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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CM Siddaramaiah alleges ‘criminal conspiracy’ in Sringeri recount, vows legal action
Bengaluru (PTI): Alleging a “criminal conspiracy” by BJP candidate D N Jeevaraj in the Sringeri Assembly poll recounting, Karnataka CM Siddaramaiah on Tuesday said the outcome was manipulated after valid postal ballot votes in favour of Congress leader T D Raje Gowda were tampered with during the recounting process.
Following a Karnataka High Court order on an election petition filed by Jeevaraj, challenging Raje Gowda’s election, the reverification and recounting were conducted on Saturday.
After the reverification and recount of postal ballots for the Sringeri Assembly constituency, votes polled in favour of Raje Gowda were reduced by 255, the returning officer said.
A report on the matter has been submitted to the Election Commission of India for further action, the officer added.
Congress leader Raje Gowda had won the 2023 Assembly polls from Sringeri by 201 votes, defeating his nearest rival Jeevaraj.
Addressing a press conference in Bengaluru, Siddaramaiah said the High Court had directed the recounting of postal ballots and that irregularities were noticed during the exercise conducted on May 2.
“This is a clear case of criminal conspiracy,” Siddaramaiah said, alleging that valid votes cast in favour of Raje Gowda were altered after being accepted by counting agents of all parties, including Congress, BJP, and JD(S).
He claimed that during the recounting of postal ballots, 255 votes were initially accepted as valid by all agents but were later tampered with by subordinate officials.
“There is a second mark on the votes polled in favour of Raje Gowda. They had accepted these as valid votes. Subsequently, another mark was made by officials. This is a clear case of criminal conspiracy,” he said.
When asked who was behind the alleged conspiracy, the CM replied, “It was hatched by Jeevaraj and others. It is planned.”
Siddaramaiah further alleged that the returning officer acted improperly by declaring the result despite the presence of an Election Commission observer during the recounting.
“Immediately after the counting, the returning officer announced the result. He should not have done so; this is against the law,” he said.
He pointed out that Raje Gowda had originally won by 201 votes, but after the recounting, the BJP candidate was declared the winner by 52 votes.
“The BJP has committed a criminal act of conspiracy. This is not vote chori but vote dacoity,” he alleged.
The CM said a police complaint had already been filed by Raje Gowda’s election agent, Sudhir Kumar, and emphasised the need for electoral integrity.
“We want transparency and free and fair elections. That is what our Constitution mandates,” he added.
Stating that the government would pursue legal remedies, Siddaramaiah said, “We are preparing an appeal challenging the returning officer’s announcement in a court of law.”
Responding to a separate query on elections in other states, the CM said there appeared to be an anti-incumbency factor in West Bengal, while results in Tamil Nadu were “surprising,” adding that Vijay’s party was emerging as the largest there.
Following the victory of party candidates in Bagalkote and Davanagere South, Siddaramaiah expressed confidence about future electoral prospects in Karnataka.
“Even in 2028, we will win the Assembly elections. We will come back,” the CM said.
Siddaramaiah added that he would order a forensic examination into the alleged tampering of postal ballots.
