Bloomberg News

India Primary Dealers Group Denies Report on Govt Borrowing

October 03, 2011

Oct. 3 (Bloomberg) -- The Primary Dealers Association of India denied a newspaper report that a central bank official told its annual general meeting last week the government may have to borrow as much as 1 trillion rupees ($20 billion) more than budgeted.

“No such statement was made by any Reserve Bank of India official,” Pradeep Madhav, chairman of the PDAI, said in a telephone interview today. The Times of India newspaper today reported that “top RBI officials” indicated the government of India may have to increase borrowings for the year ending March 2012 by up to 1 percent of gross domestic product.

To contact the reporter on this story: Jeanette Rodrigues in Mumbai at

To contact the editor responsible for this story: Sandy Hendry at

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