India to borrow more for fiscal deficit: Chidambaram
NEW DELHI (Reuters) - The government will borrow more to fund a fiscal deficit that is now estimated at 5.3 percent of GDP this fiscal year, Finance Minister P. Chidambaram told Reuters late on Sunday in Mexico City.
The additional borrowing above the previous target of 5.1 percent will amount to at least 200 billion rupees, a senior finance ministry official told Reuters in New Delhi.
Previously the government had pegged gross market borrowing for the current fiscal year at 5.7 trillion rupees to finance a fiscal deficit that was originally projected at 5.1 percent.
Last month, sluggish tax revenues and high spending on subsidies such as food, fuel and fertilizer forced the government to revise up the deficit target to 5.3 percent.
(Reporting by Rajesh Kumar Singh)
- Tweet this
- Share this
- Digg this
GROUP OF 20
The G20 leading nations say they are tantalisingly close to adding an extra $2 trillion to the global economy and creating millions of new jobs, but Europe's extended stagnation remains a major stumbling block. Full Article
Top rice exporter India importing over 100,000 T on temporary supply squeeze. Full Article