With only two months left for the completion of fiscal 2003-04, Centre's gross borrowings rose by about nine per cent to Rs 1,45,974 crore (Rs 1,459.74 billion) till January 23, even as net mop up dipped due to increasing redemptions of government securities and 364 day Treasury-bills, PNB Gilts said on Wednesday.

The gross borrowings till the period under review amounted to 87.81 per cent of the budgeted Rs 1,66,230 crore (Rs 1662.3 billion) for the whole of this fiscal, according to PNB Gilts.

States also raised another Rs 8,050 crore (Rs 80.5 billion) during the last fortnight ended January 23, it said, adding the last tranche of Centre's borrowings of Rs 5,000 crore (Rs 50 billion) would be undertaken in the first week of February.

Net borrowings dipped by 2.6 per cent to Rs 91,821 crore (Rs 918.21 billion) till January 23 as compared to Rs 94,273 crore (Rs 942.73 billion) in the previous year. The net mop up amounted to 85.66 per cent of the budgeted Rs 1,07,194 crore (Rs 1071.94 billion) for 2003-04.

Redemptions of both G-secs and 364 day T-bills was up by over 36 per cent to Rs 54,153 crore (Rs 541.53 billion) till the third week of this month as against Rs 39,762 crore (Rs 397.62 billion) in the year-ago period.

G-secs redemption rose by over 38 per cent to Rs 32,118 crore (Rs 321.18 billion) during the period in review as compared to Rs 23,262 crore (Rs 232.62 billion) in the year-ago period.