The union government will borrow a gross Rs 3,70,000 crore in the first half of the fiscal year that begins on April 1, Economic Affairs Secretary R Gopalan said on Tuesday, which is 65% of the full-year target.
Traders largely expected borrowing for the period to be in the range of 3,60,000 crore to Rs 3,80,000 crore.
Earlier this month, New Delhi announced a gross market borrowing of Rs 5,70,000 crore for the 2012-13 fiscal year, higher than an expected Rs 5,30,000 crore, to help bridge its fiscal deficit that is forecast to be 5.1% of the GDP.
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