The finance ministry said on Wednesday that the Centre intends to borrow Rs 7.5 trillion from the market between April and September 2024-25 to pay the revenue gap and drive economic growth.

An official release stated that Rs 7.5 trillion, or 53%, of the expected Rs 14.13 trillion in gross market borrowing for 2024-25 will be borrowed in the first half (H1).

In her interim Budget, Finance Minister Nirmala Sitharaman recommended borrowing Rs 14.13 trillion by issuing dated securities to cover the next fiscal year's revenue shortfall.

This is lower than the previous year's gross borrowing forecast of Rs 15.43 trillion, the highest ever.

"The gross and net market borrowings through dated securities in 2024-25 are anticipated to be Rs 14.13 trillion and Rs 11.75 trillion, respectively.

"Both will be less than in 2023-24." "Now that private investments are taking place on a large scale, the central government's lower borrowings will allow for greater credit availability for the private sector," she said.

Private investment is increasing in the steel and cement sectors as a result of the government's massive capital expenditure.

Against the forecast of Rs 10 trillion for 2023-24, the government has set aside Rs 11.11 trillion for the following year.