New Delhi [India], Jan 17 (ANI): Secretary Economic Affairs (DEA), Subhash Chandra Garg, on Wednesday said the government reassessed its additional borrowing requirements and will bring down the same from Rs. 50,000 crore as notified earlier to Rs. 20,000 crore.
"Government has reassessed additional borrowing requirements taking note of revenue receipts and expenditure pattern. Requirement of additional borrowing being reduced from Rs. 50,000 crore as notified earlier to Rs. 20,000 crore," Garg wrote on Twitter.
Government has reassessed additional borrowing requirements taking note of revenue receipts and expenditure pattern. Requirement of additional borrowing being reduced from Rs 50000 crore as notified earlier to Rs 20000 crore.— Subhash Chandra Garg (@SecretaryDEA) January 17, 2018
In December 2017, the Finance Ministry had said the government will raise additional market borrowings of Rs. 50,000 crore in fiscal FY18 through dated government securities.
In the Union Budget for FY 2017-18, the gross and net market borrowing were budgeted at Rs. 5,80,000 crore and Rs. 4,23,226 crore respectively with Rs. 3,48,226 crore being raised (net) from dated government securities and Rs. 2,002 crore from T-bills.
As per a ministry notification, the borrowings in FY 18 till Dec. 26, 2017 had been conducted in line with the borrowing calendar.
The notification also added that the government will trim down the T-Bills from present collections of Rs. 86,203 crore to Rs. 25,006 crore by March 2018.
"Between now and March 2018, the government will not be raising any net additional borrowings. The T-Bills will be run down by Rs. 61,203 crore and additional G-Sec borrowing will be Rs. 50,000 crore," the ministry had said.
Further, the revised G-Sec borrowing were Rs. 15,000 crore each last five weekly auctions of FY 18 ending on 9th February, 2018.
The revised T-Bill borrowing were Rs. 14,000 crore each in first 13 weeks of 2018 ending on 28th March.
The gross and net market borrowings in FY 18 till December 26, 2017 were Rs. 5,21,000 crore and Rs. 3,81,281 crore, excluding buyback/switches, respectively.
As against the budgeted net T-bills receipt of Rs. 2002 crore in FY 18, net collections till December 26 2017 were Rs. 86,203 crore, the notification had revealed.
However, the Finance Ministry on Wednesday said the government has not accepted borrowings of Rs.15,000 crore during the last three auctions.
"Remaining Rs.15,000 crore would be reduced from the notified borrowing programme of ensuing weeks," the ministry said. (ANI)