Out of the total gross market borrowing of ₹14.82 lakh crore estimated for FY26, approximately 54% will be raised in the first half, which includes ₹10,000 crore through Sovereign Green Bonds, the ministry said in a statement.
The market borrowing will be spread across multiple tenors, including 3-year, 5-year, 7-year, 10-year, 15-year, 30-year, 40-year, and 50-year securities. Notably, slightly over 26% of the borrowings will be conducted through 10-year government securities (G-Secs), making it a key component of the borrowing strategy.
The government also announced plans to conduct switching and buyback operations of securities to smoothen the redemption profile and manage future obligations effectively.
To address temporary mismatches in government accounts, the Reserve Bank of India (RBI) has set the ways and means advances (WMA) limit for the first half of FY26 at ₹1.50 lakh crore. Additionally, weekly borrowing through treasury bills in the first quarter (Q1) of FY26 is projected to be ₹19,000 crore for 13 weeks.
Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025, had proposed to mobilise ₹14.82 lakh crore through dated securities to address the revenue shortfall in the upcoming fiscal year.
The fiscal deficit for FY26 is projected at 4.4% of the GDP, lower than the 4.8% estimated for the current financial year. In absolute figures, the fiscal deficit is pegged at
₹15,68,936 crore for 2025-26.
To finance this deficit, net market borrowings from dated securities are expected to amount to ₹11.54 lakh crore. The remaining funds will be sourced from small savings and other avenues, according to the Finance Ministry.
“For 2025-26, the total receipts, excluding borrowings, are projected at ₹34.96 lakh crore, while the total expenditure is estimated at ₹50.65 lakh crore. Net tax receipts are anticipated to reach ₹28.37 lakh crore,” Sitharaman stated during her Budget speech.
The government’s borrowing plan reflects its strategy to manage fiscal obligations while funding developmental programmes and maintaining economic stability.
The government also released the borrowing calendar for the April-September period.
Calendar for issuance of Government of India dated securities
(April 01, 2025 to September 30, 2025)
| S.No. | Auction Week | Amount in (₹crore) | Security-wise Allocation |
| 1 | April 01-04, 2025 | 36,000 | (i) 3 Year for ₹6,000 crore |
| (ii) 10 Year for ₹30,000 crore | |||
| 2 | April 07-11, 2025 | 32,000 | (i) 15 Year for ₹16,000 crore |
| (ii) 40 Year for ₹16,000 crore | |||
| 3 | April 14-18, 2025 | 30,000 | (i) 7 Year for ₹11,000 crore |
| (ii) 30 Year SGrB for ₹5,000 crore | |||
| (iii) 50 Year for ₹14,000 crore | |||
| 4 | April 21-25, 2025 | 27,000 | (i) 5 Year for ₹15,000 crore |
| (ii) 30 Year for ₹12,000 crore | |||
| 5 | April 28 – May 02, 2025 | 36,000 | (i) 3 Year for ₹6,000 crore |
| (ii) 10 Year for ₹30,000 crore | |||
| 6 | May 05-09, 2025 | 32,000 | (i) 15 Year for ₹16,000 crore |
| (ii) 40 Year for ₹16,000 crore | |||
| 7 | May 12-16, 2025 | 25,000 | (i) 7 Year for ₹11,000 crore |
| (ii) 50 Year for ₹14,000 crore | |||
| 8 | May 19-23, 2025 | 27,000 | (i) 5 Year for ₹15,000 crore |
| (ii) 30 Year for ₹12,000 crore | |||
| 9 | May 26-30, 2025 | 36,000 | (i) 3 Year for ₹6,000 crore |
| (ii) 10 Year for ₹30,000 crore | |||
| 10 | June 02-06, 2025 | 32,000 | (i) 15 Year for ₹16,000 crore |
| (ii) 40 Year for ₹16,000 crore | |||
| 11 | June 09-13, 2025 | 30,000 | (i) 7 Year for ₹11,000 crore |
| (ii) 30 Year SGrB for ₹5,000 crore | |||
| (iii) 50 Year for ₹14,000 crore | |||
| 12 | June 16-20, 2025 | 27,000 | (i) 5 Year for ₹15,000 crore |
| (ii) 30 Year for ₹12,000 crore | |||
| 13 | June 23-27, 2025 | 36,000 | (i) 3 Year for ₹6,000 crore |
| (ii) 10 Year for ₹30,000 crore | |||
| 14 | June 30 – July 04, 2025 | 32,000 | (i) 15 Year for ₹16,000 crore |
| (ii) 40 Year for ₹16,000 crore | |||
| 15 | July 07-11, 2025 | 25,000 | (i) 7 Year for ₹11,000 crore |
| (ii) 50 Year for ₹14,000 crore | |||
| 16 | July 14-18, 2025 | 27,000 | (i) 5 Year for ₹15,000 crore |
| (ii) 30 Year for ₹12,000 crore | |||
| 17 | July 21-25, 2025 | 36,000 | (i) 3 Year for ₹6,000 crore |
| (ii) 10 Year for ₹30,000 crore | |||
| 18 | July 28 – August 01, 2025 | 32,000 | (i) 15 Year for ₹16,000 crore |
| (ii) 40 Year for ₹16,000 crore | |||
| 19 | August 04-08, 2025 | (i) 7 Year for ₹11,000 crore | |
| 25,000 | (ii) 50 Year for ₹14,000 crore | ||
| 20 | August 11-15, 2025 | (i) 5 Year for ₹15,000 crore | |
| 28,000 | (ii) 30 Year for ₹13,000 crore | ||
| 21 | August 18-22, 2025 | 36,000 | (i) 3 Year for ₹6,000 crore |
| (ii) 10 Year for ₹30,000 crore | |||
| 22 | August 25-29, 2025 | 32,000 | (i) 15 Year for ₹16,000 crore |
| (ii) 40 Year for ₹16,000 crore | |||
| 23 | September 01-05, 2025 | 25,000 | (i) 7 Year for ₹11,000 crore |
| (ii) 50 Year for ₹14,000 crore | |||
| 24 | September 08-12, 2025 | 28,000 | (i) 5 Year for ₹15,000 crore |
| (ii) 30 Year for ₹13,000 crore | |||
| 25 | September 15-19, 2025 | 36,000 | (i) 3 Year for ₹6,000 crore |
| (ii) 10 Year for ₹30,000 crore | |||
| 26 | September 22-26, 2025 | 32,000 | (i) 15 Year for ₹16,000 crore |
| (ii) 40 Year for ₹16,000 crore | |||
| Total | 8,00,000 |
