Borrowing Target
Econ secy says FY26 borrowing at INR 14.72 tln, shade lower than Budget aim
This story was originally published at 19:00 IST on 26 September 2025
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--Econ secy: FY26 gross borrow now INR 14.72 tln, shade lower than Budget aim
--Econ secy: Cut share of long-term bonds in H2 borrow post mkt, RBI feedback
--Econ secy: Expect to meet FY26 GDP growth aim
--Econ secy: May see slight dip in Q2 GDP growth number
--Econ secy: Govt is committed to meet fiscal deficit target of FY26
NEW DELHI – The government's target for gross borrowing through dated securities in the current fiscal year ending March at INR 14.72 trillion is a shade lower than the Budget target, Economic Affairs Secretary Anuradha Thakur said Friday. The FY26 Budget had pegged gross market borrowing for the year at INR 14.82 trillion.
The government, which borrowed INR 7.95 trillion in Apr-Sept, will raise INR 6.77 trillion in the second half of the year. According to the borrowing calendar released Friday, the government has cut the cumulative share of borrowing bonds over 30 years by 5.5%. "Based on wider consultation with the Reserve Bank of India and market feedback, the share of the long tenor securities has been reduced by about 5% points," Thakur told the media after the government released the market borrowing calendar for Oct-Mar.
"I would like to reemphasise that the government is committed to meeting the fiscal deficit target," Thakur said. The Budget has projected a fiscal deficit target of 4.4% of GDP in 2025-26. The secretary also said that there could be a slight dip in GDP growth in Jul-Sept, but it will pick up in the later quarters of the year. "We are confident of meeting growth targets," Thakur said.
The Indian economy grew at a stronger-than-expected 7.8% in Apr-Sept. The finance ministry has projected the GDP growth in FY26 to be in the range of 6.3-6.8%. End
Reported by Sagar Sen
Edited by Saji George Titus
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