Towards transparency

Disclosure of extra-budgetary borrowings is a prudent move

One of the standout features of Saturday’s Union Budget was the disclosure of extra-budgetary borrowings. The government needs to be commended for increasing transparency and disclosing off-Budget borrowings as the markets will now have a better picture of government finances. The government’s attempt to clear the web of confusion by being transparent about the amount of borrowings that are not part of the Budget is certainly a good move. Using this route to fund expenditure had come in for intense criticism from the Comptroller and Auditor General of India.
 
According to the numbers presented in the Budget, the government