India’s public debt rose sharply to Rs 6 lakh crore in the April-June period 2014 from Rs 5,63,911 crore in the corresponding period last year. For fiscal year 2014-15, gross and net market borrowing of Rs 6 lakh crore and Rs 4.61 lakh crore, respectively, show an increase of 6.4 percent and 1.6 percent over 2013-14, a finance ministry statement said. In April-June quarter of 2013-14, gross market borrowing was over Rs 5.63 lakh crore and net borrowing was over Rs 4.53 lakh crore.
During Q1 of FY15, the government issued dated securities worth Rs 1.98 lakh crore, higher than Rs 1.51 lakh crore in Q1 of last fiscal. “Net market borrowings during the quarter at 26.6 percent of Budget Estimates were, however, lower than 28.6 percent of BE in the previous year, reflecting higher repayments in the first quarter this year,” the statement added.
The public debt of Rs 6 lakh crore excludes liabilities under the ‘Public Account’. “Liquidity conditions in the economy remained comfortable during the quarter, barring period of advance tax outflows, with the liquidity deficit, as reflected by net borrowings from RBI under Liquidity Adjustment Facility (LAF)…” it said.
The statement further said that the cash position of the Government during Q1 of FY15 was comfortable and remained in surplus mode during the quarter barring a few occasions.