Finance Ministry, RBI to finalise first half of FY24 market borrowing programme on March 27

This is higher than the total borrowing of Rs 14.21 lakh crore for the current financial year ending March 31, 2023.

Sitharaman said the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore to finance the fiscal deficit in 2023-24.

"The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at Rs 15.4 lakh crore," she said.

The government has raised Rs 12.93 lakh crore till January 27, which is 91 percent of the overall borrowing target of Rs 14.21 lakh crore estimated for 2022-23. The indebtedness of the Centre and state governments together is equal to 83 percent of the annual gross domestic product (GDP).

The finance minister retained the fiscal deficit target at 6.4 percent despite an increase in the subsidy bill.

"Coming to 2023-24, the total receipts other than borrowings and the total expenditure are estimated at Rs 27.2 lakh crore and Rs 45 lakh crore, respectively. The net tax receipts are estimated at Rs 23.3 lakh crore," she said. She pegged the fiscal deficit at 5.9 percent of GDP for FY24.

"In my Budget Speech for 2021-22, I had announced that we plan to continue the path of fiscal consolidation, reaching a fiscal deficit below 4.5 percent by 2025-26 with a fairly steady decline over the period. We have adhered to this path, and I reiterate my intention to bring the fiscal deficit below 4.5 percent of GDP by 2025-26," she said.

Sitharaman had pegged gross market borrowing through dated securities for 2022-23 at Rs 14,95,000 crore.