India will place $100 billion in government bonds


In the fiscal year, which begins April 1, India intends to place government bonds in the amount of 7.1 trillion rupees ($100 billion), Finance Minister, Piyush Goyal, said. The Indian government plans to support the economy with these funds. 750 million rupees will be directed to support farmers from 120 million households. Citizens who earn less than 500 thousand rupees ($7.1 thousand) per year will be exempt from income tax. In May, Indian citizens will choose a new government. Officials are supposed to have already budgeted measures designed to incline the population to support the current Prime Minister, Narendra Modi. In the current fiscal year, the state budget deficit of India will be 3.4% of GDP against the previously projected 3.3%. Experts, surveyed by Bloomberg, looked to 6.4 trillion rupees of government bonds budgeted. Their volume will be reduced to 5.71 trillion rupees. The yield on Indian bonds maturing in 9 years rose to 7.53%. Rupee fell against the dollar by 0.6%.  

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