India outlines ₹7.86 lakh crore H2 FY27 borrowing plan and ₹50,000 crore WMA limit
What happened
The Reserve Bank of India, in consultation with the government, announced an indicative issuance calendar of ₹7.86 lakh crore (₹7,86,000 crore) for marketable dated securities in H2 FY27 (October 2026–March 2027). The schedule spans 23 auction weeks across 3- to 50-year maturities and includes Sovereign Green Bonds. Separately, the RBI fixed the second-half Ways and Means Advances (WMA) limit at ₹50,000 crore.
Why it matters
Keeping net borrowing aligned with budgetary targets signals fiscal discipline despite economic pressure and global volatility. The published calendar provides institutional and retail investors predictable supply schedules, while the ₹50,000 crore WMA facility lets the government manage short-term cash flow mismatches at the repo rate without immediately crowding the bond market.
Bigger picture
The framework highlights India's institutional debt strategy of balancing fiscal targets with diversified borrowing tools. Incorporating Sovereign Green Bonds and reserving 5% of auction amounts for retail investors via non-competitive bidding supports broader debt market participation while extending sovereign debt maturity profiles out to 50 years.
Watch next
Auctions start the week of September 28, 2026, with an initial ₹33,000 crore tranche. Markets will track cash levels against the ₹50,000 crore WMA limit, as reaching 75% utilization (₹37,500 crore) allows the RBI to launch ad-hoc debt issuances.