Government’s Borrowing Plan For First Half (H1) FY 2022-23

The Government of India has finalised its borrowing programme for the first half (H1) of FY 2022-23 in conjunction with the Reserve Bank of India.

A total of 8.45 lakh crore is projected to be borrowed in the first half of FY 2022-23, out of a total gross market borrowing of 14.31 lakh crore[1] (H1).

The loan will be paid up in 26 weekly instalments of 32,000-33,000 crores. The borrowing will be divided over securities with maturities of 2, 5, 7, 10, 14, 30, and 40 years, as well as Floating Rate Bonds with varying tenors. 2 year (6.15 percent), 5 year (13.85 percent), 7 year (10.77 percent), 10 year (20 percent), 14 year (15.98 percent), 30 year (13.25 percent), 40 year (13.85 percent), and FRBs will account for the following maturities: 2 year (6.15 percent), 5 year (13.85 percent), 7 year (10.77 percent), 10 year (20 percent), 14 year (15.98 percent), 30 year (13.25 percent), 40 year (13.85 percent), and (6.15 percent ). FRBs in a variety of tenors

The government will continue to exchange securities in order to level out redemptions.

The government may continue to use the green shoe option to keep up to 2,000 crore in additional subscriptions for each of the securities listed in the auction notification.

Weekly Treasury Bill borrowing in the first quarter (Q1) of FY 2022-23 is estimated to be 33,000-34,000 crore, with a net borrowing of 2.40 lakh crore. In each auction held during the quarter, 13,000 crore will be issued under 91 DTBs, 12,000-13,000 crore under 182 DTBs, and 8,000 crore under 364 DTBs.

As declared by the Hon’ble Finance Minister in his Budget Speech on February 1, 2022, the Government of India and the Reserve Bank of India are working together to develop a Framework for the issue of Sovereign Green Bonds. Once the preliminary work is done, the issuing of Sovereign Green Bonds will be announced.

More information is available in the Press Release, which can be found on the Finance Ministry and RBI websites.