Government cuts borrowing target, says Rs 20,000 crore is enough

The government on Wednesday said it has cut the size of additional borrowing to Rs 20,000 crore of government securities during the current fiscal.

On December 27, the government had stated that it would raise additional market borrowing of Rs 50,000 crore through dated government securities in 2017-18.

"Upon a review of trends of revenue receipts and expenditure pattern, it has been assessed that additional borrowing of only Rs 20,000 crore of government securities would be adequate to meet financing needs," an official statement from the Finance Ministry said.

"Government did not accept borrowings of Rs 15,000 crore in last three auctions. Remaining Rs 15,000 crore would be reduced from the notified borrowing programme of ensuing weeks," it added.