NEW DELHI The finance ministry Friday said the government will borrow Rs 4.42 lakh crore in the first half of the fiscal 2019-20.
As per the Union Budget, the gross borrowing was pegged at Rs 7.1 lakh crore for 2019-20, higher than Rs 5.71 lakh crore estimated for the ongoing fiscal.
Briefing reporters on the borrowing programme for 2019-20, Economic Affairs Secretary Subhash Chandra Garg said gross borrowing will be Rs 4.42 lakh crore during April-September 2019-20.
Net borrowing would be Rs 3.4 lakh crore in the first half of the next fiscal.
Gross borrowing includes repayments of past loans.
Garg also said the government will stick to the fiscal deficit target of 3.4 per cent of the GDP for the current fiscal.
The government raises funds from the market to fund its fiscal deficit through dated securities and treasury bills.
In the Budget, the fiscal deficit target for 2019-20 was retained at 3.4 per cent of the GDP.
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.