Thin end of the wedge

BS OPINION

 Even more interesting, as our columnist Suman Bery of the NCAER has argued, at least some part of the Rs 29,157 crore increase in foreign borrowings of banks has been used by them to buy government securities!

 In other words, the government may be lowering its foreign debt, but since it needs rupee resources to pre-pay debt, it issues more securities which are bought by commercial banks, and so while the government