News: India to raise overseas borrowing limit to $22 b

(RTR 16/01/2007) New Delhi - India will raise the overseas commercial borrowing limit for firms to $22 billion in the fiscal year to March 2007 from the present limit of $18 billion, a finance ministry official said on Tuesday.

"A formal communication will be sent to the Reserve Bank of India in a day or two," the official, who declined to be named, told reporters.

"In principle, we have decided to raise the limit to $22 billion from $18 billion," he added.