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Informist, Tuesday, Feb. 3, 2026

 

--Econ secy: Great deal of global uncertainty dropped Tue morning 
--CONTEXT: Econ secy speaking at FICCI's conference on FY27 Budget 
--Econ secy: Reiterating FY27 gross mkt borrowing high due to redemptions
--Banking secy on US trade deal: Dark clouds of uncertainty addressed 
--Banking secy: Current bk credit growth inadequate for 2047 Viksit Bharat aim 
--Banking secy: Expert panel to moot steps to boost bank credit growth 
--Econ secy: To achieve fiscal commitments laid in FY27 Budget 
--Econ secy: Hopeful of exceeding FY27 divestment aim 
--Econ secy: Hopeful of uptick in FY27 receipts given strong econ momentum 
--Econ secy on FY27 growth uptick: Waiting for details of US trade deal

 

NEW DELHI – The trade deal between India and the US has addressed a great deal of global uncertainties, Economic Affairs Secretary Anuradha Thakur and Financial Services Secretary M. Nagaraju said Tuesday. The US has committed to cut tariffs on Indian goods to 18% from 50% under the trade deal announced late Monday. 

 

The government is awaiting details of the trade deal to gauge if India's economic growth will exceed the estimate of 6.8-7.2% in 2026-27 (Apr-Mar), Thakur told media on the sidelines of the Federation of Indian Chambers of Commerce and Industry's conference on FY27 Budget. The government prepared its Budget for FY27 based on the then India-US dynamics that entailed steep tariffs, Thakur said, adding that her ministry was confident of transparently achieving all fiscal commitments laid out in the Budget.

 

There is also a possibility that India's strong economic momentum may help the government exceed its projections for receipts as well as divestment in FY27, Thakur said. The government has estimated its revenue receipts at INR 35.33 trillion and miscellaneous capital receipts raised through divestment and asset monetisation at INR 800 billion. 

 

After a sharp rise in bond yields on Monday following the announcement of the government's gross borrowing programme of INR 17.20 trillion, the economic affairs secretary said she wanted to reiterate that the gross borrowing was high due to the high redemption level in FY27. The government's repayment estimate is 66.6% higher, at INR 5.47 trillion in FY27. The 10-year benchmark gilt, which ended at 12-month high of 6.77% Monday, opened at 6.73% Tuesday after the announcement of the trade deal with the US. 

 

Financial Services Secretary Nagaraju, who was also present at the conference, expressed confidence in India's economic growth momentum, but added that the banking sector's credit growth is not yet enough to meet the Viksit Bharat vision of 2047. The high-level expert committee for the banking sector, proposed in the Budget, will into the issue and recommend measures to improve the banking sector as well as credit growth, Nagaraju said. The government will soon set up the panel and detail its terms of reference, the secretary said.  End

 

Reported by Krity Ambey

Edited by Vandana Hingorani

 

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