Economy

India to borrow gross 2.47 trillion rupees during October-March: official

 

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NEW DELHI – India will borrow gross 2.47 trillion rupees ($34.08 billion) from the market between October and March through dated securities, lower than budgeted estimates, Economic Affairs Secretary Subhash Chandra Garg said on Friday.

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Reuters had previously reported the borrowing for the second half of the fiscal year was likely to be lower than expected.

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The government will cut its market borrowing by 700 billion rupees during October-March due to higher-than-expected earnings of 750 billion rupees through its small savings scheme.

The government had been scheduled to borrow overall 6.06 trillion rupees for the 2018/19 fiscal year that ends next March.

Reuters

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