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Centre plans to borrow Rs 7.5 lakh cr to bridge revenue gap and bolster growth
Photo Courtesy: PIB

Centre plans to borrow Rs 7.5 lakh cr to bridge revenue gap and bolster growth

| @indiablooms | 27 Mar 2024, 09:01 pm

New Delhi: The government is planning to borrow Rs 7.5 lakh crore through market borrowing between April and September 2024-25 to bridge the revenue gap and stimulate economic growth, the finance ministry said on Wednesday.

In the first half of the fiscal year 2024-25, out of the projected gross market borrowing of Rs 14.13 lakh crore, approximately 53 percent, or Rs 7.5 lakh crore, is earmarked for borrowing, as per an official statement.

Finance Minister Nirmala Sitharaman had proposed in the interim Budget to raise Rs 14.13 lakh crore through issuing dated securities to address the revenue deficit in the upcoming financial year.

This year's projected gross borrowing estimate of Rs 14.13 lakh crore is lower than last year's figure of Rs 15.43 lakh crore, which marked the highest ever borrowing amount.

Private investment in the steel and cement sector is showing signs of growth, attributed to the significant capital expenditure undertaken by the government.

In contrast to the projected estimate of Rs 10 lakh crore for the fiscal year 2023-24, the government has allocated Rs 11.11 lakh crore for the following year.

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