India’s Record $187 Billion Debt Sales Add Pressure to Bonds

Prime Minister Narendra Modi’s government plans to sell a record amount of bonds in the coming fiscal year, a move that risks adding further pressure to local debt markets amid waning demand.

New Delhi plans to borrow 17.2 trillion rupees ($187 billion) in the year starting April 1, Finance Minister Nirmala Sitharaman said in her budget speech on Sunday. That represents an increase of about 18% from the current year’s revised number and is higher than the 16.5 trillion rupees estimated in a Bloomberg News survey.