Centre to increase borrowing 24 per cent in first half
17 Jul 2009
The central government on Thursday scaled up its market borrowings programme to Rs2.99 lakh crore for the first half of the current fiscal.
This is line with the need to raise additional resources for funding the increased expenditure as provided for in the union budget for 2009-10.
With this the government's borrowing would increase around 24 per cent more than the earlier estimate Rs2.41 lack crore for the first half of the fiscal.
The increased borrowings programme was finalised during a meeting between Reserve Bank of India, (RBI) and finance ministry officials led by finance secretary Ashok Chawla.
Accordingly, the issuance calendar for marketable dated securities announced 26 March has been suitably modified for the period from 18 July to 30 September.
During a media briefing RBI deputy governor Shyamala Gopinath said, ''We have already done and announced Rs. 1.89 lakh crore. So, the balance is Rs. 1.10 lakh crore which we are going to be doing up to September 30 in ten tranches.''
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