Govt says FY14 gross borrowing at Rs 5.79 lakh cr

The government today said it has pegged its gross borrowing for 2013-14 at Rs 5.79 lakh crore.     

"The gross market borrowing of the Central Government through issue of dated securities in 2013-14 is estimated to be Rs 5,79,000 crore," an official statement said.

The net borrowing for next fiscal year will be at Rs 4,84,000 crore, about Rs 17,000 crore higher than the revised estimates of the current fiscal, it added.

During 2012-13, the government borrowed Rs 4,67,384.06 crore from the market.

The higher government borrowings could have a negative impact for the private sector.

This is because government borrowings next fiscal would crowd out resources available for the private sector, more than it did in 2012-13.

However, despite market borrowing going up, the fiscal deficit for the next financial year has been pegged at 4.8 per cent, against 5.2 per cent estimated for 2012-13.