Bond yields surge as government borrowing balloons

India’s benchmark 10-year bond yield surged on Monday following the government’s decision to sharply increase market borrowing amid a major hit to the economy and public finances from the coronavirus pandemic. The government plans to borrow Rs 12 lakh crore ($160 billion) in the fiscal year to March 2021, up from the previously budgeted Rs 7.8 lakh crore, to cushion the blow from the pandemic, it said on Friday.

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