No extra borrowings this fiscal: FinMin

The government today said it will not go for additional market borrowings this fiscal and will meet the Reserve Bank of India (RBI) later this month to discuss the borrowing roadmap for the next fiscal, pegged at Rs 4.57 lakh crore.

There would be no extra government borrowings in the remaining part of this fiscal, Finance Secretary Ashok Chawla told reporters here today.

"There will be no extra government borrowing this year," Chawla asserted.

The government had set its gross borrowing target at Rs 4,50,000 crore for the current fiscal, which has already been raised.

Today, the government sought Parliamentary nod for additional public expenditure of Rs 31,780 crore over what was envisaged earlier. However, the government said this will not result in any significant variation in total estimated expenditure in revised estimates as part of this has already been included in these estimates.

According to the revised estimates, the government is to incur total expenditure of Rs 10.2 lakh crore in the current fiscal. For the next fiscal, it has pegged gross borrowing target marginally higher at Rs 4,57,000 crore.

"We will be meeting the RBI sometime during this month and prepare the borrowing programme," Chawla said.

The meeting will discuss the roadmap "for at least the first-half of the next year", he added.