In an indication that the Narendra Modi-government is unlikely to crank up spending to revive the economy, chief economic adviser (CEA) Krishnamurthy Subramanian has said that gross market borrowings of the Centre may even dip below the budgeted level of Rs 12.05 lakh crore this fiscal.
While the CEA made these comments in an interview to a TV channel, data released by the Controller-General of Accounts (CGA) on Wednesday showed the fiscal deficit at Rs 1.23 lakh crore or 8.2 per cent of the budget estimate at end-May against around 58.6 per cent a year ago.
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The central government on Wednesday also asked various ministries and departments to restrict expenses to a maximum of 20 per cent of their annual budgetary allocation in the September quarter. The restrictions for the second quarter would not be applicable for select ministries and departments, including health, agriculture, fertilisers, pharmaceuticals and food.
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