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The government has cut its additional market borrowing requirement by more than half for the fiscal year ending in March to Rs 20,000 crore, Economics Affairs Secretary SC Garg said on Twitter.The news sent benchmark 10-year bond yields down over 15 basis points.
Government has reassessed additional borrowing requirements taking note of revenue receipts and expenditure pattern. Requirement of additional borrowing being reduced from Rs 50000 crore as notified earlier to Rs 20000 crore.
— Subhash Chandra Garg (@SecretaryDEA) January 17, 2018
Last month, the finance ministry had said that the government is likely to borrow an additional Rs 50,000 crore in fiscal year 2017-18.
