The Government of India, in consultation with the Reserve Bank of India, has finalised its borrowing programme for the first half (H1) of FY 2025-26.

Out of Gross Market borrowing of ₹14.82 lakh crore budgeted for FY 2025-26, ₹8.00 lakh crore (54.0%) is planned to be borrowed in H1 through issuance of dated securities, including ₹10,000 crore of Sovereign Green Bonds (SGrBs).

The gross market borrowing of ₹8.00 lakh crore shall be completed through 26 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 (11.3%), 7-year (8.2%), 10-year (26.2%), 15-year (14.0%), 30-year (10.5%), 40-year (14.0%) and 50-year (10.5%).

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 first quarter (Q1) of FY 2025-26 is expected to be ₹19,000 crore for 13 weeks with issuance of ₹9,000 crore under 91 day T-bill, ₹5,000 crore under 182 day T-bill and ₹5,000 crore under 364-day T-bill.

To take care of temporary mismatches in Government accounts, the Reserve Bank of India has fixed the Ways and Mean Advances (WMA) limit for H1 of FY 2025-26 at ₹1.50 lakh crore.

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

Government borrowing plan sets first-half issuance across multiple maturities with dated securities, Sovereign Green Bonds, switching and greenshoe options. Government borrowing plan for the first half of FY 2025-26 sets the portion of annual gross market borrowing to be raised through dated securities and Treasury Bills, allocates issuance across a structured maturity profile including Sovereign Green Bonds, and provides for weekly auctions, switching and buyback operations and a reserved greenshoe option to smooth the redemption profile.