NEW DELHI: The Indian government may reduce by as much as 600 billion rupees its planned record market borrowing of 14.95 trillion rupees ($200 billion) for the next fiscal year, two government sources said.

The sources said the latest bond switch conducted by the government with the central bank at the end of January was not factored into budget estimates released on Tuesday.

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The reduction could be announced before the end of March.

The sources requested anonymity because of the sensitivity of the matter.