Govt needs a better strategy for communicating with the bond market and RBI

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From: Buisness-standard By A K Bhattacharya
Recommended by: business-standard


In just about three weeks, the Union finance ministry changed its mind on its borrowing programme. On December 27, it announced its plan to borrow an additional Rs 500 billion from the market, hinting at the possibility of a slippage in meeting its fiscal deficit target of 3.2 per cent of gross domestic product or GDP for 2017-18.

On January 17, it announced that its additional borrowing would be only Rs 200 billion, a 60 per cent reduction. What changed in the space of just three weeks that the Union government could significantly reduce its additional borrowing programme? The ...

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