Centre plans to borrow Rs 8.88 lakh cr from market in April-September

The government is looking to raise Rs 8.88 lakh crore through borrowing in the first half of 2023-24 to fund the revenue gap for pushing economic growth, the Finance Ministry said on Wednesday.

Out of the gross market borrowing of Rs 15.43 lakh crore estimated for FY2023-24, Rs 8.88 lakh crore or 57.5 per cent is planned to be borrowed in the first half (H1), an official statement said.

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The borrowing 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, it said.