The Centre is set to borrow Rs 14.95 lakh crore via bonds in FY23. The bond market was shocked by the number when it was announced in the 2022 budget. But it is not enough to say that this is a record-breaking sum. To put the number into context, it is worth pointing out that at Rs 8.45 lakh crore, the central government's borrowing for just the first half of FY23 is more than what it has ever borrowed in all but two years - FY22 and FY21. The huge market borrowing programme is bound to lead to higher interest rates across the economy - unless the Reserve Bank of India somehow keeps rates contained.