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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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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Monday, Jul 14
23:30 BoE's Governor Bailey speech 3
Tuesday, Jul 15
04:31 BRC Like-For-Like Retail Sales (YoY) 2 2.7% 0.2% 0.6%
06:00 Westpac Consumer Confidence 2 0.6% 0.5%
17:30 OPEC Monthly Market Report 1
17:45 Housing Starts s.a (YoY) 1 259.0K 279.5K
18:00 NY Empire State Manufacturing Index 2 -9 -16
18:00 Consumer Price Index Core s.a 1 326.85
18:00 Consumer Price Index (MoM) 3 0.3% 0.1%
18:00 Consumer Price Index n.s.a (MoM) 1 322.500 321.465
18:00 Manufacturing Sales (MoM) 1 -1.3% -2.8%
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