BUDGET
Net short-term borrowing seen at INR 1.3 tln in FY27 vs nil in FY26
This story was originally published at 14:23 IST on 1 February 2026
Register to read our real-time news.Informist, Sunday, Feb. 1, 2026
--BUDGET: FY27 net short-term borrowing pegged at INR 1.30 tln
--BUDGET: FY26 net short-term borrowing seen nil
MUMBAI/NEW DELHI – The Union Budget has projected a net short-term borrowing of INR 1.30 trillion for 2026-27 (Apr-Mar), compared with nil in the current year. The Budget for 2025-26 had projected nil receipts from net short-term borrowings. The net issuance comes from Treasury bills.
The government pegged the net issuance of 91-day T-bills in FY27 at INR 228.00 billion, 182-day T-bills at INR 237.96 billion and 364-day T-bills at INR 558.01 billion. It has not estimated any net borrowing from the Ways and Means Advances and cash management bills to fund the fiscal deficit in FY26.
Interestingly, the Budget has estimated net issuance of INR 276.02 billion from 14-day T-bills. 14-day intermediate T-bills are non-marketable and state governments typically invest in them.
Typically, the government has a large net short-term borrowing through T-bills in the Apr-Jun quarter, before running that down in the remainder of the financial year. In the current fiscal, government's net borrowing has increased in the March quarter after running a negative net issuance until December-end.
The following are key details of the net borrowing through T-bills. All amounts in INR billion:
Net Borrowings via T-bills | 2026-27 Budget Estimate | 2025-26 Revised Estimate | 2025-26 Budget Estimate |
14 days | INR 276.02 billion | nil | Nil |
91 days | INR 228.00 billion | INR (-)218.35 billion | Nil |
182 days | INR 237.96 billion | INR 230.26 billion | Nil |
364 days | INR 558.01 billion | INR(-)11.91 billion | Nil |
Total | INR 1.3 trillion | Nil |
End
Reported by Janwee Prajapati and Aaryan Khanna
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
