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Indian Government Reports on Debt Management

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Recently, the Indian government released its Quarterly Report on Public Debt Management which clearly states the current status of theIndian financial crisis. The report gives an account of the debt management and cash management operations during the quarter, and attempts a rationale for major activities. The report also tries to provide detailed information on various aspects of debt management. The complete report is released to the public and anyone can view it here.

The gross fiscal deficit of the Central Government for fiscal year 2012-13 (FY13) was budgeted at 5,13,590 crore (5.1 percent of GDP) compared with 5,09,731 crore (5.8 percent of GDP) in the provisional accounts for 2011-12. The gross and net market borrowing requirements of the Government for FY13 were placed at 5,69,616 crore and 4,79,000 crore against 5,10,000 crore and 4,36,414 crore, respectively, in FY12.

The fiscal outcome during April-August of FY13 indicates stress in the in the revenue account. Net inflows on account of foreign investment during July-August 2012 showed some improvement after remaining subdued in the first quarter of the current fiscal year.

Foreign banks continued to be the dominant trading category, with a further increase in their share of total outright trading activity to 33.9 percent during Q2 of FY13 from 31.7 per ent in the previous quarter.

Although the Indian government bet on reduced debt resulting from overseas imports and exports, inflation continued to come from the ‘fuel and power’ group. Actions taken by the government have proven to be the worst for Indian citizens this year. As government workis hard on this crisis, there are some debt management companies which also are working hard with the help of government to provide improved relief from these this financial changes.

image source : Ministry of Finance, Gov. of India.

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