On Friday, the department of Economic Affairs Secretary SC Garg gave his statement that Government is not seeking Rs 3.6 Crore from the Reserve Bank of India. He also said the government was only discussing on the parameters of how to fix economic capital framework by Reserve bank of India. In his statement he also added that misinformation is leaded by the speculation around the media in India and not to believe any misguided information provided through them. Subhash Chandra Garg, economic affairs secretary also tweeted, "Lot of misinformed speculation is going around in media. Government’s fiscal math is completely on track. There is no proposal to ask RBI to transfer Rs 3.6 or 1 lakh crore, as speculated," Therefore he requested people not to believe on any rumour which is circulated by media before any formal confirmation over same.
Garg also said that to have faith on the government, we will stick to the fiscal deficit target of 3.3 percent for the current financial year ending March 31,2019. Government fiscal deficit in Financial year 2013-14 was 5.1 % from 2014-2015 onwards. The government have been successfully bringing it down substantially. We will try our level best to end 2018-2019 Financial year with FD of 3.3 percent. He also stated that government have approximately 70,000 crores of budgeted market borrowing this year.
Lot of misinformed speculation is going around in media. Government’s fiscal math is completely on track. There is no proposal to ask RBI to transfer 3.6 or 1 lakh crore, as speculated. (continued...).— Subhash Chandra Garg (@SecretaryDEA) November 9, 2018
In early statement by Congress chief Rahul Gandhi had claimed that under prime minister Narendra Modi financials policies, the government requires Rs 3.6 Lakh Crores to fix the Economic mess caused by current government. The tussle has been tossing over the central bank officials and undermine the question over Financial year of 2018-2019. However, the government will be looking forward for fixing the issue through appropriate economic capital outline of the central bank. The meeting will be held on November 19 to unwind clashes including reserves questions and over a proposal to relief the capital and lending waysides for state run banks.