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Finmin: borrowing won't crowd out pvt sector
Finance Minister Pranab Mukherjee (L) speaks with Reserve Bank of India's (RBI) Governor Duvvuri Subbarao during a news conference at the RBI head office in Mumbai March 6, 2010.
Credit: Reuters/Punit Paranjpe
MUMBAI |
MUMBAI (Reuters) - India's record market borrowing in the fiscal year 2010/11 will not crowd out private borrowers, the finance minister said on Saturday.
"Last year, in co-operation with the Reserve Bank the borrowing was arranged in such a manner that the private sector did not feel any difficulty in raising their legitimate credit requirement... this year too reserve bank governor has assured that it will be worked out in such a manner that the private sectors are not elbowed out of the market for their credit requirement," Pranab Mukherjee told reporters.
India has budgeted it will borrow 4.57 trillion rupees in the fiscal year starting April 1, higher than 4.51 trillion it borrowed in the current fiscal.
The Finance Minister was in Mumbai at an event to mark the seventy fifth anniversary of the Indian central bank.
(Reporting by Jeanette Rodrigues and Jigar Pathak)
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