Centre to borrow Rs 8.88 Lakh Cr in first half FY24

Centre to borrow Rs 8.88 Lakh Cr in first half FY24: The Finance Ministry informed that the government has decided to make a gross market borrowing of ₹8.88 trillion in the first half of FY24.

Out of 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. The borrowing is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore. The Centre has budgeted a gross market borrowing of ₹15.43 trillion in FY 2024. The borrowing program is finalized in consultation with the RBI.

March 2023 Current Affairs Quiz

Finance Minister Nirmala Sitharaman had in the Budget for FY24 reduced the fiscal deficit or the gap between expenditure and revenue to 5.9 per cent of the GDP for FY24 against 6.4 per cent in the current financial year. To finance the fiscal deficit in 2023-24, net market borrowing from dated securities is estimated at Rs 11.8 lakh crore.

“The share of borrowing under different maturities will be 3 years (6.31 per cent), 5 years (11.71 per cent), 7 years (10.25 per cent), 10 years (20.50 per cent), 14 years (17.57 per cent), 30 years (16.10 per cent) and 40 years (17.57 per cent),” the statement said.