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Centre scales back FY27 borrowing to Rs 15.99 lakh cr

hellohimachalse@gmail.com 26 Sep 2026 26 Sep 2026

The Union government will raise Rs 7.86 lakh crore through securities in the second half of 2026-27, reducing its total market borrowing for the financial year by Rs 1,20,494 crore from the Budget estimate.

The government is now expected to raise Rs 15,99,506 crore through dated securities in FY27, against the Budget estimate of Rs 17.2 lakh crore. The reduction is mainly due to switching government securities worth Rs 1,14,286 crore that are due for redemption in 2026-27, a senior Finance Ministry official said.

The Finance Ministry said the borrowing calendar for the second half had been finalised in consultation with the Reserve Bank of India (RBI). Of the Rs 7.86 lakh crore planned for October-March, Rs 15,000 crore will come through Sovereign Green Bonds. During the first half ending this month, the government is expected to raise Rs 8,13,506 crore through bonds, slightly below the Rs 8.2 lakh crore target.

Finance Minister Nirmala Sitharaman had in the Budget projected gross market borrowing of Rs 17.2 lakh crore to finance the fiscal deficit, estimated at Rs 16.9 lakh crore or 4.3 per cent of GDP.

The second-half borrowing will be conducted through 23 weekly auctions and will cover securities with maturities ranging from three years to 50 years. The 10-year segment will account for the largest share at 26.3 per cent, followed by 15-year securities at 17.6 per cent and five-year securities at 12.1 per cent. The government will continue switching and buybacks of securities to smoothen the redemption profile. It will also retain the option to accept additional subscriptions of up to Rs 2,000 crore against each security under the greenshoe facility.

For the third quarter, the government plans to borrow Rs 23,000 crore a week through Treasury Bills over 13 auction weeks. This will comprise Rs 8,000 crore each through 91-day and 182-day T-Bills and Rs 7,000 crore through 364-day T-Bills.

The RBI has fixed the Ways and Means Advances limit for the second half at Rs 50,000 crore to meet temporary mismatches in government accounts.

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