Modi govt cuts borrowing target by Rs 70K cr to ease liquidity crunch

Trying to ease concerns over liquidity squeeze, the government on Friday announced a massive Rs 70,000 crore cut in its planned market borrowing programme, and said it would try and meet its needs through small savings mopup. Economic Affair Secretary Subhash Chandra Garg said the government’s fiscal maths are very much in order and the government was confident of ending the financial year with the targeted fiscal deficit of 3.3 per cent of GDP.