The Indian government will stick to its budgeted market borrowing target for the fiscal year ending in March 2018, a senior finance ministry official told reporters on Thursday.
The government has budgeted gross market borrowings at Rs 5.8 lakh crore for the 2017/18 fiscal year. Of this, Rs 3.72 lakh crore was raised in the first half of the year.
Major part of H2FY18 borrowing will be done before January, said Subhash Chandra Garg, secretary, Department of Economic Affairs.
"Government plans to borrow Rs 2.08 lakh crore in second half of current fiscal (between October and March). CPSE capex
of Rs 3.75 lakh crore is on track and authorities like NHAI will make additional spending of Rs 25,000 cr," said the Economic Affairs secretary. Garg, however, said that funding any new spending would require extra market borrowing.
He said discussions with Reserve Bank of India for additional dividend continue and is confident of meeting fiscal deficit target.