Financial Daily from THE HINDU group of publications
Tuesday, Aug 24, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 24, 2004 |
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Financial Markets Government - Financial Policy Money & Banking - Govt Bonds `Borrowings well on schedule' Harish Damodaran
Both the Finance Ministry and Reserve Bank of India (RBI) officials have denied that the market stabilisation scheme (MSS) has led to a "crowding-out" of the Government's regular market borrowings programme. During 2004-05, the Government's normal market borrowings through dated securities and 364-day treasury bills are budgeted at Rs 150,681 crore (gross). Against this, it has (as on August 18) mopped up only Rs 44,000 crore from dated stock, and Rs 10,000 crore through 364-day bills. During the same period last year, gross borrowings against dated securities alone amounted to Rs 88,434 crore. "The Government's borrowings programme is well on schedule and we don't foresee any problems," an RBI spokesperson said.
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