Government retains borrowing target, to raise ₹6.61 lakh crore in H2 to fund revenue gap
The Hindu
Government plans to borrow ₹6.61 lakh crore through securities to fund revenue gap for economic growth in 2024-25.
The Centre has retained its borrowing target for the current financial year and plans to raise ₹6.61 lakh crore through auction of dated securities during October-March period of 2024-25 to fund the revenue gap to boost economic growth.
"Out of Gross Market borrowing of ₹14.01 lakh crore budgeted for 2024-25, ₹6.61 lakh crore (47.2%) is planned to be borrowed in H2 through issuance of dated securities, including ₹20,000 crore of Sovereign Green Bonds (SGrBs)," the finance ministry said in a statement on Thursday (September 26, 2024).
The gross market borrowing of ₹6.61 lakh crore shall be completed through 21 weekly auctions.
The market borrowing will be spread over 3, 5, 7, 10, 15, 30, 40 and 50 year securities. The share of borrowing (including SGrBs) under different maturities will be 3-year (5.3 per cent), 5-year (10.6%), 7-year (7.6 per cent), 10-year (24.8%), 15-year (13.2%), 30-year (12.1%), 40-year (15.9%) and 50-year (10.6%).
The government will carry out switching/buyback of securities to smoothen the redemption profile, it said.
It will continue to reserve the right to exercise greenshoe option to retain an additional subscription of up to ₹2,000 crore against each of the securities indicated in the auction notifications, it said.
Weekly borrowing through issuance of Treasury Bills in the third quarter of 2024-25 is expected to be ₹19,000 crore for 13 weeks with issuance of ₹7,000 crore under 91 dated treasury bills (DTBs), ₹6,000 crore under 182 DTBs and ₹6,000 crore under 364 DTBs.
Swiggy shares drop 8% to record low due to wider loss from quick commerce expansion against Zomato.
Sensex and Nifty trade lower amid RBI caution, foreign fund outflows; market awaits rate cut decision.
Rupee hits record low against U.S. dollar on anticipation of RBI rate cut, weak economic data, and foreign fund outflows.
India may be able to develop its own high-end computing chipset, known as GPUs, in the next 3-5 years, Union Minister Ashwini Vaishnaw said.
DeepSeek has computer code that could send some user login information to a Chinese state-owned telecommunications company, say researchers.
Workday is cutting about 1,750 jobs, or 8.5% of its workforce as it focuses on AI.
Reliance Industries, ITC, and other major companies announce significant investments in West Bengal at BGBS 2025.
The Union Budget seems to have got many things right
LIC receives ₹105.42 crore GST demand notice for seven years, no material impact on operations.
Stock markets close lower as investors turn cautious ahead of RBI's monetary policy decision amid trade war concerns.
India has accused South Korea’s Kia of evading taxes of $155 million by misclassifying component imports but the carmaker has denied wrongdoing, the latest fight by a foreign automaker with New Delhi over tariffs, according to a document and two sources.
Rupee hits all-time low against dollar amid global trade war concerns, RBI rate cut expectations, and weak services sector.
Zomato CEO Deepinder Goyal clarifies controversial hiring process, with 30 candidates selected from 18,000 applications.