With inflation concerns abating, the government\u2019s focus would be to trim the elevated public debt-to-GDP ratio in the next four to five years to keep macro-economic stability intact, economic affairs secretary Subhash Chandra Garg said on Saturday. According to Garg, the government and the central bank are in no discussion over the transfer of an interim dividend and that the central board of the Reserve Bank of India (RBI), which met on Friday, hasn\u2019t yet set any agenda for its next meeting. \u201cWe still have the overhang of a large public debt. Most rating agencies give a lot of weight to the debt-to-GDP ratio. Going forward, that will be a focus area,\u201d Garg said at an event organised by industry body Ficci. Inflation, however, was \u201cless of a worry now\u201d though a spike in oil prices could potentially stoke price pressure. India\u2019s debt-to-GDP ratio stood at around 68.5% in FY18 and the government intends to bring it down to 60% of GDP by FY25. Global rating agencies, including S&P and Fitch, have often cited India\u2019s high public debt-to-GDP ratio as one of the key reasons for their decision not to upgrade its sovereign rating. The secretary said the process is still on to set up a committee to examine the economic capital framework (ECF) that governs the RBI surplus transfer. The issue has been a sore point between the government and the central bank in recent months and, consequently, the RBI's central board last month decided to set up the committee. The RBI in August announced the transfer of Rs 50,000 crore to the Centre from its 2017-18 (July-June) surplus. Given that the amount included Rs 10,000 crore transferred in March as an interim measure to aid the Centre\u2019s effort to contain the FY18 fiscal deficit, the Centre will have only Rs 40,000 crore available for FY19, against the finance ministry\u2019s estimate of Rs 45,000 crore. Participating in the discussion at the Ficci event, commerce secretary Anup Wadhawan allayed undue fears of the damaging impact of free trade agreement (FTA) on trade balance. India doesn\u2019t have an FTA with China; still its largest trade deficit is with the second-largest economy (around $63 billion in FY18). So, it\u2019s not FTAs but the lack of competitiveness that contributes to our trade deficit, he stressed. Also: Read the interview of Economic Affairs Secretary Subhash Chandra Garg: NBFC liquidity \u2013 More steps needed To a query over the way to resolve conflicting positions held by government departments and sectoral watchdogs, department of industrial policy and promotion secretary Ramesh Abhishek, who was earlier the chairman of the then commodity markets regulator FMC, said regulators and public agencies must work together on specific sets of goals and must also be accountable. Wadhawan said, ironically, a key task of the regulators would perhaps be to deregulate and they shouldn\u2019t micro-manage everything. The relation between the government and the regulators came under heightened public glare in recent months after banking regulator RBI and the finance ministry differed on a host of vexed issues, which culminated in then governor Urjit Patel\u2019s surprise resignation this week on \u201cpersonal reasons\u201d.