Govt won’t exceed borrowing target this fisc

NEW DELHI: The finance ministry said that the government will not exceed the gross market borrowing for the fiscal, and described the additional Rs 4,000 crore borrowing as a one-off affair.

Ashok Jha, secretary, economic affairs in the finance ministry, told reporters that there was no cash crunch at the Centre, as the advance tax collections have been very robust.

“The borrowing went through as there was enough liquidity in the market, and it also provided us with some additional cash reserves,” he said.

Officials buttressed the point that there was sufficient cash balance with the Centre. “Today too, we have a surplus cash balance”, said an official. Mr Jha said the government will adjust the additional borrowing within the indicative schedule and the fiscal deficit will not bloat. “The gross market borrowing calendar of Rs 1,52,856 crore provided for in the budget estimates stands”, he said.