Faced with criticism, Modi govt puts foreign borrowing plan on hold

The Print | Sep 11, 2019 at 4:01 AM
  • The Narendra Modi government has put its plans to raise sovereign debt overseas in other currencies on hold after facing vociferous criticism from economists across the board for two months.
  • The government had announced its intent to raise funds through sovereign bond issuances in the current fiscal in the Union Budget on 5 July.
  • The central bank will transfer Rs 1.76 lakh crore to the government — Rs 1.23 lakh crore of surplus for 2018-19 and Rs 52,637 crore of excess provisions identified as per the Jalan panel report.