Govt to raise INR 6.77 tln via gilts H2, cuts FY26 borrow aim by INR 100 bln
This story was originally published at 19:59 IST on 26 September 2025
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MUMBAI – The government will borrow a gross amount of INR 6.77 trillion in Oct-Mar through the sale of dated securities. With the issuance of INR 7.95 trillion in Apr-Sept, the government has indicated that its gross borrowing for the financial year 2025-26 (Apr-Mar) will be INR 14.72 trillion, INR 100.00 billion lower than the Budget aim of INR 14.82 trillion.
The borrowing plan for Oct-Mar includes the sale of gilts worth INR 280.00 billion to INR 330.00 billion for 22 weeks. The government will also raise INR 100.00 billion through the sale of 30-year green bonds as part of the calendar.
Following is the detailed revised calendar for auctions of government securities, including sovereign green bonds, for Oct-Mar:
| Auction week | Amount in INR billion | Security-wise allocation |
| Sept. 29-Oct. 3 | 320.00 | 10-year gilt for INR 320 billion |
| Oct. 6-10 | 280.00 | 15-year gilt for INR 160 billion |
| 40-year gilt for INR 120 billion | ||
| Oct. 13-17 | 300.00 | 5-year gilt for INR 180 billion |
| 50-year gilt for INR 120 billion | ||
| Oct. 27-31 | 320.00 | 3-year gilt for INR 90 billion |
| 7-year gilt for INR 110 billion | ||
| 30-year gilt for INR 70 billion | ||
| 30-year sovereign green bond for INR 50 billion | ||
| Nov. 3-7 | 320.00 | 10-year gilt for INR 320 billion |
| Nov. 10-14 | 280.00 | 15-year gilt for INR 160 billion |
| 40-year gilt for INR 120 billion | ||
| Nov. 17-21 | 300.00 | 5-year gilt for INR 180 billion |
| 50-year gilt for INR 120 billion | ||
| Nov. 24-28 | 320.00 | 3-year gilt for INR 90 billion |
| 7-year gilt for INR 110 billion | ||
| 30-year gilt for INR 70 billion | ||
| 30-year sovereign green bond for INR 50 billion | ||
| Dec. 1-5 | 320.00 | 10-year gilt for INR 320 billion |
| Dec. 8-12 | 280.00 | 15-year gilt for INR 160 billion |
| 40-year gilt for INR 120 billion | ||
| Dec. 15-19 | 300.00 | 5-year gilt for INR 180 billion |
| 50-year gilt for INR 120 billion | ||
| Dec. 22-26 | 320.00 | 3-year gilt for INR 90 billion |
| 7-year gilt for INR 110 billion | ||
| 30-year gilt for INR 120 billion | ||
| Dec. 29-Jan.2 | 320.00 | 10-year gilt for INR 320 billion |
| Jan. 5-9 | 290.00 | 15-year gilt for INR 160 billion |
| 40-year gilt for INR 130 billion | ||
| Jan. 12-16 | 310.00 | 5-year gilt for INR 180 billion |
| 50-year gilt for INR 130 billion | ||
| Jan. 19-23 | 330.00 | 3-year gilt for INR 90 billion |
| 7-year gilt for INR 110 billion | ||
| 30-year gilt for INR 130 billion | ||
| Jan. 26-30 | 320.00 | 10-year gilt for INR 320 billion |
| Feb. 2-6 | 290.00 | 15-year gilt for INR 160 billion |
| 40-year gilt for INR 130 billion | ||
| Feb. 9-13 | 310.00 | 5-year gilt for INR 180 billion |
| 50-year gilt for INR 130 billion | ||
| Feb. 16-20 | 330.00 | 3-year gilt for INR 90 billion |
| 7-year gilt for INR 110 billion | ||
| 30-year gilt for INR 130 billion | ||
| Feb. 23-27 | 320.00 | 10-year gilt for INR 320 billion |
| Mar. 2-6 | 290.00 | 15-year gilt for INR 160 billion |
| 40-year gilt for INR 130 billion | ||
| Total | 6,770.00 |
Notes:
* The government also said that 5% of the notified amount at each of the auctions would be earmarked for non-competitive bidders.
* The government reserves the right to exercise the green-shoe to retain additional subscription of up to INR 20.00 billion against each of the above securities.
* The government may also conduct switch or buyback auctions in consultation with the Reserve Bank of India.
* The government said it would have the flexibility to vary the issuance of securities, including instruments having non-standard maturity, floating rate bonds, or inflation-indexed bonds, keeping in view its requirements, evolving market conditions, and other relevant factors.
End
Reported by Srijita Bose
Edited by Rajeev Pai
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