India govt to borrow US$57.83b in H1 of 2015/16

[NEW DELHI] India's government will borrow 3.60 trillion rupees (S$79.49 billion) in the first-half of the fiscal year that begins in April, Finance Secretary Rajeev Mehrishi said on Monday.

The amount borrowed in April-September would be 66.7 per cent of the full 2015/16 year target of 6 trillion rupees announced by the government in its annual budget unveiled late last month.

The borrowing would help fund a fiscal deficit of 3.9 per cent of gross domestic product for the year.

Bond traders were expecting New Delhi to frontload its market borrowings by raising as much as 67 per cent of the full-year target between April and September.

Television channels had reported a borrowing of 3.65 trillion rupees for the first half of the year just before the official announcement was due.

REUTERS