RBI deputy says will manage FY14 government borrowing

MUMBAI Thu Feb 28, 2013 3:11pm IST

A man walks past a logo of the Reserve Bank of India (RBI) in front of its building in Kolkata May 21, 2012. REUTERS/Rupak De Chowdhuri/Files

A man walks past a logo of the Reserve Bank of India (RBI) in front of its building in Kolkata May 21, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Trade Deal

REUTERS SHOWCASE

Record High

Record High

Nifty hits record high on foreign buying, higher Asian stocks.  Full Article 

Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

Facebook Results

Facebook Results

Second quarter revenue increases 61 percent  Full Article 

BRICS Bank

BRICS Bank

World Bank chief welcomes new BRICS development bank.  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Photo

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Apple Results

Apple Results

Apple margin concerns fade, focus shifts to iPhone launch  Full Article 

Reuters India Mobile

Reuters India Mobile

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