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| FinMin, RBI to meet on May 30 to revise govt borrowings |
| Press Trust of India / New Delhi May 26, 2009, 15:51 IST |
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Centre had recently raised additional Rs 6,000 crore via market borrowings, taking total debt to Rs 2,47,000 crore for H1 of this fiscal
With the Centre's expenditure increasing, the Reserve Bank of India (RBI) and Finance Ministry officials will take a call on revising the schedule and amount of government borrowings on May 30.
RBI and Finance Ministry officials will meet in Mumbai on May 30 for this purpose, Finance Secretary Ashok Chawla told reporters here.
Recently, the Centre had raised additional Rs 6,000 crore through market borrowings this month, taking the total debt to Rs 2,47,000 crore for the first half of this fiscal.
"On a review of the emerging requirements of the government, market conditions and other relevant factors," the government has decided to increase the issuance size of the dated securities from Rs 12,000 crore to Rs 15,000 crore in each of the two auctions during the period from May 15-29, a government statement had said.
The government was earlier scheduled to borrow Rs 2,41,000 crore in the first half of this fiscal, out of the Rs 3,60,000 crore planned for the entire 2009-10.
The Centre has announced three stimulus packages to boost the industry facing slackening demand by cutting excise duty by 6 per cent, service tax by 2 per cent among other steps like increase in planned expenditure.
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