Govt to borrow Rs 50,000 cr more this year as revenue takes a hit; fears of fiscal slippage loom

The government will borrow an additional 500 billion rupees ($7.79 billion) this fiscal year, a higher-than-expected figure that could lead to it breaching its fiscal deficit target for the first time in four years and hit the bond and equities markets. The announcement by the finance ministry on Wednesday comes weeks after Moody’s Investors Service upgraded India’s sovereign credit rating for the…