India may cut record 2022-23 market borrowing plan by Rs 60,000 cr: Report

The Indian government may reduce by as much as Rs 60,000 crore its planned record market borrowing of Rs 14.95 trillion for the next fiscal year, two government sources said.

The sources said the latest bond switch conducted by the government with the central bank at the end of January was not factored into budget estimates released on Tuesday.

The reduction could be announced before the end of March, the sources said requesting anonymity because of the sensitivity of the matter.

India's 10-year bond yield continued to rise on Wednesday, hitting a two-and-half year high, largely in reaction to the latest borrowing plan,