Overall market borrowing program remains steady at Rs 5.79 trillion for FY2014
Government of India has issued an indicative calendar for issuance of Government dated securities for the second half of the fiscal year 2013-14 (01 October 2013 to 31 March 2014) in consultation with the Reserve Bank of India. As per the calendar, Government would issue about Rs 2.35 trillion worth of Government Securities in H2FY2014, in line with the overall market borrowing program of Rs 5.79 trillion for FY2014.With the overall issuance of securities likely at Rs 3.44 trillion in H1FY2014, Government has announced the G-sec issuance program of Rs 2.35 trillion for H2FY2014 to meet the overall borrowing program of Rs 5.79 trillion for FY2014.
Government has planned the issuance of Rs 45000 crore G-sec in October 2013 followed by Rs 75000 crore in November 2013, Rs 45000 crore in December 2013 and Rs 60000 crore in January 2014. The borrowing program ends in February 2014 with the one issuance of Rs 10000 core of G-sec.
FY14 Initial estimates: Background
* Budgeted overall borrowing of Rs 6.29 trillion, including Rs 0.5 trillion of buyback/switching operations
* Calendar was to be issued for Rs 5.79 trillion of bonds
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* Planned Rs 3.49 trillion for H1FY14, and balance Rs 2.30 trillion for H2FY13
H1FY2014 Status:
* Government likely to complete Rs 3.44 trillion of Rs 3.49 trillion borrowing program for H1FY13
* Shortfall of Rs 5000 crore to be covered in H2FY2014 (with program of Rs 2.35 trillion against earlier estimate of Rs 2.30 trillion)
* Borrowing for the first time includes issuance of Rs 4000 crore inflation indexed bonds, which received weak response.
* Borrowing program witnessed heavy devolvement, against Rs 1828 crore in full FY13.
* RBI conducted OMOs of Rs 31459 crore in H1FY14
* Redemption of Rs 74735 crore of G-sec took place in H1FY2014, while Rs 20273 crore is scheduled in H2FY14 (Feb)
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