Pranab Mukherjee says no extra borrowing needed for 2011/12

India does not require additional borrowing in the fiscal year to end-March 2012, finance minister Pranab Mukherjee said on Tuesday.

India does not require additional borrowing in the fiscal year to end-March 2012, finance minister Pranab Mukherjee said on Tuesday.

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New Delhi plans to borrow a gross 4.17 trillion rupees ($94.2 billion) in 2011/12, with 60 % of the target to be completed by the end of September.

Earlier, Mukherjee sought parliamentary approval to spend a gross additional 347.24 billion rupees ($7.85 billion), on top of the budget target of around $284 billion, in the current fiscal year to end-March 2012.

Mukherjee said the government's additional spending will not affect the fiscal deficit target of 4.6 % of GDP, if revenue buoyancy remains.