The Centre's gross borrowings stood at Rs 94,030 crore (Rs 940.30 billion) so far even as it aims to mop up Rs 25,000 crore (Rs 250 billion) during October 2003-February 2004.
With gross borowings of Rs 94,030 crore so far, the government has completed 56.6 per cent of the Rs 1,66,230 crore (Rs 1,662.30 billion) estimated for this fiscal, official sources said in New Delhi.
With redemptions at Rs 31,716 crore (Rs 317.16 billion), the Centre's net mop up stood at Rs 62,314 crore (Rs 623.14 billion), representing 58.1 per cent of the Rs 1,07,194 crore (Rs 1,071.94 billion) budgeted for 2003-04.
D Swarup, budget secretary, on Wednesday said the government would borrow Rs 5,000 crore (Rs 50 billion) for the next five months, totalling Rs 25,000 crore for the second half of this fiscal.
Sources told PTI that no auction was scheduled for the last month of this fiscal and about 20 per cent of the total issuance would be floating rate bonds.
The mop up of Rs 25,000 crore was "significantly" lower than the budget estimate of Rs 60,000 crore (Rs 600 billion) for the second half of 2003-04.
They said the less requirement for borrowings was largely due to substantial increase in non-debt capital receipts with states repaying Rs 32,000 crore (Rs 320 billion) to the Centre under the debt swap scheme.
Though the government securities market opened on a cautious note due to concerns over the liquidity impact of RIB redemptions, they said, "The subsequent smooth redemption of RIB with no volatility in money and forex situation and the strengthening of rupee to its three-year peak buoyed the market sentiments."