Has Modi govt put foreign sovereign bonds scheme on back burner for now?

During her Budget speech, Finance Minister Nirmala Sitharaman had said the government would start raising a part of its gross borrowing programme in external markets in foreign currencies

The government has accounted for only rupee-denominated bonds for borrowings this fiscal year, Economic Affairs Secretary Atanu Chakraborty said on Monday. This indicated the government will not go for overseas markets mop up this year.

“Sovereign bonds — bonds to be raised in external currencies — are decided on the basis of current price, market appetite, market conditions, and related issue and structuring of the bond itself. Careful calibrations and deliberations are needed before one enters in the market,” Chakraborty said. He said the government was working out a proper structure, weighing pros and cons, and the process is time consuming