The Government of India, in consultation with the Reserve Bank of India, has finalized its borrowing programme for the second half (H2) of FY 2024-25.

Out of Gross Market borrowing of ₹14.01 lakh crore budgeted for FY 2024-25, ₹6.61 lakh crore (47.2%) is planned to be borrowed in H2 through issuance of dated securities, including ₹20,000 crore of Sovereign Green Bonds (SGrBs).

The gross market borrowing of ₹6.61 lakh crore shall be completed through 21 weekly auctions. The market borrowing will be spread over 3, 5, 7, 10, 15, 30, 40 and 50 year securities. The share of borrowing (including SGrBs) under different maturities will be: 3-year (5.3%), 5-year (10.6%), 7-year (7.6%), 10-year (24.8%), 15-year (13.2%), 30-year (12.1%), 40-year (15.9%) and 50-year (10.6%).

The Government will carry out switching/buyback of securities to smoothen the redemption profile.

The Government will continue to reserve the right to exercise greenshoe option to retain an additional subscription of up to ₹2,000 crore against each of the securities indicated in the auction notifications.

Weekly borrowing through issuance of Treasury Bills in the third quarter (Q3) of FY 2024-25 is expected to be ₹19,000 crore for 13 weeks with issuance of ₹7,000 crore under 91 DTBs, ₹6,000 crore under 182 DTBs and ₹6,000 crore under 364 DTBs, respectively.

To take care of temporary mismatches in Government accounts, the Reserve Bank of India has fixed the Ways and Means Advances (WMA) limit for H2 of FY 2024-25 at ₹50,000 crore.

More details may be seen in the detailed Press Release available on the Websites of Finance Ministry and the Reserve Bank of India.

Government borrowing programme focuses on dated securities, Sovereign Green Bonds and debt management tools to smooth redemptions. The Government finalised its borrowing programme for the second half of the financial year, funding a significant share of planned gross market borrowing through dated securities and a tranche of Sovereign Green Bonds, executed via weekly auctions across multiple maturities with a greenshoe option for additional subscription. The plan includes switching and buyback operations to smooth redemptions, scheduled Treasury Bill issuance for short-term cash needs, and a Ways and Means Advances limit set by the central bank to manage temporary account mismatches.