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Govt not seeking Rs 3.6 lakh crore from RBI, clarifies DEA Secretary SC Garg

Garg said that the government is discussing ways to fix appropriate economic capital framework of RBI.

Reported by: India TV Business Desk, New Delhi [ Updated: November 09, 2018 15:25 IST ]
Image Source : PTI

File photo of DEA Secretary SC Garg

Government is not seeking Rs 3.6 lakh crore from the Reserve Bank of India, the Department of Economic Affairs Secretary SC Garg clarified on Friday, adding that the government was only discussing ways to fix appropriate economic capital framework of RBI. 

"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 Rs 3.6 or 1 lakh crore, as speculated," Economic Affairs Secretary Subhash Chandra Garg 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," he said.

Earlier, Congress chief Rahul Gandhi had claimed that the government required Rs 3.6 lakh crores to fix the 'economic mess' caused by PM Modi's financial policies. 

(With inputs from PTI)

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