RTTNews - India's Finance Minister Pranab Mukherjee assures that the interest rates will not be raised for some more months, reports the Business Standard. He said that last year the apex bank RBI was careful in debt- management and this year also the private sector could lend at affordable rates and might not pay higher interest. He said that the government would borrow about Rs. 4.51-lakh crore for this fiscal.
Inaugurating 154 SBI branches and 2,151 ATMs across the country simultaneously, he said that the government borrowings were Rs.1-lakh crore for the previous fiscal and it raised due to economic slowdown resulting in lower demand in the manufacturing sector and poor collection of revenue.
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