(RTTNews) - The Indian Government would raise Rs.50,000 crore from the market to fund the stimulus packages, reported the PTI. Earlier in December, the government planned to raise Rs.35,000 crore from the market in the last quarter to offset the impact of stimulus packages.

The stimulus packages were targeted at the revival of the economy, which is on a severe slowdown mode.

The apex bank on Tuesday revised the indicative calendar for the fourth quarter of 2008-09 controlling the borrowing programme announced on December 05, 2008. The government would now raise the Rs.50,000 crore from various dated securities as per the new schedule. The government would raise Rs.35,000 crore through seven kinds of bonds in January and another Rs.15,000 crore via selling four kinds of papers in February.

The RBI in a statement stated, “Consequent upon the approval of the second supplementary demands for grants by Parliament and the fiscal stimulus packages announced by the government, it has become necessary for the government of India to raise additional resources”.

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