Govt plans to borrow Rs 8.88 lakh cr from market in April-Sep

The government is looking to raise Rs 8.88 lakh crore through borrowing in the first half of 2023-24 to fund the revenue gap for pushing economic growth, the Finance Ministry said on Wednesday.

Out of the gross market borrowing of Rs 15.43 lakh crore estimated for FY2023-24, Rs 8.88 lakh crore or 57.5 per cent is planned to be borrowed in the first half (H1), an official statement said The borrowing is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore. The borrowing will be spread under 3, 5, 7, 10, 14, 30 and 40-year securities, it said.