Govt, RBI officials to meet end Sep on FY09 second half borrowing
Monday, Sep 15
.
NEW DELHI - Finance ministry and Reserve Bank of India officials
will
meet towards the end of this month to decide on the government's
borrowing plan
for second half of 2008-09 (Apr-Mar), a ministry official said today.
"The date (for the meeting) is yet to be fixed, but it will
definitely by
the end of this month," the official said.
The date for the meeting will be finalised after new economic
affairs
secretary assumes charge, the official said.
The government has appointed Ashok Chawla, currently civil
aviation
secretary, as the new economic affairs secretary.
Asked whether the government exceeded borrowing target, the
official said
"why should we say that now, otherwise, people will start spending
more."
The government has completed its first half borrowing of 960 bln
rupees
on Friday.
The Budget for 2008-09 has projected a gross market borrowing of
1.451
trln rupees through dated securities.
Going by the Budget estimates, the government will borrow 490 bln
rupees
in the second half.
However, the market expects the actual borrowing in the second
half of
the year to be higher because of unbudgeted spending on farm loan
waiver
scheme and pay hike for government employees.
The government's fiscal deficit in Apr-Jul, the first four months
of
2008-09, at 1.160 trln rupees accounted for 87% of the budget target
of 1.333
trln rupees for the whole year. End
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