India to Borrow £26.15 Billion During October-March: Official (Photo: Leon Neal/AFP/Getty Images).

The Indian government will borrow a total of £26.15 billion from the market during the period between October and March this fiscal year through dated securities, lower than planned estimates, said India’s Economic Affairs Secretary Subhash Chandra Garg said on Friday (28).

The government will reduce its market borrowing by £7.41bn billion in the October-March period due to higher-a than-expected collection of £7.94bn through its small savings schemes.

The government had been on its way to borrow overall £64.12bn for the fiscal year 2018-19.

Subhash Chandra Garg added that the government’s fiscal plans are very in order and the government was certain of ending the fiscal year with the targeted fiscal deficit of 3.3 per cent of gross domestic product (GDP).

The government will also initiate inflation-indexed bonds, the secretary noted saying one or two bond issues will come in the fiscal year 2018-19.