India to borrow more for fiscal deficit: Chidambaram

NEW DELHI Mon Nov 5, 2012 11:52am IST

Finance Minister P. Chidambaram attends an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City November 4, 2012. REUTERS/Edgard Garrido/Files

Finance Minister P. Chidambaram attends an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City November 4, 2012.

Credit: Reuters/Edgard Garrido/Files

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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)

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