March 29, 2019 / 12:43 PM / 5 months ago

India plans to borrow about $64 bln in April-September

NEW DELHI, March 29 (Reuters) - India plans to borrow 4.42 trillion rupees ($63.92 billion) in the first half of the 2019/20 financial year that begins in April, the government said on Friday.

In its federal budget unveiled in February, the government said it envisaged gross market borrowing of 7.1 trillion rupees in 2019/20 and net market borrowing of 4.73 trillion rupees.

India’s 2019/20 planned gross borrowing is the highest in at least nine years as Prime Minister Narendra Modi poured extra money into support for farmers and a tax cut for low-income workers as his government looks to rally support from voters with the final budget before general elections start in April.

India’s gross borrowing for 2018/19 stood at 5.71 trillion rupees. ($1=69.1500 Indian rupees) (Reporting by Aftab Ahmed in NEW DELHI; Editing by Clarence Fernandez)

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