State-run Indian Railways will borrow Rs 2,970 crore (Rs 29.7 billion) from the market to finance various projects, Railway Minister Nitish Kumar told Parliament on Wednesday.

"The annual plan outlay for 2003-04 has been kept at Rs 10,607 crore (Rs 106.7 billion)," Kumar told Parliament while presenting the Railway Budget.

"The railways propose to provide Rs 2,630 crore (Rs 26.3 billion) for planned expenditure through internal resource generation.

"The balance requirement of the plan would be met through extra budgetary resources which include Rs 2,970 crore (Rs 29.7 billion) as market borrowing from Indian Railways Finance Corporation."

Reuters