India’s public debt increases 2.53% in Q2 FY18

06 Dec 2017 Evaluate

India's total public debt (excluding liabilities under the public account) increased to Rs 65.65 lakh crore in the July-September quarter (Q2FY18), up by 2.53 percent over the previous quarter. The debt of the government was Rs 64.03 lakh crore as of June–end 2017. Internal debt constituted 93 percent of public debt as of September 2017, while marketable securities accounted for 82.6 percent. According to the report on debt management released by the finance ministry, about 27.8 percent of outstanding stock has a residual maturity of up to five years at end September 2017, which implies that over the next five years, on an average, around 5.56 percent of outstanding stock needs to be repaid every year. Therefore, it noted that rollover risk in the debt portfolio continues to be low.

The report indicated that during the second quarter, the government issued dated securities worth Rs 1.89 lakh crore, higher than Rs 1.68 lakh crore in the first quarter, taking gross borrowings during the first half of 2017-18 to Rs 3.57 lakh crore, or 61.68 per cent of Budget Estimate (BE), vis-a-vis 56.8 percent of BE in the first half of 2016-17. Adding further, it pointed out that the liquidity in the economy during the quarter remained in surplus mode, due to demonetization move. However, it observed that the cash position of the government was somewhat stressed during Q2 of FY18 and the Centre was required to resort to Ways and Means Advances (WMA) from the Reserve Bank of India on a few occasions.

As per the report, through cash management guidelines, attempt was made to time expenditure as per receipt trends. It also said that based on the assessment of prevailing and evolving liquidity conditions, RBI conducted sale of government securities under open market operations for an aggregate amount of Rs 600 billion, during the quarter. Besides, it stated that G-Sec yields showed a falling trend till August 3, 2017 but an increasing trend was seen thereafter. It added that the trading volume of government securities on an outright basis during the second quarter of the current fiscal surged by 10.20 percent over the previous quarter.

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