Budget 2018: India cuts extra market borrowing needs by 60% to $3.1 billion

Budget 2018: India cuts extra market borrowing needs by 60% to $3.1 billion

India has cut its additional market borrowing requirement by more than half for the financial year ending in March to Rs 200 billion ($3.13 billion), Economics Affairs Secretary S C Garg said on Twitter.

The news sent benchmark 10-year bond yields down over 15 basis points.Last month, the finance ministry had said that the government is likely to borrow additional Rs 500 billion ($7.79 billion) in 2017/18 fiscal year that ends in March.

ARTICLE SOURCE- BUSINESS STANDARD.