Rise in small savings likely to ease borrowing pressure: official
NEW DELHI (Reuters) - An increase in small savings collections is likely to reduce pressure of government borrowing via dated securities and treasury bills in the current fiscal year, the economic affairs secretary told CNBC TV18 news channel on Monday.
Earlier this month, the government raised interest rates on small savings investment schemes through post offices by up to 0.5 percent.
"I am sure that pressure on the markets for dated securities as well as tbills will go down," R. Gopalan said, adding the government would try to find ways and means to bring down the market borrowings close to the level of last fiscal year.
The government aims to borrow 5.7 trillion rupees from the market in the 2012/13 fiscal year through dated securities, compared with 5.1 trillion rupees in the previous fiscal year.
(Reporting by Manoj Kumar; editing by Malini Menon)
- Tweet this
- Share this
- Digg this
- UPDATE 2-Girl who fatally shot Arizona gun instructor said weapon was too powerful
- UPDATE 1-Girl who fatally shot Arizona gun instructor said weapon was too powerful
- UPDATE 6-Islamic State issues video of beheading of U.S. hostage
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Comedian Joan Rivers still on life support - daughter
Optimism that sunny growth figures herald an economic revival in India is probably misplaced - in fact there is little hard evidence to support the idea that Asia's third-largest economy is heading for a broader and sustained rebound anytime soon. Full Article
100 days of Modi: Good for business, not so good for marginalised groups. Full Article