The Rs 67,719-crore revenue boost from the auctions of the 3G spectrum licences could help the government reduce its borrowings in the current fiscal, finance secretary Ashok Chawla said here.
“This (revenue from the 3G auctions) helps us, but as of today, I cannot say what will be the borrowings. It is likely that this will impact on the favourable side,” Mr. Chawla told newsmen. However, he added that at this stage there is no change in the borrowing amount as the total borrowing calendar for the first half and for the full year has already been projected.
“We cannot amend it today. The total borrowing calendar for the first half and for the year has been projected. But this is something which we have got extra, at this stage there is no change in the borrowing (plan),” Mr. Chawla added.
The government has a gross borrowing target of Rs 4.57 lakh crore this fiscal as against Rs 4.51 lakh crore last fiscal. Out of this, the net borrowing for FY11 would be Rs 3.45 lakh crore. About Rs 2.87 lakh crore of the borrowing is scheduled to be conducted in the first-half of the fiscal.
The auction for the 3G spectrum ended last week after 34 days of auctions with leading players Bharti, RCom and Aircel bagging 13 circles each, leaving the government with Rs 67,719 crore in revenues.
Planning Commission deputy chairman Montek Singh Ahluwalia had also said the government’s normal borrowing programme may be less because of high unexpected revenue from the 3G auctions.
Earlier, finance minister Pranab Mukherjee had said additional money from the 3G spectrum auctions will provide him a little elbow room to manage the government finances.