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Borrowing pegged 5% higher at Rs 958.59 bn in 2002-03

The Union Budget 2002-03 on Thursday pegged a 5.0 per cent higher market borrowings at Rs 958.59 billion in the next fiscal, even as current year's borrowing is estimated to overshoot the target by around 19 per cent.

The Budget presented by Finance Minister Yashwant Sinha said the borrowings in the current year was estimated to be Rs 914.80 billion, which is 18.26 per cent higher than the budgeted Rs 773.53 billion for 2001-02.

It, however, estimated a lower external assistance at Rs 7.70 billion for 2002-03, down by near 62 per cent from this fiscal's figure of Rs 20.54 billion, which was 10 per cent higher than the budgeted figure of Rs 18.65 billion.

Through securities issued against small savings, the Budget has estimated over 7.0 per cent cut in collection at Rs 80 billion in the next fiscal from this year's Rs 86.40 billion, which was actually down by 4.0 per cent as against the budgeted figure of Rs 90 billion for this fiscal.

The proceeds from divestment is slated to be Rs 120 billion for 2002-03, as compared to the revised estimate of Rs 50 billion for 2001-02, while the budgeted figure for the present fiscal was also Rs 120 billion.

Recoveries of loans and advances has been estimated to go up by about 17 per cent to Rs 176.80 billion in 2002-03 from Rs 151.43 billion, which dipped marginally from the budgeted Rs 151.63 billion in 2001-02.

The Budget also proposed to increase the receipts by about 11 per cent to Rs 100 billion in the next fiscal as compared to Rs 90 billion in 2001-02, which was lower by Rs 5 billion from the budgeted figure for the current year.

PTI

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