India will borrow gross 2.68 trillion rupees ($37.82 billion) from the business between October and March through defined securities, Economic Affairs Secretary Atanu Chakraborty told on Monday.
The government was scheduled to borrow 7.10 trillion rupees for the 2019-20 financial year that ends next March, of which it has already borrowed 4.42 trillion rupees in the April-September period. The government has set a fiscal deficiency point of 3.3% of the total domestic product for 2019-20.
Most economists expect the government to drop its fiscal deficit target for the year due to 1.45 trillion rupees of revenue loss.
India will borrow gross 2.68 trillion Rupees Following the recently declared move of cutting corporate taxes, which will help further hit weak tax revenue collections.
A higher financial deficiency could mean that the government forces have to borrow more than the budgeted amount to meet its investment needs.