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

Related Topics

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)

FILED UNDER:

Reuters Showcase

GDP Growth

GDP Growth

India revises up 2013/14 GDP growth to 6.9 percent.  Full Article 

Pharma Deal

Pharma Deal

Sun Pharmaceutical wins U.S. approval to buy Ranbaxy  Full Article 

Adani Restructuring

Adani Restructuring

Adani hives off power, ports businesses to boost growth.  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage