New Delhi: The Indian government has announced its borrowing plan for the first half of the 2023-24 financial year, in consultation with the Reserve Bank of India.

The government plans to borrow Rs 8.88 lakh crore in the first half, out of a total projected gross market borrowing of Rs 15.43 lakh crore for the entire financial year. The borrowing will be spread over 26 weekly tranches of Rs 31,000-39,000 crore and will include securities of 3, 5, 7, 10, 14, 30, and 40-year maturities.

The breakdown of borrowing by maturity is as follows: 3-year (6.31%), 5-year (11.71%), 7-year (10.25%), 10-year (20.50%), 14-year (17.57%), 30-year (16.10%), and 40-year (17.57%). The government plans to issue Sovereign Green Bonds in the second half of the financial year.

To smoothen the redemption profile, the government will conduct switch operations. The government plans to borrow Rs 32,000 crore through the issuance of Treasury Bills on a weekly basis in the first quarter of the financial year. The net borrowing for the quarter is expected to be Rs 1.42 lakh crore, down from Rs 2.40 lakh crore in the first quarter of the previous financial year.

The Reserve Bank of India has set the Ways and Means Advances limit at Rs 1,50,000 crore for the first half of the financial year to address temporary mismatches in the government's account. For more information, please refer to the press release available on the websites of the Finance Ministry and the Reserve Bank of India.

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