September 28, 2017: Government plans to borrow 2.08 lakh crore rupees from the market in the second half of 2017-18 reiterating its commitment to meet the fiscal deficit target of 3.2 per cent of GDP.
To finance the fiscal deficit for the current financial year, the Budget has pegged gross borrowing at 5.8 lakh crore rupees. Talking to reporters in New Delhi today after a meeting to decide the borrowing calender, Economic Affairs Secretary S C Garg said the government has already borrowed 3.72 lakh crore rupees in the first half and pegged gross borrowings at 2.08 lakh crore rupees in the remaining six months of the current fiscal.
The Finance Minister assured that the government will make available adequate resources but no slackness under any circumstances will be acceptable.
On the occasion, Finance Secretary Ashok Lavasa advised the Central Public Sector Enterprises (CPSEs) to release outstanding payments expeditiously to help improve the liquidity in the market. Amid talks of stimulus package to boost sagging economic growth, Mr. Garg said the Finance Ministry will stick to the deficit targets set in the Budget. He further said that the assessment of additional borrowing requirement, if any, will be made in December.
Finance Minister Arun Jaitley today hit out at senior BJP leader Yashwant Sinha, without naming him, over his criticism of current state of economy and asserted the economic discipline is a priority for the government and it has taken bold and decisive steps.
Addressing a book release function in New Delhi, Mr. Jaitley said India is continued to be the fastest growing economy in the last three years. (AIR News)
