Govt to borrow 57.55% of its year target in first half of Fy24

The government is planning to borrow 57.55% of its projected gross market borrowing in the first half of the fiscal year 2024. The government will borrow Rs 8.88 lakh crore out of the finalised Rs 15.32 lakh crore.

According to a statement released by Finance Ministry, the borrowing programme 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.

The government further added that it won't issue a fresh Sovereign Green Bonds in the first half of the year. It may be issued in the second half. The statement also mentioned that the government will continue carrying out switch operations to smoothen redemption profile.

The government's borrowing is however lower than the borrowing in the first six months of 2022-23 which was at 59%. In the past few years the norm has been to borrow 60 to 63%