DEBT: Internal debt to be 46.56 per cent of GDP
The government's total internal debt and other liabilities are slated to grow by 14.3 per cent to touch Rs 17,18,832.75 crore in 2003-04, up from Rs 15,03,926 crore in 2002-03.
Of this, internal debt alone is expected to touch Rs 11,58,639.2 crore, 11.7 per cent more than the internal debt of Rs 10,371,63.43 as per revised estimates (RE) for 2002-03.
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For the current fiscal however, the government's actual internal debt was around 1.5 per cent higher than the budget estimate (BE) of Rs 10,21,739.46 crore released last year.
Internal debt as a percentage of Gross Domestic Product is slated to go up marginally from 46.38 per cent (RE) in 2002-03 to 46.56 per cent (BE) in 2003-04. Repayment of loans is pegged at Rs 32,693 crore in the current fiscal, as against the RE of Rs 27,420 in 2002-03.
The government's gross borrowing requirements are slated to rise by around 9.8 per cent during 2003-04, to Rs 1,39,887 crore (BE)., while net market borrowings, which are defined as gross borrowings less repayments, will grow by 7.2 per cent.
The BE for 2001-02 put the net borrowing requirement at Rs 99,953crore as against a RE of to touch Rs 1,07,194 crore crore in the current fiscal.