Centre cuts borrowing estimate by Rs 70,000 cr
New Delhi, Sep 28 : Cutting its borrowing estimate by Rs 70,000 crore, the government on Friday said it will borrow only Rs 2.47 lakh crore in the second half (H2) of FY19.
With the borrowing of Rs 2.88 lakh crore in the first half, the total borrowing for the year would total Rs 5.35 lakh crore as against the budgeted Rs 6.05 lakh crore.
Announcing the cut, Economic Affairs Secretary Subhash Chandra Garg said both receipts and expenditures of the government were on track and there was no need to revise the fiscal deficit target of 3.3 per cent for the current financial year.
As per the borrowing programme that will end on March 8, the government will borrow Rs 11,000 crore every week till the beginning of November and Rs 12,000 crore every week thereafter, Garg said.
The Central government uses its benchmark bond scheme, government securities or G-secs, to raise funds from the open markets.
The government had in March expressed its intention to borrow less compared with the budgeted amount while announcing a borrowing of Rs 2.88 lakh in the first half of the fiscal.
"In the first half, our borrowing program was of Rs 2.88 lakh crore... we have decided to reduce the total borrowing requirement by Rs 70,000 crore. So gross borrowing programme for the second half is now only Rs 2.47 lakh crore," Garg told reporters.
He said the reduction in borrowing will be compensated by a mix of reduction in buyback of bonds and additional inflows from small saving schemes.
Giving the break-up of borrowing through its benchmark bond scheme, Garg said 10 per cent will come from bonds of one- to four-year tenure, 20 per cent from five- to nine- year tenure, 30 per cent from 10- to 14-year tenure, 15 per cent from 15- to 19-year tenure and 25 per cent from bonds of tenure over 20 years.
The government will also introduce inflation indexed bonds in the second half of the fiscal.
Garg said since it was a new instrument, there would be one or two issues in the October-March period.
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Ayush signs off with silver at Badminton Asia Championships
Ningbo (China) (PTI): India's Ayush Shetty signed off with a silver medal after his giant-killing run ended in a straight-game loss to world No. 2 Shi Yu Qi in the final of the Badminton Asia Championships here on Sunday.
The 20-year-old from Mangalore struggled to find his rhythm, going down 8-21, 10-21 to the reigning world champion from China, as India's 61-year wait for a men's singles gold at the event continued.
Despite the loss, it was a creditable campaign from the unseeded youngster, who became only the second Indian men's singles player after Dinesh Khanna to reach the final of the continental showpiece.
Khanna remains the only Indian singles champion at the event, having won the title in 1965. Since then, only the men's doubles pair of Satwiksairaj Rankireddy and Chirag Shetty have lifted the trophy, winning it in 2023.
World No. 25 Ayush entered the contest on the back of defeats to Shi at the Malaysia Super 1000 earlier this year and the Indonesia Masters last season. However, he had played with far greater control and attacking clarity this week, toppling world No. 1 Kunlavut Vitidsarn, world No. 4 Jonatan Christie and world No. 7 Li Shi Feng en route to the final.
However, the Indian, a product of the Padukone-Dravid Centre for Sports Excellence in Bengaluru, failed to counter the tactical discipline of Shi, who used his repertoire of strokes and deception to deny Ayush the opportunity to play his natural attacking game.
Shi dictated the geometry of the court from the outset, controlling the net exchanges and forcing Ayush into the forecourt battle early. The variation in the Chinese player’s game blunted the Indian’s attack, as his smashes lacked precision and he succumbed to scoreboard pressure, leading to rushed shot-making.
Shi Yu Qi logged the opening points with two fine net dribbles to race to a 4-0 lead, as Ayush’s smashes lacked precision early on and he trailed 2-6. A long rally ended with the Chinese player going wide, offering the Indian some respite. A deceptive net shot helped Shi move to 7-4, and he extended the lead to 11-6 as Ayush struggled for control, committing a string of unforced errors.
Shi mixed it up effectively, producing a lovely drop shot and repeatedly drawing the Indian to the forecourt with cross returns like a metronome, forcing errors. Two down-the-line smashes gave Shi a massive cushion of game points, and he sealed the opening game when Ayush sprayed a return wide.
The Indian needed a complete reset to stay alive, and he responded with a thunderous straight smash before diving on both flanks to keep the shuttle in play and move to 3-1 in the second game. Shi continued to test Ayush with backhand deceptive net strokes and pushes to the deep, but the Indian managed to retrieve everything and even found his precision in time, with an on-the-line smash confirmed by Hawk-Eye and a well-constructed rally taking him to 7-2.
However, he couldn't hold on to the momentum as the Chinese clawed back to 7-7 after two long shots and a smash into the net from Ayush. A return that kissed the backline from Shi, followed by another error from Ayush at the net and a return into the net, handed the Chinese the advantage once again at the interval, as he led 11-8.
Shi’s ability to place the shuttle into empty spaces with his repertoire of strokes, often punctuated by a fierce smash, made life difficult for the Indian as he stretched the lead to 13-8. Soon, the Chinese was up 15-9 with another powerful smash.
A body return followed by a straight smash took him to 17-9, and another long shot from Ayush further dented his chances. A perfectly angled smash into the forehand corner brought Shi within two points of victory. He then unleashed a cross-court smash to earn 10 match points and sealed the contest with a return that cramped the Indian, targeting his hip.
