India's Public Debt Reduces to 
46.25 Lakh Crore
BANGALORE: India's public debt decreased marginally to 
46,25,037 crore (46.25 trillion) at end-March 2014 from 46,29,689 crore (46.29 trillion) at end December 2013. "This represented a quarter-on-quarter (QoQ) decline of 0.1 percent compared with an increase of 3.1 percent in the previous quarter (Q3 of FY13)," said the Quarterly Report on Public Debt Management.
The public debt of 46.25 lakh crore excludes liabilities under the 'Public Account'. Internal debt constituted 91.1 percent of public debt as compared to 91 percent at the end of the previous quarter. It further said marketable securities (consisting of Rupee denominated dated securities and treasury bills) accounted for 83.3 percent of total public debt, almost same level as on end-December 2013.
The outstanding internal debt of the government at 42,12,575 crore constituted 37.2 percent of GDP as compared to 38 percent at end-December 2013. The report further said for fiscal 2013-14, gross and net market borrowings were higher than previous year by 1 per cent and 0.2 percent, respectively. The cash position of the government during the fourth quarter (January-March) 2013-14 was comfortable and remained in surplus mode during the three-month period.
The total volume of government securities transacted on an outright basis increased by of 18.32 percent over the preceding quarter, contributed mainly by central government dated securities. The report further said as a result of higher expenditure and lower revenue collections, revenue deficit and fiscal deficit during April-February 2013-14 at 117.3 percent and 114.3 percent of revised estimate (RE) were higher than 101.2 percent and 97.2 percent, respectively, during the same period a year ago. "However provisional information on revenues realized during March 2014 on account of higher than expected 2G auction realisation, PSE ETF sale, revenues etc suggest that RE target of 4.6 percent would be achieved in 2013-14," it added.
