India to meet borrowing target, mindful of bond yields: Mayaram

MUMBAI Thu Nov 28, 2013 10:48am IST

An employee poses with the bundles of rupee notes inside a bank in Agartala August 22, 2013. REUTERS/Jayanta Dey/Files

An employee poses with the bundles of rupee notes inside a bank in Agartala August 22, 2013.

Credit: Reuters/Jayanta Dey/Files

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MUMBAI (Reuters) - The government will stick to its 2013/14 borrowing programme but will calibrate its debt sale plans according to market conditions, Economic Affairs Secretary Arvind Mayaram said on Thursday.

"We are mindful of what the going yields are and therefore calibrate the borrowing accordingly because markets fluctuate. It's not that they are fixed at one point," Mayaram told reporters at the sidelines of a financial event.

"We will continue with what our requirements are. But we will calibrate keeping in mind the market conditions on the day in which we go out," he said.

The government has outlined a total borrowing plan of 5.79 trillion rupees for the full fiscal year, with 2.35 trillion rupees scheduled to be completed during October-March.

Mayaram also said the Reserve Bank of India is expected to switch back to a "more modest" interest rate regime once the country's investment cycle picks up.

($1 = 62.2460 rupees)

(Reporting by Suvashree Dey Choudhury; Writing by Neha Dasgupta; Editing by Rafael Nam)

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