The government's market borrowing crossed Rs 100,000 crore (Rs 1,000 billion) till November 1, as the fiscal deficit surged to over Rs 81,014 crore (Rs 810.14 billion) in the first half of 2003-04, PNB Gilts said in its latest report.

"The government has now completed Rs 101,030 crore (Rs 1,010.30 billion) of its gross borrowing, constituting 60.77 per cent of the budget estimate of Rs 166,230 crore (Rs 1,662.30 billion)," PNB Gilts said.

The central government garnered Rs 5,000 crore (Rs 50 billion) through 15-year paper and another Rs 1,000 crore (Rs 10 billion) in treasury bills in the last two weeks.

The gross borrowing till November 1 this fiscal was, however, lower than Rs 1,11,033 crore (Rs 1,110.33 billion) mopped up during the same period last fiscal.

After redeeming securities worth over Rs 33,717 crore (Rs 337.17 billion), the Centre's net borrowings stood at Rs 67,313 crore (Rs 673.13 billiion), constituting 62.79 per cent of the budgeted Rs 107,194 crore (Rs 1,071.94 billion), PNB Gilts said.

The net borrowing till November 1 this fiscal was comparatively lower than Rs 79,318 crore (Rs 793.18 billion) in the same period last fiscal.

Seen in the context of mounting fiscal deficit of the Centre till September 2003, the surge in borrowing becomes significant.

Fiscal deficit stood at Rs 81,014 crore (Rs 810.14 billion) in the first six months of this fiscal, which works out to 52.7 per cent of the budgeted estimate for the entire year 2003-04.