New Delhi, Sep 26: The Central government plans to borrow Rs 7.86 lakh crore through dated securities during the second half of FY27, with the borrowing programme covering the period from October 2026 to March 2027.
The borrowing calendar, finalised in consultation with the Reserve Bank of India (RBI), takes the government’s gross market borrowing for the full financial year to about Rs 15.99 lakh crore. This is lower than the Rs 17.20 lakh crore estimated in the Union Budget.
The reduction in planned borrowing comes as the government manages its financing requirements for the remainder of the financial year while keeping a close watch on conditions in the government bond market.
The Centre will conduct 23 weekly auctions during the second half of FY27. The securities will have maturities ranging from three years to 50 years, providing a mix of short-, medium- and long-term government bonds.
Among the planned issuances, 10-year securities will have 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 has also included Rs 15,000 crore of Sovereign Green Bonds in the second-half borrowing programme. These securities are designed to mobilise funds for eligible projects under the government’s green finance framework.
The borrowing plan is significant for the domestic bond market, as the volume and maturity structure of government securities can influence investor demand and market yields. Bond-market conditions will also depend on factors including inflation, RBI policy, banking-system liquidity and global interest-rate movements.
Alongside the dated securities programme, the government plans to raise Rs 23,000 crore every week through Treasury Bills during 13 auction weeks in the October-December quarter. The planned weekly issuance comprises Rs 8,000 crore each through 91-day and 182-day Treasury Bills and Rs 7,000 crore through 364-day Treasury Bills.
For the second half of FY27, the RBI has fixed the government’s Ways and Means Advances limit at Rs 50,000 crore, providing temporary support for managing short-term mismatches between government receipts and expenditure.
The latest borrowing calendar gives investors greater visibility into the government’s funding requirements for the remaining six months of FY27 and sets the framework for government debt issuance through the second half of the fiscal year.