September 28, 2017 / 12:17 PM / a year ago

India sticks to 2017/18 borrowing target, leaves window ajar for extra bond sales

NEW DELHI, Sept 28 (Reuters) - India’s federal government stuck to its budgeted market borrowing target on Thursday for the fiscal year ending in March 2018, but didn’t rule out the possibility of selling additional bonds to fund any new spending.

After a meeting with central bank officials, Economic Affairs Secretary Subhash Chandra Garg said that New Delhi would borrow 2.08 trillion rupees ($31.77 billion) between October and March.

In February, the government had budgeted gross market borrowings of 5.8 trillion rupees ($88.57 billion) for the 2017/18 fiscal year. Of this, 3.72 trillion rupees was raised in the first half of the year.

Garg, however, said that funding any new spending would require extra market borrowing. ($1 = 65.4650 Indian rupees) (Reporting by Manoj Kumar, Writing by Rajesh Kumar Singh; Editing by Sanjeev Miglani)

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