Government will not borrow more this fiscal year: senior official

NEW DELHI Sat Feb 9, 2013 4:52pm IST

Economic Affairs Secretary Arvind Mayaram smiles during an interview with Reuters at a hotel during his visit for the G20 meeting in Mexico City November 4, 2012. REUTERS/Edgard Garrido/Files

Economic Affairs Secretary Arvind Mayaram smiles during 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 not go in for additional borrowing this fiscal year and will be able to keep the fiscal deficit at 5.3 percent of GDP, said Arvind Mayaram, a senior finance ministry official.

Finance Minister P. Chidambaram has staked his reputation on lowering the deficit to 5.3 percent of GDP to improve the investment climate following ratings agency threats to downgrade India's sovereign debt to junk if action was not taken.

(Reporting by Neha Dasgupta; writing by Matthias Williams)

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