With yields inching upwards since December 06, it fortunate that the government has finished almost three-fourths of its annual borrowing programme within the first half of the fiscal year with no devolvement on the RBI. The average cost of borrowing though is higher than that paid last year, and will force the government to seek higher borrowings next year.

Rs bn	FY99	FY00	FY01	FY02	FY03	FY04	FY05	FY06 RE	FY07 BE	Apr-Nov 07
Market borrowings	690	621	734	908	1,041	889	509	1,011	1,138	80.9
Net external assistance	19	12	75	56	-119	-135	148	75	83	47.6
Other borrowings *	427	406	391	460	510	518	676	225	266	3.8
Overdraft from RBI	-2	9	-12	-15	19	-39	-81	150	0	-
Total borrowings	1,134	1,048	1,188	1,410	1,451	1,233	1,252	1,462	1,487	72.8
Outstanding internal debt	4,597	7,143	8,037	9,131	10,207	11,417	12,759	13,559	15,220	na
% of GDP	26.4	36.9	38.4	40.0	41.4	44.9	44.9	42.2	41.6	na