<p>Having already completed about 65 per cent of its market borrowing programme for 2012-13, the government today said it will raise only Rs 2 lakh crore in the second half of the fiscal to ensure adequate availability of cash for the private sector.<br /><br /></p>.<p>"The government will borrow Rs 2 lakh crore in remaining period the current fiscal," Department of Economic Affairs Secretary Arvind Mayaram told reporters here after a meeting to decide the borrowing calender for the second half of 2012-13.<br /><br />"We will complete second half borrowing by end of February...we will try to keep fiscal deficit target," he said.<br /><br />According to Budget estimate, the gross market borrowing is planned Rs 5.69 lakh crore for 2012-13.<br /><br />The government has already borrowed Rs 3.7 lakh crore in the first half ending September 30, which is 65 per cent of the total planned borrowing.<br /><br />The front-loading of borrowing was done as part of its strategy to make available capital to private sector in the last six months of 2012-13.<br /><br />"It has been decided that short-term borrowing through T-Bills for third quarter will be Rs 13,000 crore. With redemption of T-Bills for the period at Rs 1,49,000 crore, net amount will be (-) Rs 19,000 crore," he said.<br /><br />The funding requirements of the government for the second half of the current fiscal have been drawn based on projected cash flows in the government account, he said.<br /><br />Besides, he said, the funding gap, the size of the government market borrowing for the second half of 2012-13 needs to consider the market demand for securities and evolving macro-economic conditions and their implications for the debt market.<br /><br />He further said, the government is committed to bring about reforms and go on path of fiscal consolidation.<br /><br />For the 2012-13 fiscal, the government has pegged the fiscal deficit at Rs 5.13 lakh crore or 5.1 per cent of GDP.<br /><br />During 2011-12, the government borrowed over Rs 5.1 lakh crore from the market.<br />The borrowing had exceeded the budgeted borrowing target by over Rs 92,000 crore as high subsidy expenditure led to overshooting of government finances.</p>
<p>Having already completed about 65 per cent of its market borrowing programme for 2012-13, the government today said it will raise only Rs 2 lakh crore in the second half of the fiscal to ensure adequate availability of cash for the private sector.<br /><br /></p>.<p>"The government will borrow Rs 2 lakh crore in remaining period the current fiscal," Department of Economic Affairs Secretary Arvind Mayaram told reporters here after a meeting to decide the borrowing calender for the second half of 2012-13.<br /><br />"We will complete second half borrowing by end of February...we will try to keep fiscal deficit target," he said.<br /><br />According to Budget estimate, the gross market borrowing is planned Rs 5.69 lakh crore for 2012-13.<br /><br />The government has already borrowed Rs 3.7 lakh crore in the first half ending September 30, which is 65 per cent of the total planned borrowing.<br /><br />The front-loading of borrowing was done as part of its strategy to make available capital to private sector in the last six months of 2012-13.<br /><br />"It has been decided that short-term borrowing through T-Bills for third quarter will be Rs 13,000 crore. With redemption of T-Bills for the period at Rs 1,49,000 crore, net amount will be (-) Rs 19,000 crore," he said.<br /><br />The funding requirements of the government for the second half of the current fiscal have been drawn based on projected cash flows in the government account, he said.<br /><br />Besides, he said, the funding gap, the size of the government market borrowing for the second half of 2012-13 needs to consider the market demand for securities and evolving macro-economic conditions and their implications for the debt market.<br /><br />He further said, the government is committed to bring about reforms and go on path of fiscal consolidation.<br /><br />For the 2012-13 fiscal, the government has pegged the fiscal deficit at Rs 5.13 lakh crore or 5.1 per cent of GDP.<br /><br />During 2011-12, the government borrowed over Rs 5.1 lakh crore from the market.<br />The borrowing had exceeded the budgeted borrowing target by over Rs 92,000 crore as high subsidy expenditure led to overshooting of government finances.</p>