Thursday, June 20, 2024

Centre to borrow ₹8.88 lakh crore in first half of FY24

The government will frontload most of its gross market borrowings for 2023-24, with a plan to raise as much as ₹8.88 lakh crore of its record ₹15.43 lakh crore borrowing plan for the year in the first six months.

Finalised in consultation with the Reserve Bank of India, the borrowing programme for the first half of the coming year thus envisages raising 57.55% of the year’s total borrowings, in 26 weekly tranches of ₹31,000-39,000 crore. “The borrowing will be spread under 3, 5, 7, 10, 14, 30 and 40 year securities,” the finance ministry said late on Wednesday.

The net borrowings for the year are pegged at ₹11.8 lakh crore, Finance Minister Nirmala Sitharaman had indicated in the Budget, with the balance expected to accrue from small savings and other sources of funds.

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