India’s Borrowing Estimate in the First Half of 2021-23

To fund the revenue gap for the economy’s revival Rs 8.45 lakh crore has been targeted by the government of India that will be raised through borrowings in the first half of 2022-23.


  • The gross market borrowing that is estimated for the next financial year is Rs 14.31 lakh crore.
  • The planned Rs 8.45 lakh crore borrowing will be targeted in the April to September period.
  • 60 percent of the borrowing for FY 2022-23 would be completed in the fiscal year’s first six months.
  • For 2021-22, the gross borrowing was Rs 12,05,500 crore.

The objective of the borrowings

The borrowing’s objective is to push the capital expenditure due to which there will be a multiplier effect on the country’s economy.

About Gross borrowings through dated securities

Rs 14,95,000 crore will be the gross market borrowing through dated securities for 2022-23. Considering the month of January 2022’s switch operations, for FY 2022-23 the gross market borrowing through dated securities is expected to be Rs 14,31,352 crore.

How will the borrowing be conducted?

In 26 weekly tranches of Rs 32,000-33,000 crore, the borrowing will be completed. The borrowings will be divided into 2, 5, 7, 10, 14, 30, and 40-year securities as well as Floating Rate Bonds (FRBs) of different tenors. Long-term securities of 14, 30, and 40 years, will account for a major portion of the borrowings. On a fortnightly basis, the FRBs will be issued.




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