In line with the renewed move towards fiscal consolidation from 2012–13, GFD declined to 4.6 per cent of GDP in 2013–14 (RE) from 4.8 per cent in 2012–13. It is budgeted to decline further to 4.1 per cent in 2014–15. 4.
In this backdrop, I will share my thoughts on the debt management operations of the Reserve Bank of India with special emphasis on management of the Government of India debt. BIS central bankers’ speeches  1  Role of Reserve Bank and the government in public debt management: Legal and institutional framework 5.