BENGALURU : The Indian government will borrow a record 16 trillion rupees ($198 billion) in the fiscal year to March 2024, according to a Reuters poll of economists, who said infrastructure spending and fiscal discipline ought to be its highest budget priorities.The federal government's gross indebtednes
BENGALURU : The Indian government will borrow a record 16 trillion rupees in the fiscal year to March 2024, according to a Reuters poll of economists, who said infrastructure spending and fiscal discipline ought to be its highest budget priorities.
But a fall in tax revenue and expected slowing economic growth next fiscal year will limit the government's ability to cut borrowing in the near term. "The key reason gross borrowing is going to be still quite high is the repayment burden," said Dhiraj Nim, economist at ANZ."The government borrowed a lot in the last few years to have funds for the pandemic, which means the repayment burden will now be quite elevated for several years."While economists in a separate Reuters poll forecast the government would bring the budget deficit down to 6.
"With the fiscal deficit and public debt at historical highs, India has to delicately balance fiscal discipline vis-a-vis the need to support growth. The government has to do the heavy lifting on capex," said Sujit Kumar, economist at Union Bank of India.
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