01 April, 2020
7 Min Read
Fund raising – COVID-19
Part of: GS Prelims and GS-III- Economy terms
Recently, the Government has hiked Ways and Means Advance (WMA) limit with the Reserve Bank of India (RBI) by 60%. (PT SHOT)
Ways and Means Advance scheme
The government has announced a Rs 1.7 lakh crore package (Pradhan Mantri Garib Kalyan Yojana) to provide income support, free food and other facilities to the poor to help them during the 21-day national lockdown.
The fundraising resources are not only from the market, but also from institutions such as the RBI.
The Budget 2020-21 has pegged the Centre’s net market borrowing, including government securities, treasury bills and post office life insurance fund at Rs 5.36 lakh crore.
Out of gross borrowings of Rs 7.8 lakh crore in FY21, the Centre has proposed to borrow Rs 4.88 lakh crore, or 62.56%, in the first half of the fiscal, as against 62.25% done in the previous fiscal.
In FY21, the Centre also plans to issue the Debt Exchange Traded Fund comprising government securities to widen the base of investors.
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