Gross borrowing of 6.29 trillion in FY14 to include debt switch - sources

NEW DELHI/MUMBAI (Reuters) - India's gross borrowing of 6.29 trillion rupees for the current fiscal year will include 500 billion rupees of debt switch as per the budgeted plan, three sources familiar with the matter told Reuters.

The 500-billion-rupee debt switch will likely take place in the fiscal second half, two of the above mentioned sources said.

India plans to lengthen the maturity of its rupee debt portfolio by replacing some shorter tenor debt with longer-dated paper.

(Reporting by Rajesh Kumar Singh & Neha Dasgupta; Editing by Anupama Dwivedi)

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