Govt plans to borrow Rs. 8.88 lakh from market in FY24

The Centre plans to borrow Rs 8.88 lakh crore via bonds from the market in the first six months of the fiscal year starting on April 1, the finance ministry said in a release.

The Centre’s borrowing has more than doubled from 2019 levels as the government’s social spending on free food and subsidies rose to record highs largely due to the Covid pandemic.

Out of the Gross Market borrowing of Rs 15.43 lakh crore projected for FY 2023-24 in the Union budget, Rs 8.88 lakh crore (57.55%) is planned to be borrowed in 26 weekly tranches of Rs 31,000-39,000 crore.