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India may sell 150 bln rupees less in bonds in FY14-finmin official
January 16, 2014 / 7:41 AM / 4 years ago

India may sell 150 bln rupees less in bonds in FY14-finmin official

NEW DELHI, Jan 16 (Reuters) - India is likely to cut its borrowing via bonds for the 2013/14 fiscal year ending in March by 150 billion rupees ($2.4 billion) as revenues could be better than expected, said a senior official with direct knowledge of the government’s budget calculations.

The lower borrowing could also mean a narrower fiscal deficit, the official said.

“We will not need to borrow as non-tax revenues are expected to do better than expected,” the official told Reuters on Thursday.

“If you are cutting borrowing, obviously, the deficit will be lower,” the official said. “Deficit will be 4.7 percent but certainly not 4.84 percent.”

The government had initially budgeted to borrow 2.35 trillion rupees via bonds between October and March, for a total of 5.79 trillion rupees for the full fiscal year. ($1=61.6 rupees) (Reporting by Rajesh Kumar Singh; Editing by Rafael Nam)

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