Government cuts size of additional borrowing from Rs 50,000 cr to Rs 20,000 cr saying it is enough
On 27 December, the government had stated that it would raise additional market borrowing of Rs 50,000 crore
New Delhi: The government on Wednesday said it has cut the size of additional borrowing to Rs 20,000 crore of government securities during the current fiscal. On 27 December, the government had stated that it would raise additional market borrowing of Rs 50,000 crore through dated government securities in 2017-18.
"Upon a review of trends of revenue receipts and expenditure pattern, it has been assessed that additional borrowing of only Rs 20,000 crore of government securities would be adequate to meet financing needs," an official statement from the Finance Ministry said.
"Government did not accept borrowings of Rs 15,000 crore in last three auctions. Remaining Rs 15,000 crore would be reduced from the notified borrowing programme of ensuing weeks," it added.
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The amount will be borrowed by the Centre under the Special Window in appropriate tranches and will be passed on to states in back-to back loans, said a finance ministry statement. However, it did not say who will service the interest and principal payments
The scheme will be available irrespective of whether moratorium was availed or not, and will cover housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans