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The Indian government will borrow nearly 60% of its total borrowing planned for 2022/23 in the first six months of the year starting April 1, as it looks to revive growth in the pandemic-hit economy through infrastructure spending.
The government plans to borrow 8.45 trillion rupees in April-September, out of the record borrowing plan of 14.31 trillion rupees for 2022/23, the government said in a statement on Thursday.
On Feb. 1, India’s Finance Minister Nirmala Sitharaman unveiled a 39.45 trillion rupees spending plan for the coming year and kept a wider than expected fiscal deficit in a bid to drive economic growth.
The government will borrow 320-330 billion rupees a week in April-September.
The government said it is working with the Reserve Bank of India to bring out a framework for issuance of sovereign green bonds.
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