Framework for green bonds worth Rs 16k crore to finance various sectors
- ByStartupStory | November 14, 2022
According to reports, the Finance Ministry has completed the framework for issuing sovereign green bonds in accordance with international norms.
The government plans to raise $16,000 crore during the second half of the current fiscal year through the issue of green bonds. It is a component of the borrowing plan for this fiscal year’s second half.According to the sources, the framework is complete and will be authorised soon.
According to them, these rupee-denominated papers will have a lengthy maturity to meet the needs of green infrastructure projects.The release would correspond to the Budget announcement.
This year’s Budget Speech by Finance Minister Nirmala Sitharaman included an announcement that the government intends to sell sovereign green bonds to raise money for green projects.In the Budget 2022–23, she stated that “the earnings will be employed in public sector projects, which contribute in reducing the carbon intensity of the economy.”
In sum, the government intends to borrow 5.92 lakh crore from October through March of the current fiscal year.In its budget for 2022–2023, the government predicted gross market borrowing of 14.31 lakh crore. With respect to this, it chose to borrow 14.21 lakh crore for 2022–23, which is 10,000 crore less than the Budget’s projection.
Follow Startup Story
Related Posts
