(PTI)
The government on Monday said its borrowing in the current fiscal will be within the budgeted Rs 7.1 trillion, and will stick to the fiscal deficit glide path, but it remained non-committal on the country’s maiden overseas sovereign debt plan.
With over 62 per cent of the budgeted borrowing being already resorted to in the six months to September 30, Economic Affairs Secretary Atanu Chakraborty said the remaining half of the current fiscal will see the remainder of Rs 2.68 trillion being borrowed in rupee denomination. With the Rs 1.45 trillion tax dole threatening to upset budgeted numbers, he sought to allay concerns saying the government is sticking to the glide path of keeping fiscal deficit at 3.3 per cent of the GDP in the current fiscal. Chakraborty, however, did not say how the government will bridge the revenue shortfall arising out of lowering of the corporate tax rate, steepest ever.
