India's 2014/15 gross mkt borrowing to include 500 bln bond buyback - finmin official

NEW DELHI Mon Feb 17, 2014 4:23am EST

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NEW DELHI Feb 17 (Reuters) - India's projected gross market borrowing of 5.97 trillion rupees ($96.15 billion) in the fiscal year 2014/15 will include a bond buyback or switch that the government plans to carry out, Rajat Bhargava, a joint secretary at the finance ministry told Reuters.

The Indian government on Monday unveiled a plan to buy back or switch 500 billion rupees of bonds in the new fiscal year that begins on April 1.

Market participants have questioned the finance ministry's calculations, saying that the proposed debt switch would push up overall market borrowing to 6.47 trillion rupees.

A finance ministry spokesman said the doubts would be addressed at a news conference set for 1000 GMT on Monday. A formal clarification is also expected.

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