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
- UPDATE 2-Concordia finally heads for scrapyard after massive salvage operation
- Two Ukrainian fighter jets shot down over rebel-held territory
- UPDATE 3-SEC's long path to money market fund reform ends in compromise
- UPDATE 3-Tanker charge tarnishes Boeing's 2nd-quarter profit
- Sierra Leone's chief Ebola doctor contracts the virus
India will not support a trade facilitation protocol ahead of a July 31 deadline unless its concerns about subsidies are met, two senior government officials said on Wednesday, sticking to a hard line critics say could derail a landmark global trade deal. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article