India to borrow Rs 6.29 lakh crore in 2013-14: report

India will keep to its gross borrowing goal of Rs 6.29 lakh crore for the current fiscal year, Bloomberg reported on Tuesday, citing two unnamed finance ministry sources.

The government will announce the fiscal second-half borrowing that begins in October on September 23, the report said.

Separately, two sources told Reuters that September 23 was a tentative date for the announcement of the borrowing calendar.

Yields rose on doubts whether the government will now go ahead with an announced Rs 50,000 crore debt switch which would reduce the gross supply by an equivalent amount. If not, it would mean an incremental supply of Rs 50,000 crore, dealers said.

The 10-year yield rose 5 basis points to 8.43 per cent after the report.


Copyright Thomson Reuters 2013