Govt cuts down borrowing goal | business | Hindustan Times
Today in New Delhi, India
Jun 28, 2017-Wednesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Govt cuts down borrowing goal

Buoyed by the better-than-expected revenue from spectrum sale for high speed mobile and broadband services, the government on Thursday pared its borrowing plans by R10,000 crore to R4.47 lakh crore as finance ministry and RBI officials finalised the debt-raising schedule for the second half of 2010-11.

business Updated: Sep 23, 2010 22:20 IST
HT Correspondent

Buoyed by the better-than-expected revenue from spectrum sale for high speed mobile and broadband services, the government on Thursday pared its borrowing plans by R10,000 crore to R4.47 lakh crore as finance ministry and RBI officials finalised the debt-raising schedule for the second half of 2010-11.

“We are required as per the programme given earlier to raise R1.73 lakh crore (during October 2010 to March 2011). Looking at the projected cash flows and current requirement, we think it is not required to raise the whole amount. The amount reduced is at present by R10,000 crore to R1.63 lakh crore,” Finance Secretary Ashok Chawla told reporters after a meeting with RBI officials here.

The government had budgeted total market borrowings for this fiscal at R4.57 lakh crore, out of which R2.87 lakh crore was fixed for the first half, ending September 30. During the first half of this fiscal, the government has raised R2.60 lakh crore and will borrow the remaining during the next few days.

“Borrowing would be over by the first week of February and it won’t be front loaded. Weekly borrowing would be between R10,000 crore and R11,000 crore on average,” RBI Deputy Governor Shyamala Gopinath said.

The government had raised more than R1.05 lakh crore in revenue from spectrum sale for 3G telecom and broadband wireless services — three-times the budgeted estimates of R35,000 crore — enabling it to cut its borrowings.