Union Finance Minister Nirmala Sitharaman said that the government has planned to borrow more than eight lakh crores in the financial year 2024.
The centre will borrow ₹8.45 lakh crore in the first half of 2022-23, or 60% of the planned borrowing for the full year, sticking with the trend of frontloading its debt raise early in the fiscal when the private demand for funds is low.
The centre announced the borrowing programme for the first half (H1) of FY 2022-23 on Thursday in consultation with the Reserve Bank of India (RBI).
As per FY23 budget, the gross market borrowing through dated securities was pegged at ₹14.95 lakh crore.
At the same time, Chief Economic Advisor (CEA) V Ananth Nageswaran said on Wednesday that the Indian economy is likely to grow at 6.5 per cent in the coming decade due to changes in the financial and investment cycle.
Addressing in a program , he said that due to the kind of uncertainties the world is facing, the global export growth rate may remain somewhat sluggish in the coming times.
Nageswaran said, “I think we will grow at an average rate of six and a half percent in the coming decade with the revival of the financial, credit and investment cycle in the commercial sector and real estate sector.”
Asia’s third-largest economy grew 4.4 per cent year-on-year in October-December, up from 11.2 per cent a year earlier. It was 6.3 percent in the previous quarter.