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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.

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

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