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  3. Government retains H2FY13 borrowing target

Government retains H2FY13 borrowing target

28 Sep 2012 Evaluate

Amid the growing concern of rising fiscal deficit the government has retained its H2FY13 borrowing target and will borrow Rs 2 lakh crore in remaining period of the current fiscal. The government budgeted to borrow Rs 5.7 lakh crore this fiscal, or 5.1 per cent of the Gross Domestic Product (GDP), including repayments. In the first six months, it has already borrowed Rs 3.7 lakh crore.

Though, the finance ministry admitted that the fiscal deficit could overshoot the target of 5.1 per cent of GDP but hoping that government’s recent efforts to cut down spends would show results, it stick to its Budgeted borrowing plan of Rs 2 lakh crore for the second half of the fiscal. In the October-March period last financial year, it had borrowed Rs 2.6 lakh crore.

Finance ministry is expecting the fiscal deficit to be maximum of 5.2 to 5.3 per cent, which according to it is doable, however the general expectation is that it may rise to 5.8 per cent of GDP and the government would have to announce extra borrowing to meet that, as the government is unlikely to cut further spending with slower tax revenue generation amid weaker domestic growth.

Although the government is looking to reduce its subsidy burden, attract foreign flows and sell stakes in state owned companies but its previous policies of high subsidy expenditure has led to overshooting of government finances and to meet that the government has been relying on market borrowing, which has been crowding out private investors and lowering growth prospects.

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