Image Source : PTI Finance minister Nirmala Sitharaman
The central government has raised over 37% of its FY24 target of gross market acquisition through dated securities in the initial four months, finance minister Nirmala Sitharaman informed Parliament on Tuesday. It has raised a net amount of Rs 4.18 lakh crore through the instrument in a similar period. Dated securities, Treasury bills, external loans, and state provident funds are all ways the government borrows money.
The central government has wanted to raise net debt assets of Rs 17.99 lakh crore from different sources in 2023-24, basically, to fund its financial deficit, Sitharaman said in a composed answer to the Rajya Sabha. She stated, “This amount is approximately 40% of the total net size of the Union Budget 2023-2014, which is Rs 45.03 lakh crore.”
The government designs a gross market getting of Rs 15.4 lakh crore from dated protections in FY24. This is greater than the total amount borrowed in FY23, which was Rs 14.21 lakh crore. She stated that the National Highway Authority of India borrows on the basis of its own balance sheets.
Answering to another inquiry, Sitharaman said banks and financial institutions are expected to submit the list of wilful defaulters of Rs 25 lakh or more to credit information companies(CICs), and CICs have likewise been encouraged to scatter the data relating to suit documented records of wilful defaulters on their particular sites according to the RBI rules.
According to her, the websites of Credit Information Companies (CICs) contain public lists of suit-filed wilful defaulters with debts exceeding Rs 25 lakh. In addition, banks and financial institutions are prohibited from providing wilful defaulters with any additional facilities, and their units are barred from institutional finance for five years for floating new ventures. These directives were issued by the RBI.
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