The government had projected a gross market loan of Rs 14.31 lakh crore in the 2022-23 budget.
New Delhi:
A day after handing out Rs 44,762 crore for free rations to the poor, the government on Thursday cut its market lending target for the current fiscal year by Rs 10,000 crore in signs of lavish tax collections.
In a statement, the Ministry of Finance said that the government will borrow a total of Rs 5.92 lakh crore during the October-March period of the current fiscal year, including the issuance of its first Sovereign Green Bonds of Rs 16,000 crore.
The government had projected a gross market loan of Rs 14.31 lakh crore in the 2022-23 budget.
Out of this, the government has decided to borrow Rs 14.21 lakh crore in 2022-23.
Accordingly, the balance of Rs 5.92 lakh crore (41.7 percent of Rs 14.21 lakh crore) is scheduled to be borrowed in the second half of fiscal year 2022-23 through dated securities including Rs 16,000 crore by issuance of Sovereign Green Bonds (SGrBs) as per the announcement in the Union Budget 2022-23,” it said.
The government will continue to exercise the greenshoe option to maintain an additional subscription of up to Rs 2,000 crore on each of the securities listed in the auction notice.
The amount raised through this option will be limited to 3 to 5 percent of the gross issuance for the second half and within the gross borrowing limit for 2022-23.
Gross direct tax collections up to September 17 increased by 30 percent to over Rs 8.36 lakh crore.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)
