted gross borrowing plan of Rs 6.05 lakh crore, which now is reduced by Rs 70,000 crore.NEW DELHI: Economic Affairs
Secretary S C Garg Friday announced reduction in gross borrowing estimate for the current fiscal by Rs 70,000 crore and maintained that the
government will contain fiscal deficit target at 3.3 per cent
Giving details about the borrowing programmes for the second half of the fiscal, he said the government would be borrowing Rs 2.47 lakh
crore as compared to Rs 2.88 lakh crore during April-September of 2018-19
The Centre will also be launching inflation-indexed bonds, the secretary said, adding one or two bond issues will come in the current
fiscal.The government had budgeted a gross borrowing programme of Rs 6.05 lakh crore, which now stands reduced by Rs 70,000 crore."Fiscal
management (is) completely on track
We have reduced borrowing, as against Rs 2.88 lakh crore, we will be raising only Rs 2.47 lakh crore," Garg said.The cut in borrowing will
be matched by reduction in buyback of government securities and enhanced flow from small savings scheme.The government resorts to market
borrowings to bridge the fiscal deficit.Garg further said the government was confident of meeting the revenue collection as projected in the
budget and there was no need to revise the fiscal deficit target of 3.3 per cent of the GDP.(Except for the headline, this story has not
been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
