The government is expected to raise Rs 5,000 crore (Rs 50 billion) in the first week of February even as market borrowing declined 27 per cent to Rs 96,000 crore (Rs 960 billion) till January 20, 2005.
"The government has completed Rs 96,000 crore of its market borrowing, constituting 90.6 per cent of its revised gross borrowing target of Rs 1,06,000 crore (Rs 1060 billion)," PNB Gilts said in its latest report.
The market borrowing till January 20 was 27 per cent lower than Rs 1,31,500 crore (Rs 1315 billion) raised in the year-ago period.
The net borrowing, after redemption of securities worth Rs 56,316 crore (Rs 563.16 billion), declined 57 per cent to Rs 39,684 crore (Rs 396.84 billion) when compared with Rs 93,032 crore (Rs 930.32 billion) during the corresponding period in 2003-04.
"Net borrowing has been completed to the extent of Rs 39,684 crore (Rs 396.84 billion), constituting 86.9 per cent of the revised net borrowings of Rs 45,684 crore (Rs 456.84 billion)," it said.
The government is expected to raise Rs 5,000 crore through 15-19 year papers in the first week of February.
Yields are likely to come under some pressure due to lack of appetite for long-term papers, the report said.
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