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Govt to decide on FY11 H1 borrowing on 29 March

Govt to decide on FY11 H1 borrowing on 29 March
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First Published: Mon, Mar 22 2010. 09 23 AM IST
Updated: Mon, Mar 22 2010. 09 23 AM IST
Bangalore: The finance ministry and central bank officials will meet in New Delhi on 29 March to decide on the federal borrowing for the first half of fiscal year 2010-11, a central bank deputy governor said on Monday.
“Issue is not frontloading but how to do and how much to do,” Shyamala Gopinath told reporters on the sidelines of an event in Bangalore.
The government is budgeted to borrow a record gross Rs4.57 trillion ($100 billion) in the fiscal year starting 1 April, and a majority of this is expected to be borrowed in the first half of the year.
The Reserve Bank of India (RBI) on Friday unexpectedly raised interest rates from record-low levels for the first time since it began cutting in 2008, citing intensifying inflationary pressures and a steady economic recovery.
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First Published: Mon, Mar 22 2010. 09 23 AM IST
More Topics: Borrowing | RBI | Finance Ministry | Economy | India |