Govt rules out additional borrowings for 2009-10

The government today ruled out any increase in its borrowing programme for the current fiscal and said expenditure needs due to failed monsoon would be met with additional tax and adjustments within the budget.

"As of now, there is no intention to borrow more than what we have already indicated, that itself is a fairly robust and substantial borrowing programme," Finance Secretary Ashok Chawla told private news channel ET Now.

The government plans to borrow nearly Rs 4,00,000 crore in the current fiscal to fund the widening fiscal deficit necessitated after stimulus doses for the economy. The programme is front-loaded with plans to raise Rs 2.99 lakh crore in the first half itself.

"The manner in which we propose to handle the requirements whatever they are in relation to the drought will be by way of additional tax and resource mobilisation, and also adjustments if necessary within the budget," he said.

Chawla said the government has already borrowed 60 to 65 per cent of the annual borrowing programme till date.