The government borrows funds from the market to bridge revenue-expenditure gap and also roll over the past debts which mature for repayment
The Finance Ministry and the Reserve Bank of India are likely to finalise the market borrowing programme for the first half of the next financial year on 27 March 2012.
“The meeting for deciding the borrowing plans for the April-September period of 2012-13 may happen on 27 March 2012,” official sources said, adding the efforts would be made to complete the government's borrowing programme in a non-disruptive manner.
The government borrows funds from the market to bridge revenue-expenditure gap and also roll over the past debts which mature for repayment.
While unveiling the Budget proposals for 2012-13, Finance Minister Pranab Mukherjee had said that the net market borrowings for the fiscal would be Rs4.79 trillion, up from Rs4.36 trillion estimated in the current fiscal.
Last year the government had exceeded the budgeted borrowing target by over Rs92,000 crore as high subsidy expenditure led to overshooting of government finances. For 2011-12, the government's gross market borrowings have been estimated at around Rs5.1 trillion. The government plans to bring down fiscal deficit in the 2012-13 fiscal to 5.1%, from 5.9% in the current fiscal.
“This year we are trying to keep the subsidies under check. So we expect the borrowing to be as per the budget target,” the official said.
The government plans to bring down subsidies to less than 2% of GDP in the 2012-13 fiscal, from 2.5% in the current fiscal.
The strong surge in FII inflows has helped boost the equity market this year as the stock exchange barometer index Sensex has gained 12.33% so far this year
Foreign institutional investors (FIIs) pumped in $387 million (about Rs1,982 crore) in the Indian stock markets last week, taking the year-to-date total to a massive $8,992.90 million (Rs44,686.40 crore) this year.
During 19th and 22nd March 2012, FIIs were gross buyers of shares worth Rs3,487.50 crore, while they sold equities amounting to Rs2,835.80 crore, translating into a net investment of Rs651.70 crore, according to data available with market regulator SEBI.
FIIs have infused a net amount of $1,828.02 million (about Rs9,116.80 crore) during March, taking the total for 2012 so far to $8,992.90 billion in Indian stocks.
So far this year, the foreign fund houses have infused $4,566.30 million in debt market (about Rs23,366.30 crore).
The strong surge in FII inflows has helped boost the equity market this year as the stock exchange barometer index Sensex has gained 12.33% so far this year.
The surge in the 30-share benchmark index is despite the fact that there was a fall of around 3.25% in January. Going forward, FII fund flows are likely to remain bullish, believe marketmen. “Fund flows are still positive and the way the quantitative easing has been done inflows to emerging markets like India are likely to remain strong,” Ashika Stock Brokers Research head Paras Bothra said.
Commenting on the effect of Budget 2012-13 on FII inflows, he added, “Budget was a complete wash-out and in a global landscape, Budget does not hold that much importance at present.”
FIIs had mostly stayed away from Indian equities in the year 2011. They flocked towards the debt markets last year with a net investments of Rs20,293 crore, while pulling out Rs2,812 crore from equities.
Vakrangee Softwares is empanelled in the highest category of UID enrolments agency
Vakrangee Softwares Ltd has crossed a benchmark of generation of 1 crore Aadhaar numbers across the country as on 23 March 2012 under UID (Unique Identification) enrolment project.
The company is empanelled in the highest category of UID enrolments agency i.e. T2F4 for PAN India allowing for enrolments anywhere in the country. T2F4 is a category for enrolment agency assigned by UIDAI on certain predetermined financial and technical parameters.
In the early afternoon, Vakrangee Softwares was trading at around Rs527.90 per share on the Bombay Stock Exchange, 0.40% down from the previous close.