RBI deputy says will manage FY14 government borrowing
MUMBAI (Reuters) - The RBI will be able to manage the government's borrowing programme for the next fiscal year, Urjit Patel, a deputy governor at the Reserve Bank of India, said on Thursday, after the government unveiled a higher-than-expected gross borrowing number.
Patel said the budget was a move in the direction of adressing the government's fiscal and current account deficits.
He was speaking to reporters after the finance minister presented the annual budget for the fiscal year ending in March 2014 earlier in the day.
The government is planning to borrow 6.29 trillion rupees in the fiscal year starting April, higher than the 5.58 trillion rupees for the current fiscal year.
India unveiled higher-than-expected spending for fiscal 2013/14, aiming to fund it with higher revenues - including new taxes on the rich and large companies - in a budget aimed at reviving growth amid the country's worst slowdown in a decade.
(Reporting by Neha Dasgupta; Editing by Jijo Jacob)
- Tweet this
- Share this
- Digg this
- Cold hard facts: Underwater robot measures Antarctic sea ice |
- 'Wizard of Oz' Cowardly Lion suit, Casablanca piano go for millions
- Jewish-nation bill frays Israel's delicate social fabric
- Missouri governor orders more troops to Ferguson after riots |
- India moves toward ban on loose cigarettes to deter smoking
India's economic growth probably slowed to around 5 percent in the three months to September, slipping from 5.7 percent in the previous quarter, two senior finance ministry sources said, putting pressure on the central bank to cut interest rates. Full Article