India’s central government has finalized a borrowing plan to raise Rs 8.2 lakh crore through dated government securities in the first half of fiscal year 2027, covering April to September 2026. This amount represents 51% of the revised full-year gross market borrowing target of Rs 16.09 lakh crore, down from the initial budget estimate of Rs 17.2 lakh crore after government securities switches.
The borrowing will occur via 26 weekly auctions of G-Secs spanning maturities from 3 to 50 years. The maturity distribution allocates 29% to 10-year securities, 15.4% to 5-year, 14.5% to 15-year, 9.6% to 50-year, 8.1% each to 3-year and 7-year, 8% to 40-year, and 7.3% to 30-year papers. Each auction targets Rs 28,000-34,000 crore, with a Rs 2,000 crore greenshoe option and 5% reserved for non-competitive retail bids.
Sovereign Green Bonds worth Rs 15,000 crore form part of the plan to fund climate projects. The government will conduct monthly switches and buybacks on the third or fourth Monday to manage redemptions and smooth the debt profile. Treasury bills in Q1 will total Rs 24,000 crore weekly, split as Rs 12,000 crore for 91-day, and Rs 6,000 crore each for 182-day and 364-day tenors.
This structure provides flexibility, with adjustments possible for holidays or market conditions through RBI consultations. The Reserve Bank has set the Ways and Means Advances limit at Rs 2.5 lakh crore for H1 to handle cash mismatches. Net market borrowing for FY27 stands at Rs 11.7 lakh crore after redemptions, supporting fiscal deficit financing while optimizing the yield curve.
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