PSUs to raise over Rs 56,000 crore in debt

This will be in addition to Rs 3.45 lakh crore, which the government will be borrowing from the money market to bridge the fiscal deficit, the gap between receipts and expenditure during the next fiscal. As per the budget papers, the power sector PSUs include NTPC and Power Grid Corporation, will be issuing bonds and debentures of over Rs 20,232 crore in 2010-11 as against Rs 14,500 crore in the current fiscal.

Although the PSUs will be raising about 26 per cent more as debt, the market borrowing of the government is slated to drop during 2010-11 to Rs 3.45 lakh crore from Rs 3.98 lakh crore in the current fiscal. Having partially withdrawn the stimulus, the government will be focussing on raising revenue by increasing the central excise across the board by two percentage points and containing outgo towards fertiliser subsidy.

On account of various steps taken by the government, the fiscal deficit of the centre is slated to moderate to 5.5 per cent of the GDP from 6.7 per cent in the revised estimates for the current fiscal. Among individual companies, NTPC will be raising Rs 9,859 crore as bonds and debentures in the coming fiscal as compared to Rs 5,766 crore in 2009-10. While Power Grid Corporation and NHPC are being allowed to raise Rs 6,368 crore and Rs 2,958 crore.

Oil sector PSUs including BPCL, GAIL, HPCL and IOC will be collectively raising Rs 6,000 crore during the fiscal, up from less than Rs 2,000 crore in 2009-10. As far as other major sectors are concerned, Bharat Sanchar Nigam Limited (BSNL) will be raising about Rs 10,000 crore and the aviation sector PSUs, the National Airports Authority of India Rs 1,600 crore.

Indian Railways, according to budget papers, would be raising Rs 9,120 crore during 2010-11, almost the same amount as in the current fiscal.

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