Govt to borrow Rs 1.23 lakh cr in second-half this fiscal | business | Hindustan Times
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Govt to borrow Rs 1.23 lakh cr in second-half this fiscal

business Updated: Sep 29, 2009 20:43 IST

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The government on Tuesday ruled out raising more money from the market than the budgeted amount and said it will borrow a total of Rs 1.23 lakh crore during the second half of this fiscal.

"(There is) no change in the borrowing target," Reserve Bank Deputy Governor Shyamala Gopinath told reporters after RBI and Finance Ministry officials met here to decide on an indicative calendar of the government-borrowing programme.

"Out of Rs 4.51 lakh crore, we have done Rs 2.95 lakh crore. So the balance Rs 1.23 lakh crore, we will be doing in the second half...we are doing this time about Rs 9,000 to 10,000 crore per week," Gopinath said.

The market-borrowing programme will be completed by the first week of February 2010, she said.

Earlier today, Finance Secretary Ashok Chawla, said there was no need to increase the Rs 4.51 lakh crore borrowing target for the current fiscal.

"There is no intention to increase that number," Chawla said. "We need to provide some space for state governments to borrow," he added.

The government has already transferred Rs 28,000 crore from its market stabilisation scheme to general market borrowing programme, which is called desequestering and will be doing so for another Rs 5,000 crore.