Overview
- Chief Economic Adviser V Anantha Nageswaran reaffirmed the 4.4% fiscal deficit target and said H2 market borrowing will remain ₹6.82 lakh crore within the ₹14.82 lakh crore FY26 gross plan.
- The government’s October–March borrowing calendar is due this week, and Nomura and ICRA expect no additional issuance, with a smaller share of 15- to 50-year bonds and possible use of T-bills.
- Officials and market research flag weaker appetite for 40- and 50-year paper after HTM rule changes and higher pension fund equity limits, even as 10-year G-sec yields have eased this year.
- CAG data show Telangana’s total receipts to end-August at ₹96,654 crore, including ₹33,415 crore from borrowings and other liabilities, with a revenue deficit of ₹11,052 crore and a fiscal deficit of ₹33,415 crore.
- By September 23, Telangana had raised about ₹46,000 crore, leaving roughly ₹8,000 crore under its Union-set limit, and the state has initiated loan restructuring to lower interest costs after talks with the Centre.