The Mint Report for 29 September 2011

The Mint Report for 29 September 2011

Anil Ambani isn’t out of the woods in the 2G spectrum case. On Thursday the CBI submitted documents to the Supreme Court that indicated it was still investigating Ambani and his group companies. The CBI’s submission said it was still looking for beneficiaries in the case. It added that the three Reliance officials behind bars had the option of becoming approvers. The CBI’s submissions came in response to petitions that accused of not pursuing powerful forces alleged to be behind the 2G scandal.

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Moving to the economy, the government plans to borrow more money this fiscal than it previously planned. On Thursday it announced an increase of Rs52,800 crore in the borrowing target for the six months starting on 1 October. The new target for borrowing will be 2.2 trillion rupees. That’s an increase of 32%. The Indian government has already borrowed Rs2.5 trillion over the last six months. Its original borrowing target for the full fiscal year was Rs4.17 trillion.

Meanwhile food inflation has quickened in mid-September, with higher prices of pulses, fruits and vegetables pushing it past the 9% mark once again. The food price index rose 9.13% in the period to 17 September. In the previous week it had climbed only 8.84%.