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India Sets Ambitious $90 Billion Market Borrowing Target for April-September

India’s finance ministry unveiled plans for substantial market borrowing totaling 7.5 trillion rupees ($90 billion) during the April-September period, comprising over half of the projected borrowing for the fiscal year 2024/25. This strategy aligns with Prime Minister Narendra Modi’s administration’s fiscal agenda outlined in the recent budget announcement.

In anticipation of the upcoming national elections, scheduled to commence on April 19, the current borrowing plan is expected to remain effective until the new government takes office. Consequently, the newly elected administration will be tasked with formulating its own budgetary framework.

To diversify its borrowing instruments, the government intends to introduce a new 15-year bond, departing from the previously issued 14-year securities, in the initial half of the fiscal year. Additionally, borrowing activities will encompass bonds with varying maturities ranging from three to 50 years.

Of particular significance is the government’s commitment to environmental sustainability, evidenced by its plan to auction 120 billion rupees worth of 10-year green bonds between April and September.

Against the backdrop of fiscal prudence, the Indian government aims to reduce the fiscal deficit to 5.1% of the gross domestic output for the fiscal year 2024/25, down from the 5.8% recorded in the preceding year.

Furthermore, the Ways and Means Advances limit for the first half of the financial year has been established at 1.50 trillion rupees, providing essential liquidity support to the government’s financial operations

Photo source Google

By: Montel KamauSerrari Financial Analyst28th March, 2024

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