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Monday, May 24, 2010

3G inflows to lower FY11 govt borrowing - secy

Fund inflows towards the third-generation (3G) spectrum auction, which concluded last Wednesday, will bring down fiscal deficit and cut the federal government's borrowing plans, Cabinet Secretary K.M. Chandrasekhar told reporters on Monday.

The government borrowing could be lower by up to 350 billion rupees ($7.6 billion) in the 2010/11 fiscal year from estimates of 4.57 trillion rupees ($99.3 bln) on higher-than-expected 3G mobile spectrum sale inflows, a top government official told.

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