Monday, November 28, 2022

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Government’s liabilities jump to Rs 145.72 lakh cr in first quarter of current fiscal, says Finance Ministry report

New Delhi: The government’s total liabilities climbed, according to the most recent data on public debt, from Rs 139.58 lakh crore at the end of March 2022 to Rs 145.72 lakh crore at the end of June 2022.

It represents a quarterly growth of 4.40 percent in the first quarter of 2022–23, expressed in percentage terms.

According to the quarterly report on public debt management provided by the Finance Ministry on Friday, public debt made up 88.3% of all gross liabilities at the end of June 2022, a modest increase from 88.1% at the end of March 2022.

In Q1 of FY23, the weighted average yield on primary issuances of dated securities increased from 6.66 percent in Q4 of FY22 to 6.95 percent.

According to the statement, the weighted average maturity of issuances of dated securities was lower in Q1 of FY23 at 14.90 years (17.56 years in Q4 of FY22).

At 11.87 years at the end of Q1 of FY23 compared to 11.71 years at the end of Q4 of FY22, the weighted average maturity of the outstanding stock of dated securities was higher, it added.

“The proportion of debt (dated securities) maturing in less than one year was higher at 4.14 per cent at end-June 2022 (3.88 per cent at end-March 2022). The proportion of debt maturing within 1-5 years at 24.76 per cent at end-June 2022 was lower than its level of 25.43 per cent at end-March 2022,” it said.

According to the report, the amount of debt that will need to be repaid over the following five years will amount to 28.9% of all outstanding debt at the end of June 2022, or 5.78% of outstanding stock on average.

As a result, it claimed, the roll-over risk in portfolios of dated securities is still minimal.

In comparison to the revised projection of Rs 15,91,089 crore (6.71%) for 2021–2022, the gross fiscal deficit of the central government for 2022–203 was planned at Rs 16,61,196 crore (6.4%) of GDP.

According to the ownership structure of central government securities, commercial banks’ share increased to 38.04 percent at the end of June 2022 from 37.75 percent at the end of March 2022.

“Share of insurance companies and provident funds at end-June 2022 stood at 26.34 per cent and 16.06 per cent, respectively…share of RBI went downward at 16.06 per cent at end June 2022 from 16.62 per cent at end March 2022,” it said.

 

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