Indian five hundred rupee banknotes are arranged for a photograph in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg  

Budget 2019: Government Proposes Gross Borrowing Of Rs 7.60 Lakh Crore In FY20

India plans higher-than-expected gross borrowing in the next financial year as the finance minister announced fresh welfare schemes to woo voters ahead of the general election.

Gross borrowing will stand at Rs 7.60 lakh crore in 2019-20, according to the budget document. That includes a buyback of Rs 50,000 crore.

In comparison, the revised estimate for 2018-19 is Rs 6.34 lakh crore. Economists had expected the number for FY20 between Rs 6.25 lakh crore and 6.5 lakh crore.

Higher borrowing number comes as Finance Minister Piyush Goyal announced announced a slew of measures, including an income guarantee scheme for farmers and a pension for workers in the unorganised sector. He also announced rebate for small taxpayers.