Indian government to borrow $99 billion from market in six months

Reuters
·1 min read
An Indian one rupee coin is seen in this picture illustration taken in Mumbai

NEW DELHI (Reuters) - India's federal government will borrow 7.24 trillion rupees ($98.95 billion)from the market in the first six months of the next financial year that starts on April 1, a finance ministry official said on Wednesday.

The borrowings in the first half of the next fiscal year will be about 60% of the 12.05 trillion rupees' borrowing target for the whole fiscal year, Tarun Bajaj, economic affairs secretary at the Ministry of Finance said at a virtual briefing.

The net borrowings during the next fiscal year will be about 9.37 trillion rupees, the official said.

He said the government had borrowed a record 13.71 trillion rupees in the current fiscal year.

($1 = 73.1710 Indian rupees)

(Reporting by Manoj Kumar; Editing by Gareth Jones)