Govt39;s H1 borrowing at over 57 of 202324 budget plan
Government to borrow 310390 billion rupees weekly
Govt to carry out switch operations to smooth redemptions
Sovereign Green Bonds may be announced in H2 202324

March 29 Reuters India39;s federal government plans to borrow 8.8 trillion rupees 107.08 billion slightly above expectations via bonds from the market in the first six months of the fiscal year starting April 1.

The planned AprilSeptember borrowing constitutes about 57.6 of the total 15.43 trillion rupees planned for the current fiscal year, the government said in a statement on Wednesday.

Borrowing in the first six months is slightly above market expectations of about 55 of this year39;s target.

The government said the borrowing will be done through bonds of three, five, seven, 10, 14, 30 and 40 years tenure.

It plans to borrow between 310 billion and 390 billion rupees a week in the first half of the fiscal year.

Borrowing has more than doubled from levels in 2019 when Prime Minister Narendra Modi stormed to a landslide reelection as the government39;s social spending on free food and subsidies rose to record highs largely due to the pandemic.

The government plans net borrowing of 1.42 trillion rupees in the quarter ending June 30, compared with 2.40 trillion rupees in the same period last year.

The Reserve Bank of India has fixed the Ways and Mean Advances, which are temporary advances given by the central bank to governments to tide over any…