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Government to borrow Rs1,63,000 crore in October-March this fiscal news
23 September 2010

The Government of India will borrow Rs1,63,000 crore (about $35.7 billion) between October and March this fiscal.

The government has so far borrowed Rs2,73,000 crore of the budgeted Rs4,57,000 crore borrowing for the current fiscal year ending in March 2011.

The central government plans to sell bonds for a total of around Rs2,87,000 crore in the April-September period.

As per the calendar for issuance of Government of India dated securities for 1 October 2010 to 31 March 2011, the RBI on behalf of the government will sell bonds for a total of Rs11,000 crore each between 27 September and 1 October,  4 and 8 October, 11 and 15 October, 18 and 22 October, 1 and 5 November, 8 and 12 November, 15 and 19 November, 29 November and 3 December, 6 and 10 December, 20 and 24 December, 3 and 7 January, 10 and 14 January, 17 and 21 January and Rs10,000 crore each between 31 January and 4 February and 7 and 11 February, all adding up to Rs1,63,000 crore.

The auctions will be on a non-competitive basis, under which five per cent of the notified amount will be reserved for the specified retail investors.

Variable rate securities may be issued depending upon the market conditions.

The Reserve Bank of India will have the flexibility to bring about modifications in the above calendar in terms of notified amount, issuance period, maturities, etc. depending upon the requirement of the Government of India, evolving market conditions and other relevant factors after giving due notice.

Government of India, the finance ministry release said.





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Government to borrow Rs1,63,000 crore in October-March this fiscal