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Govt borrowing won’t crowd out pvt sector credit: finance ministry source

Govt borrowing won’t crowd out pvt sector credit: finance ministry source
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First Published: Thu, Sep 29 2011. 04 30 PM IST
Updated: Thu, Sep 29 2011. 04 30 PM IST
Mumbai: The government’s extra borrowing in the second-half of this fiscal year will not crowd out private sector credit, a finance ministry source, who did not wish to be named, told reporters.
The government estimates a shortfall of Rs 35000 crore ($7.2 billion) in small savings in the 2011/12 financial year, he said.
Govt will borrow Rs 2.2 trillion in the second half of the fiscal year that begins on 1 Oct, higher than the budgeted Rs 1.67 trillion, R. Gopalan, economic affairs secretary had said earlier.
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First Published: Thu, Sep 29 2011. 04 30 PM IST