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MUMBAI  - 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.

 

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NEW DELHI - The Indian economy could grow at around 7.75 percent in the 2009/10 financial year ending in March, Finance Minister Pranab Mukherjee said on Wednesday.

NEW DELHI - The Indian economy is expected to grow by around 7.75 percent in the fiscal year to March 2010, but food price inflation is a major concern, the finance minister said on Wednesday.

LONDON - The timing of the withdrawal of stimulus steps for India's economy will be decided when it becomes clear the economy is recovering, but there will be no fresh stimulus, Finance Minister Pranab Mukherjee said on Sunday.

"I have indicated we will decide when the economy is on the path of recovery. Then we will decide how to exit," he said.

"Will there be further stimulus? I have indicated there is no question of further stimulus."

MUMBAI - Immediate challenge for the Indian economy is to tackle the deficient monsoon situation, the finance minister told news channel ET Now on Tuesday.

NEW DELHI - India's finance minister said on Friday the monsoon situation in the country is difficult and that 246 districts were drought hit.

Mon, Aug 17 11:32 PM
New Delhi, Aug 17 - Finance Minister Pranab Mukherjee will meet heads of Regional Rural Banks (RRBs) tomorrow to take stock of their performance and credit flow to farm sector in the light of weak monsoon. The broad agenda of the meeting include review of agriculture credit, non-performing assets and branch opening, official sources said.

The meeting will also dwell upon capital adequacy ratio of these banks which play vital role in the rural credit expansion, especially in drought like situation. The Meteorological Department has officially declared 2009 a drought year.

The cumulative nationwide rainfall between June 1 and August 12 has measured 29 per cent below normal levels. It would also discuss the scheduling of amalgamation of RRBs, they said.

Following the consolidation, the number of RRBs have come down from 196 to 84 spread across the country. The meeting will also take stock of the annual financial performance of these banks.

NEW DELHI - The government has no plan to go slow on its borrowing schedule for the first half of the 2009/10 fiscal year than began in April, a top finance ministry official said on Monday.