Centre’s H1 FY27 borrowing plan finalised
What happened
- The government, in consultation with RBI, finalised its H1 FY 2026-27 borrowing programme; gross market borrowing of ₹17.20 lakh crore in BE was reduced to ₹16.09 lakh crore through G-Sec switches [PIB].
Background
- RBI manages public debt for the Centre; switches swap near-maturity securities for longer ones to smooth the redemption profile.
Why it matters
- The borrowing size affects bond yields and private credit costs.
How to use this in Mains
- As per PIB (2026-03-27): the government, in consultation with RBI, finalised its H1 FY 2026-27 borrowing programme; gross market borrowing of ₹17.20 lakh crore in BE was reduced to ₹16.09 lakh crore through G-Sec switches.
- The borrowing size affects bond yields and private credit costs.
Quotable data pointThe government, in consultation with RBI, finalised its H1 FY 2026-27 borrowing programme.
PIB: Finance: H1 FY27 borrowing plan, 27 Mar 2026
Exam angle
UPSC
Prelims: G-Sec switch, market borrowing.
Practice MCQs
Original practice questions (not PYQs).
Practice · UPSC
Gross market borrowing after switches
Answer (b) & explanation
PIB.
Practice · UPSC
Debt manager of Centre
Answer (b) & explanation
PIB.
Practice · UPSC
A G-Sec switch
Answer (b) & explanation
PIB.
Go deeper
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Official source: PIB: Finance: H1 FY27 borrowing plan, 27 Mar 2026
facts from cited sources only; faculty review pending