Govt may not need additional borrowing despite excise duty cut on fuel: Sources

India may not need additional borrowing, despite forgoing its revenue due to a cut in petrol & diesel, and relaxations on import duty for certain edible oils, a government source said on the basis of anonymity.

As per the Union Budget, India aims to raise Rs 14.3 lakh crore in the financial year 2023. Last week, government cut the excise duty on petrol and diesel by Rs 6 and Rs 8 per litre, respectively. This cost the government a loss of Rs 1 lakh crore from its revenue estimates.

“We are sticking to our borrowing calendar and have no proposal of additional borrowings on table. The centre is not looking at a revised fiscal deficit target. We will balance our revenue losses ,” the government source added.

(To be added)