Govt to borrow Rs 3.49 lakh cr in first half of 2013-14
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Govt to borrow Rs 3.49 lakh cr in first half of 2013-14

Last Updated: Monday, March 18, 2013, 19:22
 
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Govt to borrow Rs 3.49 lakh cr in first half of 2013-14
New Delhi: The government on Monday said it will borrow Rs 3.49 lakh crore in the first half of the current fiscal, accounting for 58 percent of the total budget target for 2013-14, which will leave more scope for private sector to tap the market in the second half.

The gross market borrowing through issue of dated securities in 2013-14 has been pegged at Rs 5.79 lakh crore.

The Finance Ministry said the borrowing calendar would "enable institutional and retail investors plan their investment efficiently and at the same time provide transparency and stability to the government securities".

Last fiscal, the government had borrowed Rs 5.69 lakh crore from the markets, of which 65 percent was borrowed in the April-September period.

"Our performance this year of cash management has been good in comparison to 2011-12," Department of Economic Affairs Secretary Arvind Mayaram told reporters here.

The government has to borrow funds from the market to finance the fiscal deficit, which is expected to be 4.8 percent in next fiscal. In 2012-13 fiscal, the fiscal deficit was 5.2 percent.

The net borrowing for next fiscal year will be at Rs 4.84 lakh crore. During 2012-13, the government borrowed a net Rs 4.67 lakh crore from the market.

The front-loading of borrowing is aimed at making available capital to the private sector in the last six months of 2013-14, experts said.

The government is hoping to garner Rs 40,000 crore from disinvestment, Rs 15,000 crore from residual stake sale in companies and healthy growth in tax collection to fund its expenditure in 2013-14.

PTI



First Published: Monday, March 18, 2013, 19:22


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