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Govt’s total liabilities rise to Rs 84.68 lakh crore in Q4FY19

In the fourth quarter of FY2018-19, the Central government issued dated securities worth Rs 1,56,000 crore as against Rs 67,000 crore in the year-ago period
New Delhi: In the fourth quarter of financial year 2018-19, government’s total liabilities rose by 1.5 percent over the previous quarter to settle at Rs 84.68 lakh crore, a report released by the Finance Ministry said. The total liabilities in the December quarter of FY2018-19 stood at Rs 83.40 lakh crore. “The total liabilities (including liabilities under the ‘Public Account') of the government, as per provisional data, increased to Rs 84,68,086 crore at end-March 2019 from Rs 83,40,027 crore at end-December 2018,” it said.

Public debt accounted for the largest share

Public debt accounted for 89.5 percent of the total outstanding liabilities in the fourth quarter. “The holding pattern indicates a share of 40.5 percent for commercial banks and 24.6 percent for insurance companies by end-December 2018,” the quarterly report said. Around 28.27 percent of the outstanding dated securities had a residual maturity of less than 5 years.

Dated securities issued by govt rose in Q3

In the fourth quarter of FY2018-19, the Central government issued dated securities worth Rs 1,56,000 crore as against Rs 67,000 crore in the year-ago period. The temporary cash flow mismatches were covered via issuance of cash management bills amounting to Rs 60,000 crore during January-March quarter of 2018-19.

‘Market liquidity conditions mostly in deficit mode’

“Market liquidity conditions, on an average basis, were mostly in a deficit mode during January-March 2019,” the report said. The net average liquidity injection by the Reserve Bank under Liquidity Adjustment Facility (LAF) stood at Rs 52,364 crore during the fourth quarter of the last fiscal, down from Rs 80,077.24 crore during the third quarter of FY2018-19. The net average liquidity injection by RBI totaled Rs 32,872 crore in January 2019, Rs 68,661 crore in February and Rs 55,559 crore in March.