Budget 2024: A study indicates that the central government's borrowing could stay the same as the previous year

Budget 2024: A study indicates that the central government's borrowing could stay the same as the previous year

Budget 2024: A study indicates that the central government's borrowing could stay the same as the previous year

For the current fiscal year, which ends on March 31, the government had set a borrowing goal of Rs 15.43 lakh crore; of this, it has raised around Rs 14.08 lakh crore, or 91%. This amount is almost twice as much as the Rs 7.1 lakh crore in borrowing that was done in 2019–20. Tell us the whole story, please.

The government intends to take out the same loan as it did in the current fiscal year since it does not want to raise its debt at all costs. The government might set the borrowing goal for the next financial year at between Rs. 15 and Rs. 15.5 lakh crore, according to two officials who are aware of this whole process.

Targeted borrowing amount: Rs 15.43 lakh crore

For the current fiscal year, which ends on March 31, the government had set a borrowing goal of Rs 15.43 lakh crore; of this, it has raised around Rs 14.08 lakh crore, or 91%. This amount is almost twice as much as the Rs 7.1 lakh crore in borrowing that was done in 2019–20.

The amount borrowed rose in Covid

Because of increased government expenditure during the epidemic, indebtedness has almost doubled. The government aims to cut its expenditure on social programs and subsidies by at least 50 basis points (0.5%) even though it is election year, according to an official.

The next year will see a decrease in the fiscal deficit.

According to a Reuters poll, experts anticipate that the government would try to lower its budget deficit from 5.9 percent of GDP this year to 5.3 percent of GDP in the next fiscal year.