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.

Government has reassessed additional borrowing requirements taking note of revenue receipts and expenditure pattern. Requirement of additional borrowing being reduced from Rs 50000 crore as notified earlier to Rs 20000 crore.

— Subhash Chandra Garg (@SecretaryDEA) January 17, 2018

Last month, the finance ministry had said that the government is