A top official of union government clarified that the news that government has sought Rs. 3.6 lakh crore capital from Reserve Bank of India is baseless. But it was only in a discussion for fixing an appropriate economic capital framework of the RBI.
Subhash Chandra Garg, Economic Affairs Secretary tweeted that “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 lakh crore, as speculated”.
He said the only proposal “under discussion is to fix appropriate economic capital framework of RBI.”
Exuding confidence about government’s fiscal math, he said, it will stick to the fiscal deficit target of 3.3% for the current financial year ending March 31, 2019.
“Government’s fiscal deficit in the financial year 2013-14 was 5.1%. From 2014-15 onwards, Government has succeeded in bringing it down substantially. We will end the financial year 2018-19 with FD of 3.3%. The government has actually foregone 70,000 crore of budgeted market borrowing this year,” he said.
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