Economy News

H1 borrowing plan: Government to borrow Rs 8.8 lakh crore in H1FY24 – Mintpaisa

The central government plans to borrow Rs 8.8 lakh crore in the first six months of the financial year starting April 1, it said in a statement on Wednesday.

The planned borrowing in the first half constitutes 57.55% of the total of Rs 15.43 lakh crore planned for the current financial year. The government plans to borrow Rs 31,000 to Rs 39,000 in weekly installments between the April-September period.

The government said the borrowing will be through bonds with terms of three, five, seven, 10, 14, 30 and 40 years, the government added in the statement.

The government further stated that there will be no new issuance of sovereign green bonds in the first half. It could be released in the second half of FY24, he added.

Government borrowing has more than doubled from 2019 levels, when Prime Minister Narendra Modi took office for the second consecutive time, as government social spending on free food and subsidies hit record highs in large part because of the pandemic.

The government plans to borrow Rs 4.16 lakh crore via treasury bills during the June quarter.

(With contributions from Reuters)


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