Dilli Durbar: The Physics of an Economic Crisis

Reserve Bank of India governor Dr D Subbarao brought all his academic skills to the table for...

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Mirror, mirror on the wall…

Why CB Bhave’s tenure as SEBI chairman will go down as among the worst in nearly two decades...

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Govt reduces borrowing target by Rs10,000 crore in 2010-11

New Delhi: The government will borrow Rs4.47 lakh crore — Rs10,000 crore less than it had planned — this fiscal, given its comfortable fund position thanks to windfall revenue from auction of third generation (3G) telecom licences, reports PTI.

"We are required to as per the programme given earlier to raise Rs1.73 lakh crore (in the second half of FY'11).

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 Rs10,000 crore to Rs1.63 lakh crore," finance secretary Ashok Chawla told reporters here.

The government had pegged its total market borrowings for this fiscal at Rs4.57 lakh crore, out of which Rs2.84 lakh crore was raised in the first half, ending 30th September.

In the second half, the government was to borrow Rs1.73 lakh crore to meet the target. But now this stands reduced by Rs10,000 crore.

The reduced borrowing could be mainly due to over Rs 1 lakh crore of revenue the government mopped up from sale of 3G telecom and broadband licences.

Commenting on the government's borrowing programme, Reserve Bank of India (RBI) deputy governor Shyamala Gopinath said, "Borrowing would be over by the first week of February and it won't be front loaded. Weekly borrowing would be between Rs10,000 crore and Rs11,000 crore on an average."

Last fiscal, the government had borrowed Rs4,50,000 crore.

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