We will manage FY14 govt borrowing: RBI

Says Budget a move in direction of adressing govt's fiscal and current account deficits

The RBI will be able to manage the government's borrowing programme for the next fiscal, 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 Rs 6.29 lakh crore in the fiscal starting April, higher than the Rs 5.58 lakh crore for the current fiscal.

India unveiled higher-than-expected spending for FY14, 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.

Also read: Experts chatting live on Budget 2013