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(Source: The Financial Express)

Govt not seeking Rs 3.6 lakh cr from RBI; misinformed speculation in media, says economic affairs secretary, S C Garg

Clearing the air on the plan to seek Rs 3.6 lakh crore from the RBI, Department of Economic Affairs Secretary Subhash Chandra Garg on Friday said that the government’s “fiscal math is completely on track” and no such proposal is being considered.

The only proposal under discussion is to put in place appropriate economic capital framework of RBI, Subhash Chandra Garg tweeted.

“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 3.6 or 1 lakh crore, as speculated..”, he tweeted.

Exuding confidence about government’s fiscal math, he said, it will stick to the fiscal deficit target of 3.3 per cent for the current financial year ending March 31, 2019.

“Government’s FD (fiscal deficit) in FY 2013-14 was 5.1%. From 2014-15 onwards, Government has succeeded in bringing it down substantially. We will end the FY 2018-19 with FD of 3.3%. Government has actually foregone 70,000 crore of budgeted market borrowing this year,” Subhash Chandra Garg also said.

Meanwhile, the central bank paid government a dividend of Rs 30,659 crore, which was not only less than half the amount transferred in the previous year (Rs 65,876 crore), but also the lowest since 2011-12 in the year ended June.2017.The latest dividend by the central bank was also only 91 percent of the dividend collection expected in Budget 2018.

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