Rightly or wrongly, both the bond and stock markets do obsess over the fiscal deficit number. The Budget today informed us that the FY19 fiscal deficit target of 3.3 percent of GDP will be exceeded, although by only 10 bps.
Government borrowing is another important and worrying number. The government's gross market borrowing is now seen at Rs 7.1 lakh core vs expectations that it would be around Rs.6.5 lakh crore.
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