The government's gross borrowings were down by nine per cent to Rs 51,001 crore (Rs 510.01 billion) till June 27 as against the same period last year, even as there was a 10 per cent rise in redemptions, PNB Gilts said.

The government's gross mop up during the first three months of this fiscal constituted 30.7 per cent of the budgeted Rs 1,66,230 crore (Rs 1,662.30 billion) for the fiscal and it was Rs 56,028 crore (Rs 560.28 billion) in the previous-year period, it said.

With redemptions at Rs 14,315 crore (Rs 143.15 billion) till the last week of June as against Rs 13,017 crore (Rs 130.17 billion) in the corresponding period a year ago, the net borrowings fell by around 15 per cent to Rs 36,686 crore (Rs 366.86 billion) so far this year.

The net borrowings till June 27 constituted over 34 per cent of the budget estimate of Rs 1,07,194 crore (Rs 1,071.94 billion) for 2003-04 and it was Rs 43,011 crore (Rs 430.11 billion) in the year-ago period, it said.

There was a drastic increase in the redemption of the 364 day Treasury Bills till June 27 this year.

Of the gross borrowings, the Centre mopped up Rs 44,000 crore (Rs 440 billion) through the dated Government securities till June 27, as compared to Rs 49,000 crore (Rs 490 billion) in the corresponding period last year.

Borrowings through the 364 day T-Bills was down marginally to Rs 7,001 crore (Rs 70.01 billion) till June 27 as against Rs 7,028 crore (Rs 70.28 billion) in the year-ago period, it said.

Redemption of G-secs fell to Rs 7,287 crore (Rs 72.87 billion) till June 27 as compared to Rs 8,517 crore (Rs 85.17 billion) in the same period of 2002-03, while that of the 364 day T-bills shot up to Rs 7,028 crore (Rs 70.28 billion) as against Rs 4,500 crore (Rs 45 billion) in the year-ago period.