FinMin seeks EC nod for announcing govt's borrowing calendar for Apr-Sept FY'20

New Delhi: The Finance Ministry has sought the Election Commission's approval for announcing the government's borrowing programme for the first half of the next fiscal year beginning April 1, an official said.

The government in the Budget had proposed to borrow a gross amount of Rs 7.10 lakh crore from the market during 2019-20, higher than Rs 5.71 lakh crore in the current fiscal.

Finance Ministry officials and representatives of the RBI Tuesday finalised the borrowing calendar for the April-September period of next fiscal, but did not make any announcement as the model code of conduct for the ensuing general elections is in place.

"We have sought Election Commission's approval and will announce the borrowing schedule after receiving its nod," the official said.

The government borrows money from the market to meet its fiscal deficit, which is the difference between total expenditure and total receipts.

Fiscal deficit for 2019-20 has been pegged at Rs 7.04 lakh crore or 3.4 percent of the GDP.