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India to borrow gross $38 bn during October-March
Photo Credit: Reuters

India will borrow gross 2.68 trillion rupees ($37.82 billion) from the market between October and March through dated securities, Economic Affairs Secretary Atanu Chakraborty said on Monday.

The government was scheduled to borrow 7.10 trillion rupees for the 2019-20 fiscal year that ends next March, of which it has already borrowed 4.42 trillion rupees in the April-September period.

The government has set a fiscal deficit target of 3.3% of the gross domestic product for 2019-20.

Most economists expect the government to miss its fiscal deficit target for the year due to 1.45 trillion rupees of revenue loss following the recently announced move of cutting corporate taxes, which will further hit weak tax revenue collections.

A higher fiscal deficit could mean that the government might have to borrow more than the budgeted amount to meet its expenditure needs.

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