Finance ministry, RBI to meet Fri on Oct-Mar market borrowing plan
Tuesday, Sep 23
NEW DELHI - Officials of the finance ministry and Reserve Bank of
India will meet Friday to decide on the government's borrowing plan
for the second half of 2008-09 (Apr-Mar), a ministry official said
today.
"We are meeting on Friday to decided on the calendar for the
second half," the official said.
Earlier, a finance ministry official had told NewsWire18 that the
government was likely to keep the borrowing as per the Budget for
2008-09.
"It is a bit early to say, but we are likely to keep our borrowing
plan
as per the budget target," the official had said.
The Budget for 2008-09 has projected a gross market borrowing of
1.451 trln rupees through dated securities, of which 960 bln rupees
have been borrowed in the first half.
Going by this, the government is likely to borrow 490 bln rupees
during Oct-Mar.
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 during 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.
.
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