New Delhi: The Government borrows money from the market for national development. Borrowing is a continuous process to bridge the gap between revenue and expenditure of the Government in a financial year. The borrowings may be on account of developmental schemes, creation of capital assets and revenue expenditure of the Government.
The Union Budget 2015-16 has provided gross and net market borrowing at Rs. 6 lakh crore and Rs. 4.56 lakh crore respectively through auction of Government dated securities to meet the fiscal deficit.
Government of India is repaying the borrowed amount as per maturity schedule of the borrowing instruments. The scheduled repayments are managed through available resources or through borrowings, which amounts to roll over of debt. The Government and RBI inform the investors well in advance through Press Communiqué about the maturity date and the amount is paid through National Electronic Fund Transfer (NEFT) system.
This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.
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