press trust of india
New Delhi, Dec 5: Public debt of the central government rose by 2.53 per cent to Rs65.65 lakh crore in the July-September quarter compared to the previous quarter. “The Public Debt (excluding liabilities under the ‘Public Account’) of the central government provisionally increased to Rs65,65,652 crore at end-September 2017 from Rs64,03,138 crore at end-June 2017,” the Quarterly Report on Public Debt Management for July-September 2017 said.
Internal debt constituted 93 per cent of public debt at end-September 2017, while marketable securities accounted for 82.6 per cent of public debt.
About 27.8 per cent of outstanding stock has a residual maturity of up to five years at end–September 2017, which implies that over the next five years, on an average, around 5.56 per cent of outstanding stock needs to be repaid every year.
“Thus, rollover risk in the debt portfolio continues to be low,” the report said.
During the second quarter, the government issued dated securities worth Rs1.89 lakh crore, higher than Rs1.68 lakh crore in the first quarter, taking gross borrowings during the first half of 2017-18 to Rs3.57 lakh crore, or 61.68 per cent of Budget Estimate (BE), vis-a-vis 56.8 per cent of BE in the first half of 2016-17.
“The liquidity in the economy remained in surplus, due to demonetisation, during the quarter. The cash position of the government during second quarter of 2017-18 was somewhat stressed and the Centre was required to resort to W & M advances from RBI on a few occasions,” the report said.