Government to borrow Rs 4.42 lakh crore in first half of FY2019-20: Economic affairs secretary

NEW DELHI: The finance ministry Friday said the government will borrow Rs 4.42 lakh crore in the first half of the fiscal 2019-20.

As per the Union Budget, the gross borrowing was pegged at Rs 7.1 lakh crore for 2019-20, higher than Rs 5.71 lakh crore estimated for the ongoing fiscal.

Briefing reporters on the borrowing programme for 2019-20, Economic Affairs Secretary Subhash Chandra Garg said gross borrowing will be Rs 4.42 lakh crore during April-September 2019-20.

Net borrowing would be Rs 3.4 lakh crore in the first half of the next fiscal.

Gross borrowing includes repayments of past loans.

Garg also said the government will stick to the fiscal deficit target of 3.4 per cent of the GDP for the current fiscal.

The government raises funds from the market to fund its fiscal deficit through dated securities and treasury bills.

In the Budget, the fiscal deficit target for 2019-20 was retained at 3.4 per cent of the GDP.