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Centre not seeking Rs 3.6 trillion from RBI: DEA Secretary Subhash Garg

Only proposal under discussion is to fix appropriate economic capital framework of RBI

Topics
Finance Ministry  |  Reserve Bank Of India  |  Urjit Patel

Press Trust of India  |  New Delhi 



Economic Affairs Secretary Subash Garg
Economic Affairs Secretary Subash Garg

The government Friday said it is not seeking Rs 3.6 trillion capital from the Reserve Bank of India, but is only in the discussion for fixing appropriate economic capital framework of the central bank.

"Lot of misinformed speculation is going around in media. Government's fiscal math is completely on track. There is no proposal to ask RBI to transfer Rs 3.6 or 1 trillion, as speculated," Economic Affairs Secretary Subhash Chandra Garg tweeted. He said the only proposal "under discussion is to fix appropriate economic capital framework of RBI." ALSO READ: RBI should cut buffer capital, free up cash for dividend hike: Top official Exuding confidence about government's fiscal math, he said, it will stick to the fiscal deficit target of 3.3 per cent for the current financial year ending March 31, 2019. "Government's FD (fiscal deficit) in FY 2013-14 was 5.1 per cent. From 2014-15 onwards, the government has succeeded in bringing it down substantially. We will end the FY 2018-19 with FD of 3.3 per cent. The government has actually foregone 700 billion of budgeted market borrowing this year," he said.

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First Published: Fri, November 09 2018. 13:55 IST

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