India to raise overseas debt limits if needed: fin min official

Last Updated: Thu, Nov 17, 2011 08:06 hrs

India will raise limits on external commercial borrowings (ECBs) for corporates if needed, a finance ministry official said on Thursday, adding, there is a strong demand for yuan-denominated debt from Indian corporates.

World's biggest yellow diamond

Hurt by 13 interest rate increases by the Indian central bank in the past 18 months, corporates have borrowed $17.75 billion through overseas borrowings in the first half of the current financial year, a finance ministry estimate showed.

Cartoon: This is all that Vijay Mallya really wants

Indian firms had borrowed $24.62 billion from overseas in the last fiscal year that ended on March 31, 2011.

More from Sify: