Status Paper on Government Debt for 2024-25

2024-2025Status Paper on Government Debt MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS BUDGET DIVISION NEW DELHI 2024-25ACRONYMS AAAD Aid, Accounts and Audit Division MPC Monetary Policy Committee Medium-Term Debt Management ADB Asian Development Bank MTDS Strategy AIC Average Interest Cost MTF Medium-Term Framework National Bank for Agriculture and ARB Annual Repayment Burden NABARD Rural Development National Cooperative ATR Average Time to Re-fixing NCDC Development Corporation Negotiated Dealing System - CCIL Clearing Corporation of India Limited NDS-OM

Order Matching Segment CGA Controller General of Accounts NRI Non-Resident Indian CMB Cash Management Bill NSO National Statistics Office CPI Consumer Price Index NSSF National Small Savings Fund CPS Committed Portfolio Size OCI Overseas Citizens of India DEA Department of Economic Affairs OD Overdraft Deposit Insurance and Credit Guarantee Organisation for Economic Co- DICGC OECD Corporation operation and Development DMS Debt Management Strategy OMC Oil Marketing Company DSA Debt Sustainability Analysis PD Primary Dealer DTB Days Treasury Bill POLIF Post Office Life Insurance Fund EBR Extra Budgetary Resources PSB Public Sector Bank EM Emerging Markets PSU Public Sector Undertaking EMDE Emerging Market and Developing Economy RBI Reserve Bank of India EMGBI Emerging Markets Government Bond Index RE Revised Estimate FCI Food Corporation of India RHS Right Hand Side Rural Post Office Life Insurance FD Fiscal Deficit RPOLIF Fund FPIs Foreign Portfolio Investors RR Revenue Receipt FRB Floating Rate Bond SDF Special Drawing Facility Fiscal Responsibility and Budget FRBM SDL State Development Loan Management FY Financial Year SDR Special Drawing Right GBI-EM Government Bond Index-Emerging Market SGB Sovereign Gold Bond GDP Gross Domestic Product SGrB Sovereign Green Bond GGD General Government Debt SGS State Government Security GoI Government of India SLR Statutory Liquidity Ratio G-Sec Government Security T-Bills Treasury Bills United Nations Conference on GST Goods and Services Tax UNCTAD Trade and Development HUF Hindu Undivided Family USD United States Dollar International Bank for Reconstruction and IBRD UT Union Territory Development IDA International Development Association VRR Voluntary Retention Route IIBs Inflation Indexed Bonds WAC Weighted Average Coupon IIFCL India Infrastructure Finance Company Ltd. WAM Weighted Average Maturity IMF International Monetary Fund WAY Weighted Average Yield IP Interest Payment WEO World Economic Outlook ITB Intermediate Treasury Bills WMA Ways and Means Advance LAF Liquidity Adjustment Facility WPI Wholesale Price Index Ministry of Statistics and Programme MoSPI ImplementationEXECUTIVE SUMMARY Since 2010, the Central Government has been publishing an annual Status Paper on Government Debt that provides a detailed account of the overall debt position of the country.

Since 2015-16, the publication also includes, “Handbook of Statistics on Central Government Debt” and “Debt Management Strategy”, which are part of the Status Paper, thus bringing all Government debt-related information at one place.

2. The Central Government Debt1 includes total outstanding liabilities of the Central Government on the security of the Consolidated Fund of India, including external debt valued at current exchange rates (Public Debt), total outstanding liabilities in the Public Account of India (Other Liabilities) and liabilities on account of Extra Budgetary Resources (EBR) raised by issuing Government of India (GoI) fully serviced bonds, adjusted for cash balance. Public debt is further classified into internal and external debt. Within internal debt, marketable debt comprises Government dated securities and Treasury Bills, issued through auctions. Non-marketable debt comprises Intermediate Treasury Bills (14 days ITBs) issued to State Governments/UTs with legislature as well as select Central Banks, special securities issued against small savings, special securities issued to public sector banks/EXIM Bank, securities issued to international financial institutions, and compensation and other bonds. Other liabilities include liabilities on account of State Provident Funds, Reserve Funds and Deposits, Other Accounts, etc. A summary of the statistics presented in the paper has been tabulated below.

Parameters/ Debt 2020-21 2021-22 2022-23 2023-24 2024-25 Reference Indicators Central Govt. Gross (GoI) 12186361 13866125 15612528 17170072 18595002 Table 1.2(A) Liabilities (in ₹crore) as percentage of GDP2 61.4 58.8 59.8 59.2 58.5 Table 1.2(B) General Govt. Liabilities 17406203 19596941 22038684 24412360 26659591 Table 4.10 (in ₹crore) as percentage of GDP 87.7 83.0 84.4 84.2 83.8 Table 4.10 External Debt (in ₹crore, 614829 658334 748456 796078 874300 Table 1.2(A) at year end exchange rate) as percentage of GDP 3.1 2.8 2.9 2.7 2.7 Table 1.3 as percentage of Central Government Gross 5.0 4.7 4.8 4.6 4.7 Table 2.1 Liabilities 1 The words ‘liabilities’ and ‘debt’ are used interchangeably in the document.

2 Note on GDP Series: Throughout this Status Paper, data up to FY 2021–22 is based on the earlier series (Base Year: 2011–12),

whereas figures from FY 2022–23 onward incorporate the revised series (Base Year: 2022–23) released by NSO, MoSPI (February 27, 2026). iParameters/ Debt 2020-21 2021-22 2022-23 2023-24 2024-25 Reference Indicators Marketable Debt (in 7859506 8817283 9989233 11137233 12007233 Table 1.2(A) ₹crore) as percentage of Central Government Gross 64.5 63.6 64.0 64.9 64.6 Table 2.1 Liabilities Issuances of dated GoI Securities during the year Weighted Average Yield

5.79 6.28 7.32 7.24 6.96 (in per cent) Table 2.6 Weighted Average

14.49 16.99 16.05 18.09 20.65 Maturity (in years) Outstanding stock of dated GoI Securities Weighted Average

7.27 7.11 7.26 7.29 7.25 Coupon (in per cent) Table 2.6 Weighted Average

11.31 11.71 11.94 12.54 13.24 Maturity (in years) Ownership of dated GoI Securities (in per cent) By Commercial banks 37.8 35.9 36.6 37.7 36.2 By Insurance companies 25.3 25.9 26.0 26.0 25.8 Table 2.10 By Provident Funds 4.4 4.6 4.7 4.5 4.2 Short-term debt (as % of GDP) Centre 6.0 5.6 5.8 5.4 5.0 Table 5.1 States 1.7 1.8 1.9 1.8 1.6 Table 5.2 Interest Payments-Revenue Receipts Ratio (IP / RR) Centre 41.6 37.1 39.0 39.0 36.7 Chart 5.8 States 15.0 13.3 12.6 12.9 12.3 Average Interest Cost (AIC) (in per cent) Centre 6.0 6.2 6.3 6.5 6.2 Chart 5.9 States 6.7 6.6 6.3 6.3 6.3 Nominal GDP growth minus AIC Centre -7.2 12.7 4.4 4.5 3.5 Chart 5.10(a) States -8.0 12.3 4.3 4.7 3.5 Chart 5.10(b)

3. Salient features of Government Debt are as under: i. Central Government Gross liabilities contracted to 58.5 per cent of GDP at end-March 2025 from 59.2 per cent of GDP at end-March 2024. Correspondingly, the net adjusted liabilities stood at 57.0 per cent of GDP at end-March 2025, lower than 58.4 per cent during 2020-21 and 57.4 per cent at end-March 2024.

ii. By end-March 2025, the General Government Debt (GGD) as a share of GDP had fallen to 83.8 per cent, compared to 84.2 per cent in March 2024. iii. As of end-March 2025, 94.8 per cent of the Central Government's debt was in domestic currency, with sovereign external debt accounting for 5.2 per cent, indicating limited currency risk. Moreover, most of the external debt originates from official sources, which minimises the risk associated with the volatility in the international capital markets.

iv. The share of marketable securities in internal debt was 75.4 per cent at end-March 2025 compared to 75.8 per cent at end-March 2024. v. As of end-March 2025, the floating rate internal debt constituted only 1.2 per cent of GDP, indicative of limited exposure to interest rate volatility providing stability to interest payments.

iivi. It has been the endeavour of the Government to elongate the maturity profile of its debt portfolio with a view to reduce the roll-over risk. As of end-March 2025, the weighted average residual maturity of outstanding dated securities stood at 13.24 years, with maturities extending up to 50 years. At end-March 2025, 26.5 per cent of the total outstanding dated securities had a residual maturity of up to 5 years, compared to 27.6 per cent a year earlier. Active debt management operations in the form of switches also help to elongate the maturity profile and reduce the roll-over risk.

vii. The investor base as evident from the ownership pattern of dated securities indicates a gradual diversification and widening of market over time. Commercial banks remain the dominant investor class even as their share declined from 37.8 per cent at end-March 2021 to 36.2 per cent at end-March 2025. Insurance Companies and Provident Funds account for 25.8 per cent and 4.2 per cent, respectively, of outstanding stock of dated securities.

viii. The Central Government’s Interest Payments to Revenue Receipts (IP-RR) ratio moderated to 36.7 per cent in FY 2024-25 and corresponding ratio for General Government stood at 24.2 per cent. Furthermore, the gap between the nominal GDP growth rate and the Central Government’s AIC continues to be positive at about 3.5 per cent in FY 2024-25.

4. The Government has been publishing its Debt Management Strategy (DMS) as a part of this Status Paper. The debt profile of the Central Government as at end-March 2025 has been analysed with regards to cost, maturity and certain other risk factors. The risk analysis contains metrics such as average time to maturity, redemption profile, average time to re-fixing and debt maturing in the next 12 months. The outcome of this analysis reveals that the debt portfolio of the Central Government carries low risk.

iiiCONTENTS No. Description Page No.

Foreword Acronyms Executive Summary Part I - Status of Government Debt Introduction 1 Public Debt – Central Government 9 Public Account Liabilities - Central Government 27 General Government Debt 31 Assessment, Emerging Issues and Road Ahead 43 Part II - Debt Management Strategy of Central Government Objectives And Scope of Debt Management Strategy 55 Risk Assessment of Public Debt Profile of Central Government 57 Medium Term Debt Management Strategy [2025-28] 69 LIST OF TABLES Part I - Status of Government Debt Table 1.1: Financing of Fiscal Deficit of the Centre 1 Table 1.2(A): Debt Position of the Central Government 3 Table 1. 2(B): Debt Position of the Central Government (as % of GDP) 4 Table 1.3: Adjustments to the Reported Debt of the Central Government 5 Table 1.4: Internal Debt as per cent of Public Debt and GDP as at end-March 2025 6 Table 1.5: General Government Debt 7 Table 2.1: Share of Public Debt in Gross Liabilities 10 Table 2.2: Outstanding Marketable Dated Securities 11 Table 2.3: Outstanding Stock under FRBs as on March 31, 2025 11 Table 2.4: Buyback and Switch (Conversion) Operations during 2013-14 to 2024-25 12 Table 2.5: Maturity Profile of Outstanding Central Government Dated Securities 13No. Description Page No.

Table 2.6: Maturity and Yield of Dated Securities of Central Government 13 Table 2.7: G-Sec Issuances by Maturity Buckets (in %) 13 Table 2.8: G-Sec Issuances under different maturity buckets 14 Table 2.9: Maturity trend of dated securities 15 Table 2.10: Ownership Pattern of Government of India’s Dated Securities 15 Table 2.11: Medium-Term Framework for Investment in Government Securities by Foreign Portfolio Investors 16 Table 2.12 Outstanding position of Specified Securities under the Fully Accessible Route as on March 31, 2025 18 Table 2.13: Investment under Fully Accessible Route (FAR) 19 Table 2.14: Details on Sovereign Green Bond issued till FY 2024-25 20 Table 2.15: Outstanding Stock of Treasury Bills 20 Table 2.16: Amount raised through Cash Management Bills 21 Table 2.17: Investment by State Governments in 14-day ITBs 21 Table 2.18: Issuance of Sovereign Gold Bonds 22 Table 2.19: Trends in External Debt 24 Table 2.20: Composition of External Debt 24 Table 2.21: Currency Composition of External Debt 24 Table 3.1: Public Account Liabilities of the Central Government 27 Table 3.2: Liabilities and Investments of NSSF 28 Table 3.3: State Provident Funds 28 Table 3.4: Special Securities issued in lieu of subsidies 29 Table 3.5: Reserve Funds and Deposits 29 Table 4.1: Financing of Fiscal Deficit of State Governments 32 Table 4.2: Outstanding Liabilities of State Governments/UTs 32 Table 4.3: Liability Position of State Governments and Union Territories (₹ Crore) 33 Table 4.4: Liability Position of State Governments and UTs (as % of GDP) 34 Table 4.5: Maturity Profile of Outstanding SDLs/SGSs 35 Table 4.6: State-wise details of WAM of outstanding stock of SDLs/SGSs (in years) 35 Table 4.7(a): Weighted Average Cut-off Yield on Issuances of SDLs/SGSs (%) 36No. Description Page No.

Table 4.7(b): Weighted Average Coupon (WAC)/Yield (WAY) on SDLs/SGSs and Spread over WAY of Central Government Securities 36 Table 4.8: Composition of ‘Other Liabilities’ of State Governments and UTs 37 Table 4.9: State Government Debt Adjusted for Investment in Treasury Bills 38 Table 4.10: General Government Debt 39 Table 5.1: Short-term Debt of Central Government 44 Table 5.2: Short-term Debt of State / UTs 45 Table 5.3: Short-term Debt of General Government 46 Table 5.4: Floating Rate Debt of Central Government 47 Part II- Debt Management Strategy of Central Government Table 2.1: Short-term Debt of Central Government 61 Table 2.2: Market Borrowings through Floating Rate Instruments (₹ crore) 64 Table 2.3: Percentage of Outstanding Marketable Debt due for Re-fixing in next 12 Months 65 Table 3.1: Benchmark share of Short-Term Debt 69 Table 3.2: Benchmark relating to Weighted Average Maturity of Dated Securities 70 Table 3.3: Benchmark Share of FRBs and Inflation-Indexed Bonds 70 Table 3.4: Benchmark Share of External Debt 71 Table 3.5: Status vis-à-vis Benchmarks 71 LIST OF CHARTS Part I- Status of Government Debt Chart 2. 1: Trends in Public Debt 9 Chart 2. 2: Relative Contributions (%): Public Debt Growth 9 Chart 4.1: Liabilities of State Governments 33 Chart 4.2: Comparative Chart of SDLs/SGSs vis-à-vis G-Secs in Outstanding bonds and Outright Trades 38 Chart 4.3: Trends in General Government Debt/Liabilities 40 Chart 5.1: Composition of Short-Term Debt of Central Government 44 Chart 5.2: Composition of Short-Term Debt of States / UTs 45 Chart 5.3: Maturity Profile of Central Government Dated Securities 46 Chart 5.4: External Debt of Central Government 47No. Description Page No.

Chart 5.5: Ownership Pattern of Central Government Dated Securities (for FY ending March) 48 Chart 5.6: Ownership Pattern of State Government Securities (for FY ending March) 48 Chart 5.7: Trends in Debt-GDP ratio of the Government 49 Chart 5.8: Interest Payments to Revenue Receipts Ratio 50 Chart 5.9: Average Interest Cost and Nominal GDP Growth 50 Chart 5.10(a): Difference between GDP growth and Centre’s AIC, and Centre's Primary Deficit 51 Chart 5.10(b): Difference between GDP growth and States’ AIC, and States' Primary Deficit 51 PART II- Debt Management Strategy of Central Government Chart 2.1: Overview of Growth Outlook Projections 57 Chart 2.2: Trends in Gross Issuances of Central Government Dated Securities 59 Chart 2.3: Redemption Profile of Central Government’s Internal Debt, External Debt and Other Liabilities 62 Chart 2.4: Residual Maturity-wise Shares in Internal Debt, External Debt and Other Liabilities (As of end-March 2025 in per cent) 63 Chart 2.5: Average Time to Maturity of the Central Government Dated Securities 64 Chart 2.6: Percentage of Outstanding Marketable Debt due for Re-fixing in next 12 month 65 ANNEX

Annex I: Debt Position of the Central Government 75

Annex II: Statement Showing Maturity Profile of Internal Debt and other liabilities (Special Securities) as end-March 2025 76

Annex III: Statement Showing Weighted Average Rate of Interest (Maturity year wise) on Market Loans including Floating Rate Bonds (FRB), Converted Special Securities and Special Securities as on end-March 2025 78

Annex IV: List of Government Securities Outstanding as on end-March 2025 80

Annex V: List of Government of India Securities Outstanding as on end-March 2025 - Interest Rate Wise 85

Annex VI: List of Government Securities issued to NSSF Outstanding as on end-March 2025 89

Annex VII: Interest rate on Various Small Savings Instruments 91No. Description Page No.

DATA TABLES OF HANDBOOK OF STATISTICS ON CENTRAL GOVERNMENT DEBT Table HB-1A: Outstanding Central Government Debt - Public Debt 92 Table HB-1B: Outstanding Central Government Debt - Other Liabilities 93 Table HB-2: Outstanding Central Government Securities details for last 10 years 94 Table HB-3: Donor-wise Sovereign External Debt as a percentage of Total External Assistance 99 Table HB-4: Currency Composition of Sovereign External Debt 100 Table HB-5: Ownership Pattern of Government of India Dated Securities (Face Value) over the last 10 years 101 Table HB-6: Financing of Fiscal Deficit of the Central Government 103 Table HB-7: Details of Central Government Market Borrowings - Dated Securities 104 Table HB-8: Issuance of 364-day Treasury Bills 109 Table HB-9: Issuance of 182-day Treasury Bills 111 Table HB-10: Issuance of 91-day Treasury Bills 113 Table HB-11: Secondary Market Transactions in Government Securities 115 Table HB-12A: Secondary Market Outright Transactions - Central Government Dated Securities (up to 15-years maturity) 117 Table HB 12B: Secondary Market Outright Transactions - Central Government Dated Securities (above 15-years maturity) 119 Table HB-13A: Category-wise Buying under Outright Transactions in Secondary Market 121 Table HB-13B: Category-wise Selling under Outright Transactions in Secondary Market 123 Table HB-14A: Instrument-Wise Breakup of Outright Trades 125 Table HB-14B: Turnover Ratio for the last 3 years 127 Table HB-15A: Secondary Market yield on Central Government Dated Securities (up to15 years maturity) 128 Table HB-15B: Secondary Market yield on Central Government Dated Securities over the last 5 years (above 15 years maturity) 130 Table HB-16: Maturity Profile of Outstanding Central Government Securities 132 Table HB-17: Budgeted and Actual Market Borrowings of the Central Government 133 Table HB-18: Yield Movement 134PART - I Status of Government DebtCHAPTER I INTRODUCTION The Union Government has been publishing a Status Paper on Government Debt since FY 2010-11. The Status Paper provides a detailed analysis of the Union Government’s debt position.

In addition to this, the Status Paper also covers the debt of the State Governments/UTs with legislatures as well as General Government. Medium-Term Debt Management Strategy (MTDS) is also a part of this Paper, which provides information on Government’s plan to achieve a desired composition of the Government’s debt portfolio, based on its cost/risk trade-off considerations.

1.2 The present Status Paper for FY 2024-25 is the fifteenth in this series highlighting the key debt indicators and the composition of the Government Debt. The paper also covers the prudent debt management practices including mobilising debt resources at a low cost over the medium to long-term, attaining the prudent level of risk and a stable debt structure, and supporting the well- functioning secondary market for the Government securities.

Central Government Fiscal Deficit / Liabilities

1.3 Post Covid-19, the Fiscal Deficit (FD) of the Union Government has been on a downward trajectory with the FD declining from 9.2% of GDP in FY 2020-21 to 4.9% in FY 2024-253. The FD of the Union Government has been financed through market borrowings, small savings, state provident funds, external assistance, and short-term borrowings etc. The financing pattern of the FD is given in Table 1.1.

Table 1.1: Financing of Fiscal Deficit of the Centre Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 ₹ crore

1. Market Borrowings (Net)/ Dated Securities@ 1036532 732530 1105836 1177754 1074512

2. External Assistance (Net) 70180 36147 37124 55121 47271

3. Small Savings (Net) 483733 551269 395860 451399 429502

4. Short Term Borrowings 203205 77438 112009 53205 -160154

5. State Provident Funds (Net) 18514 10317 5089 5059 3999

6. Cash Balance: Surplus (+)/ Deficit (-) -7188 2543 -1622 794 608

7. Other Receipts 13315 174277* 83460 -88689 178692

8. Fiscal Deficit 1818291 1584520 1737755 1654643 1574431

9. Fiscal Deficit (Per cent of GDP) 9.2 6.7 6.7 5.7 4.9 Per cent of FD

1. Market Borrowings (Net)/ Dated Securities 57.0 46.2 63.6 71.2 68.2

2. External Assistance (Net) 3.9 2.3 2.1 3.3 3.0

3. Small Savings (Net) 26.6 34.8 22.8 27.3 27.3

4. Short Term Borrowings 11.2 4.9 6.4 3.2 -10.2

5. State Provident Funds (Net) 1.0 0.7 0.3 0.3 0.3

6. Cash Balance: Surplus (+)/ Deficit (-) -0.4 0.2 -0.1 0.0 0.0

7. Other Receipts 0.7 11.0 4.8 -5.4 11.3

8. Fiscal Deficit 100.0 100.0 100.0 100.0 100.0 @ Adjusted Switch and Buyback. * including securities issued for recapitalisation of PSBs.

Source: Abstract of Receipts, Receipt Budget of Central Government (Various issues) 3 Note on GDP Series: Throughout this Status Paper, data up to FY 2021–22 is based on the earlier series (Base Year: 2011–12),

whereas figures from FY 2022–23 onward incorporate the revised series (Base Year: 2022–23) released by NSO, MoSPI (February 27, 2026).

11.4 The Central Government Debt in this Status Paper has been defined to include total outstanding liabilities of the Central Government contracted on the security of the Consolidated Fund of India, including external debt valued at current exchange rates (Public Debt), total outstanding liabilities in the Public Account of India (Other Liabilities) and liabilities on account of Extra Budgetary Resources (EBR) raised by issuing GoI fully serviced bonds adjusted for cash balance4.

Adjustment to Reported Central Government Liabilities

1.5 Certain adjustments to the figures of total liabilities reported in the budget have been made to capture debt under the broader ambit. The details of these adjustments are briefly explained

below:

(i) External debt – External debt is reported at historical exchange rates in the budget documents. The external debt valued at current exchange rates generally differs from its originally contracted or historical value in view of movements in exchange rate over the life cycle of these loans. Therefore, external debt valued at current (end-of-year) exchange rates reflects the value of this liability as on date in domestic currency.

(ii) Liabilities under National Small Savings Fund (NSSF) - The investment in Central Government Special Securities against outstanding balance as on March 31, 1999, investment in Central Government special securities against collections net of withdrawals from the funds received thereafter in the Fund and reinvestment in Central Government special securities out of the sums received on redemption of securities is considered as borrowing from NSSF by the Central Government and is shown under the head ‘Public Debt’ of the Central Government. Remaining liabilities of the NSSF (i.e., total liabilities of NSSF minus investment in special securities issued by the Central Government as explained above) are shown under ‘Other Public Account’ Liabilities of the Central Government in the Union Budget and also includes investment in special State Government securities against net collections and investments in public agencies from the NSSF.

1.6 The liability position of the Central Government, after adjustments of above-mentioned items including EBR, cash balance, etc. to the liability position as reported in the Union budget documents, is presented in Table 1.2(A) and Table 1.2(B).

1.7 Gross liabilities, which stood at ₹186.0 lakh crore at end-March 2025, accounted for 58.5 per cent of GDP5, are broadly classified under two heads, i.e., Public Debt and Public Account Liabilities. The gross liabilities are adjusted for the cash balance on the last day of the financial year, details of which are given in Table 1.2(A) and Table 1.2(B). Central Government’s outstanding total net liabilities after adjusting for securities issued to States against NSSF, NSSF loans to other agencies (excluding NSSF loans fully serviced by GoI) and Post office insurance with Fund managers stood at ₹181.4 lakh crore and accounted for 57.0 per cent of GDP as at end-March 2025. Public Debt accounted for 90.3 per cent of gross liabilities, while Public Account Liabilities and EBRs constituted the remaining 9.3 per cent and 0.7 per cent, respectively, at end-March 2025 without adjusting for cash balance (Table 2.1). The major components of liabilities of the Central Government along with its reconciliation with numbers in Union Budget is given in Table 1.2(A).

4 Section 2(aa) of the FRBM Act, 2003.

5 GDP Estimates from FY 2022-23 onwards are based on New Series with base year 2022-23 published by NSO, MoSPI dated Feb 27, 2026.

2Table 1.2(A): Debt Position of the Central Government (₹ crore) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 A. Public Debt (A1+A2) 10524372 12120677 13822188 15494255 16800249 A1. Internal Debt (a+b) 9909543 11462343 13073732 14698177 15925949 a. Marketable Securities (i+ii+iii) 7859506 8817283 9989233 11137233 12007233

(i) Dated Securities 7168555 8060085 9165921 10265571 11216852

(ii) Treasury Bills 690950 757198 823313 871662 790381

(iii) Cash Management Bills - - - - - b. Non-marketable Securities (i to vii) 2050037 2645059 3084498 3560944 3918716

(i) 14 Day Intermediate T-Bills 205576 216766 213984 267517 188644

(ii) Compensation & Other Bonds 6 104267 131202 133591 143420 148719

(iii) Securities issued to Intl. Fin. Institutions 100301 101329 96625 106987 108830

(iv) Securities against small savings 1332652 1883921 2279780 2731179 3160681

(v) Special Sec. against POLIF 20894 20894 20894 20894 20894

(vi) Special Securities issued to PSB/ EXIM 286348 290948 290948 290948 290948 Bank/ IDBI Bank/ IIFCL

(vii) Ways and Means Advances - - 48677 - - A2. External Debt (Current Rate of 614829 658334 748456 796078 874300 Exchange - CR) B. Public Account - Other Liabilities (a to d) 1761273 1644217 1656799 1713654 1738251

(a) National Small Savings Fund 754795 536723 446232 416511 325995

(b) State Provident Fund 246944 257260 262349 267408 271407

(c) Other Accounts 425585 430469 410080 391324 356032

(d)Reserve Funds and Deposit (i+ii) 333949 419766 538137 638411 784818

(i) Bearing Interest 215480 248846 263790 299000 292701

(ii) Not bearing interest 118469 170919 274347 339411 492117 C. Pakistan pre-partition debt (approx.) 300 300 300 300 300 D. Total (net) Liabilities in line with 12058988 13545615 15223388 16977800 18295633 reporting in Union Budget (A1+B-C+E) E. External Debt -Historical Rate of 388472 439355 493157 566269 631733 Exchange (HR) F. Extra-Budgetary Resources (EBRs) 138536 139287 137869 137869 137869 G. Cash Balance 237519 37756 4026 175405 81067 H. Gross Liabilities as per FRBM Act 12186361 13866125 15612528 17170072 18595002 (A+B-C+F-G) Memo Items I. Securities issued by States to NSSF 415506 390930 353834 317907 278798 II NSSF Loans to other Public Agencies 92636 85570 85350 85000 35000 III. Post Office Insurance Funds with Fund 92178 105363 116809 132024 146083 Managers 7 I. Net Adjusted Liabilities (H-I-II-III) 11586041 13284262 15056536 16635140 18135121

Source: Union Budget and Finance Accounts (Various Issues).

6 Includes Sovereign Gold Bond and Gold Monetisation Scheme.

7 Prior to 2019-20, amount not included in the Union Budget.

3Table 1.2(B): Debt Position of the Central Government (as % of GDP) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 A. Public Debt (A1+A2) 53.0 51.4 52.9 53.5 52.8 A1. Internal Debt (a+b) 49.9 48.6 50.1 50.7 50.1 a. Marketable Securities (i+ii+iii) 39.6 37.4 38.2 38.4 37.7

(i) Dated Securities 36.1 34.2 35.1 35.4 35.3

(ii) Treasury Bills 3.5 3.2 3.2 3.0 2.5

(iii) Cash Management Bills - - - - - b. Non-marketable Securities (i to vii) 10.3 11.2 11.8 12.3 12.3

(i) 14 Day Intermediate T-Bills 1.0 0.9 0.8 0.9 0.6

(ii) Compensation & Other Bonds 0.5 0.6 0.5 0.5 0.5

(iii) Securities issued to Intl. Fin. Institutions 0.5 0.4 0.4 0.4 0.3

(iv) Securities against small savings 6.7 8.0 8.7 9.4 9.9

(v) Special Sec. against POLIF 0.1 0.1 0.1 0.1 0.1

(vi) Special Securities issued to PSB/ EXIM 1.4 1.2 1.1 1.0 0.9 Bank/ IDBI Bank/ IIFCL

(vii) Ways and Means Advances - - 0.2 - - A2. External Debt (Current Rate of Exchange 3.1 2.8 2.9 2.7 2.7 - CR) B. Public Account - Other Liabilities (a to d) 8.9 7.0 6.3 5.9 5.5

(a) National Small Savings Fund 3.8 2.3 1.7 1.4 1.0

(b) State Provident Fund 1.2 1.1 1.0 0.9 0.9

(c) Other Accounts 2.1 1.8 1.6 1.4 1.1

(d) Reserve Funds and Deposit (i+ii) 1.7 1.8 2.1 2.2 2.5

(i) Bearing Interest 1.1 1.1 1.0 1.0 0.9

(ii) Not bearing interest 0.6 0.7 1.1 1.2 1.5 C. Pakistan pre-partition debt (approx.) 0.0 0.0 0.0 0.0 0.0 D. Total (net) Liabilities in line with reporting 60.7 57.4 58.3 58.6 57.5 in Union Budget (A1+B-C+E) E. External Debt -Historical Rate of Exchange 2.0 1.9 1.9 2.0 2.0

(HR) F. Extra-Budgetary Resources (EBRs) 0.7 0.6 0.5 0.5 0.4 G. Cash Balance 1.2 0.2 0.0 0.6 0.3 H. Gross Liabilities as per FRBM Act (A+B- 61.4 58.8 59.8 59.2 58.5 C+F-G) Memo Items I. Securities issued by States to NSSF 2.1 1.7 1.4 1.1 0.9 II NSSF Loans to other Public Agencies 0.5 0.4 0.3 0.3 0.1 III. Post Office Insurance Funds with Fund 0.5 0.4 0.4 0.5 0.5 Managers I. Net Adjusted Liabilities (H-I-II-III) 58.4 56.3 57.6 57.4 57.0

Source: Union Budget and Finance Accounts (Various Issues)

1.8 Table 1.3 provides a brief summary of the adjustments to the reported debt of Central Government in the Receipt Budget of the Central Government.

4Table 1.3: Adjustments to the Reported Debt of the Central Government (₹ crore) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 GDP (At Market Prices) 19854096 23597399 26117627 28983909 31807309

1. Total Liabilities as Reported in the 12058988 13545615 15223388 16977800 18295633 Union Budget %age of GDP 60.7 57.4 58.3 58.6 57.5

2. External Debt at Historical Rates 388472 439355 493157 566269 631733 %age of GDP 2.0 1.9 1.9 2.0 2.0

3. External Debt at Current Rates 614829 658334 748456 796078 874300 %age of GDP 3.1 2.8 2.9 2.7 2.7

4. Securities issued by States to NSSF 415506 390930 353834 317907 278798 %age of GDP 2.1 1.7 1.4 1.1 0.9

5. NSSF Loans to other Public 92636 85570 85350 85000 35000 Agencies %age of GDP 0.5 0.4 0.3 0.3 0.1

6. Post Office Insurance Funds with 92178 105363 116809 132024 146083 Fund Managers %age of GDP 0.5 0.4 0.4 0.5 0.5

7. Extra-Budgetary Resources (EBRs) 138536 139287 137869 137869 137869 %age of GDP 0.7 0.6 0.5 0.5 0.4

8. Cash Balance 237519 37756 4026 175405 81067 %age of GDP 1.2 0.2 0.0 0.6 0.3

8. Total Net Adjusted Liabilities 11586041 13284262 15056536 16635140 18135121 (1-2+3-4-5-6+7-8) %age of GDP 58.4 56.3 57.6 57.4 57.0

Source: Union Budget and Finance Accounts (Various Issues) Public Debt

1.9 Public Debt denotes total outstanding liabilities of the Central Government contracted/ taken on the security of the Consolidated Fund of India, including external debt valued at current exchange rates. Central Government’s Public Debt stood at ₹168.0 lakh crore i.e., 52.8 per cent of GDP as at end-March 2025. It has been further classified under two heads, i.e., Internal Debt and External Debt. Internal Debt constituted 94.8 per cent of Public Debt at end-March 2025 as compared to 94.9 per cent at end-March 2024. Details of Public Debt are provided in Chapter II of this Paper.

Internal Debt

1.10 Internal debt of the Central Government (₹159.3 lakh crore i.e., 50.1 per cent of GDP at end-March 2025) consists of marketable securities (₹120.1 lakh crore i.e., 37.7 per cent of GDP) and non-marketable securities (₹39.2 lakh crore i.e., 12.3 per cent of GDP). Marketable securities include fixed/floating rate dated securities, short-term borrowings through Treasury Bills (and Cash Management Bills). As at end-March 2025, outstanding amount under dated securities stood at ₹112.2 lakh crore (35.3 per cent of GDP), while outstanding amount under Treasury Bills stood at ₹7.9 lakh crore (2.5 per cent of GDP). No amount was outstanding under Cash Management Bills at end-March 2025. The outstanding amount under dated securities and 5Treasury Bills accounted for 66.8 per cent and 4.7 per cent of the Public Debt, respectively (Table 1.4). The non-marketable securities in internal debt are the special Central Government securities issued to NSSF, securities issued to international financial institutions, special securities issued against securitisation of balances under postal insurance and annuity funds (POLIF and RPOLIF), compensation & other bonds (including outstanding amounts under Sovereign Gold Bond Scheme and Gold Monetisation Scheme), special securities issued to public sector banks / EXIM Bank / IDBI Bank / IIFCL and 14-day Intermediate Treasury Bills, which together constituted 23.3 per cent of Public Debt.

1.11 While Treasury Bills are issued to meet short-term cash requirements of the Government, dated securities are issued to mobilise longer term resources to finance the fiscal deficit. All marketable securities are issued through auctions as per the schedule notified through half-yearly (dated securities)/quarterly (T-Bills) auction calendars.

Table 1.4: Internal Debt as per cent of Public Debt and GDP as at end-March 2025 Components Amount As per cent of As per cent ( ₹ Crore) Public Debt of GDP Internal Debt (A + B) 15925949 94.8 50.1

(i) Dated Securities 11216852 66.8 35.3

(ii) Treasury Bills 790381 4.7 2.5

(iii) Cash Management Bills 0 0.0 0.0 A. Marketable Debt 12007233 71.5 37.7

(i) 14 Day Intermediate T-Bills 188644 1.1 0.6

(ii) Compensation & Other Bonds 148719 0.9 0.5

(iii) Securities issued to Intl. Fin. Institutions 108830 0.6 0.3

(iv) Securities against small savings 3160681 18.8 9.9

(v) Special Sec. against POLIF 20894 0.1 0.1

(vi) Special Securities issued to PSB 290948 1.7 0.9

(vii) Ways and Means Advances - - - B. Non-Marketable Debt 3918716 23.3 12.3

Source: Finance Accounts, CGA External Debt

1.12 External Debt at current exchange rates stood at ₹8.7 lakh crore at end-March 2025 and accounted for 2.7 per cent of GDP. Most of the external debt is sourced from multilateral agencies (International Bank for Reconstruction and Development, Asian Development Bank, etc.) and official bilateral agencies. There is no sovereign borrowing from international capital markets. The entire external debt, in terms of original maturity, is on a long-term basis and a major part is at fixed interest rates. A detailed analysis of external debt is covered in Chapter II.

Public Account Liabilities

1.13 Public Account Liabilities include liabilities on account of NSSF, State Provident Funds, Reserve Funds and Deposits, and Other Accounts, etc. These liabilities stood at ₹17.4 lakh crore (5.5 per cent of GDP at end-March 2025). NSSF liabilities accounted for 18.8 per cent of Public Account Liabilities, while the shares of ‘Reserve Funds and Deposits’ and ‘State Provident 6Fund’ were 45.1 per cent and 15.6 per cent, respectively. NSSF liabilities in the Public Account represent the total deposits under small saving schemes (Savings Deposits, Savings Certificates and Public Provident Fund) less total investments of NSSF in Central Government Special Securities. Liabilities under ‘Other Accounts’ include, among others, Special Deposits e.g.

Provident, Superannuation and Gratuity Fund, special bonds issued to Oil Marketing Companies

(OMC)/ fertilizer companies/ Food Corporation of India (FCI), etc. At end-March 2025, these liabilities under ‘Other Accounts’ accounted for 20.5 per cent of Public Account Liabilities.

Details of Public Account Liabilities are discussed in Chapter III of this Paper.

Extra Budgetary Resources (EBRs)

1.14 Extra budgetary resources include schemes financed through fully serviced bonds of the Government of India. These are treated as part of the Central Government debt as per section 2(aa)(iii) of the FRBM Act 2003. Total outstanding liability on account of EBRs (fully serviced bonds) is about ₹1.4 lakh crore at end-March 2025, which is 0.4 per cent of GDP in FY 2024-25.

Fiscal Consolidation

1.15 Central Government remained committed to fiscal consolidation in a phased manner. In India, fiscal consolidation or the fiscal roadmap for the Government is expressed in terms of the targets for fiscal parameters to be realised in successive budgets.

1.16 In line with the fiscal glide path envisioned by the Government of India, the endeavour is to keep the fiscal deficit each year such that the Central Government debt will be on a declining path as a percentage of GDP.

General Government Debt

1.17 General Government Debt consist of debt of the Central Government, State Governments and UTs with legislatures. This is arrived at by consolidating the liabilities of the Central Government, State Governments and UTs with legislature and netting out inter-governmental transactions viz., (i) Centre’s loans to States and UTs; (ii) securities issued by States/UTs to NSSF and (iii) investment in T-Bills [14-day ITBs and Auction Treasury Bills (91/182/364-day T-Bills)] by States/UTs with legislature. At end-March 2025, General Government Debt to GDP stood at 83.8 per cent (Table 1.5). A detailed analysis of liabilities of States/UTs and General Government Debt has been provided in Chapter IV.

Table 1.5: General Government Debt Year (end-March) Amount (₹ Crore) As percentage of GDP 2020-21 17406203 87.7 2021-22 19596941 83.0 2022-23 22038684 84.4 2023-24 24412360 84.2 2024-25 26659591 83.8 7Debt Sustainability

1.18 The Union Government's efforts to ensure debt sustainability focus on three key pillars: reducing borrowing costs, mitigating risks, and developing markets. The Government has adopted an active debt management strategy, including switching securities, improving the debt maturity profile and reducing rollover risks. Under the Medium-Term Debt Management Strategy, Government aims to mobilise market borrowings at low cost over the medium to long- term, with prudent levels of risk and a stable debt structure. The Status Paper reviews important parameters to assess debt sustainability, which include examination of maturity profile of debt, its composition, cost, share of external debt in Central Government liabilities. Public debt in India is largely funded through domestic sources by primarily issuing fixed interest rate instruments and is supported by a large domestic institutional investor base. The relatively long maturity profile of India’s debt reduces roll-over risk. These factors underlie long-term debt sustainability in the Indian context. An assessment of public debt sustainability in India, in terms of some of the parameters, such as debt level, its composition/structure, ownership pattern, cost and other risk parameters has been discussed in Chapter V of this Paper.

8CHAPTER II PUBLIC DEBT – CENTRAL GOVERNMENT

2.1 Public Debt, as defined in para 1.9 of Chapter I of the Status Paper, stood at 52.8 per cent of GDP at end-March 2025 as compared to 53.5 per cent of GDP at end-March 2024 (Chart 2.1).

Chart 2. 1: Trends in Public Debt

2.2 Public debt as shown in Chart 2.2 increased by 8.4 per cent in FY 2024-25, compared to

12.1 per cent in FY 2023-24. The marketable securities remained the largest contributor to public debt growth, despite a 2.7 percentage points decrease in its share relative to FY 2023-24.

Chart 2. 2: Relative Contributions (%): Public Debt Growth 9

0.35

6.93

3.01

1.3

4.15

4.73

2.11

8.2

9.25

2.83

8.11

9.2

5.35

4.83

3.21

7.2

8.25

7.73

3.21

7.2 2020-21 2021-22 2022-23 2023-24 2024-25 Public Debt / GDP Marketable Debt / GDP Non - Marketable Debt / GDP External Debt / GDP

25.0 22.9

23.0

21.0

19.0

17.0 15.2

14.0

15.0 13.5

11.9 12.1

13.0 11.3 10.3

11.0 8.4

7.7

9.0

7.0

5.0

3.0

1.0 -1.0 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 stniop egatnecreP Marketable Securities Non-marketable Securities External Debt Public Debt (per cent, y-o-y)2.3 Public Debt accounted for 90.3 per cent of gross liabilities at end-March 2025, relative to

90.2 per cent as at end-March 2024. The share of marketable debt in gross liabilities stood at

64.6 per cent at end-March 2025 as compared to 64.9 per cent at end-March 2024. Over the years, there has been an increase in the share of non-marketable debt in liabilities on account of increased resources from NSSF for financing of fiscal deficit. Non-marketable debt as a proportion of liabilities stood at 21.1 per cent at end-March 2025 relative to 20.7 per cent at end- March 2024.

Table 2.1: Share of Public Debt in Gross Liabilities# (at end-March, % of Gross Liabilities) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 A. Public Debt (A1+A2) 86.4 87.4 88.5 90.2 90.3 A1. Internal Debt (a+b) 81.3 82.7 83.7 85.6 85.6 a. Marketable Securities (i+ii) 64.5 63.6 64.0 64.9 64.6

(i) Dated Securities 58.8 58.1 58.7 59.8 60.3

(ii) Treasury Bills 5.7 5.5 5.3 5.1 4.3

(iii) Cash Management Bills 0.0 0.0 0.0 0.0 0.0 b. Non-marketable Securities (i to vi) 16.8 19.1 19.8 20.7 21.1

(i) 14 Day Intermediate T-Bills 1.7 1.6 1.4 1.6 1.0

(ii) Compensation & Other Bonds 0.9 0.9 0.9 0.8 0.8

(iii) Securities issued to Intl. Fin. Institutions 0.8 0.7 0.6 0.6 0.6

(iv) Securities against small savings 10.9 13.6 14.6 15.9 17.0

(v) Special Sec. against POLIF 0.2 0.2 0.1 0.1 0.1

(vi) Special Securities issued to PSB/ EXIM Bank/ IDBI Bank/ IIFCL 2.3 2.1 1.9 1.7 1.6

(vii) Ways and Means Advances 0.3 A2. External Debt (Current Rate of Exchange) 5.0 4.7 4.8 4.6 4.7 B. Public Account - Other Liabilities 14.5 11.9 10.6 10.0 9.3 C. Pakistan Pre-partition debt 0.0 0.0 0.0 0.0 0.0 D. Total (net) Liabilities in line with reporting in Union Budget (A1+B-C+E) 99.0 97.7 97.5 98.9 98.4 E. External Debt (Historical Rate of Exchange) 3.2 3.2 3.2 3.3 3.4 F. Extra-Budgetary Resources (EBRs) 1.1 1.0 0.9 0.8 0.7 G. Cash Balance 1.9 0.3 0.0 1.0 0.4 H. Gross Liabilities (A+B-C+F-G) 100.0 100.0 100.0 100.0 100.0 I. Total Liabilities as a % GDP 61.4 58.8 59.8 59.2 58.5

Source: Finance Accounts (Various Issues); CGA #as per the revised definition of Public Debt in amended FRBM Act 2003 INTERNAL DEBT8

2.4 As mentioned in Table 1.2(B) of Chapter 1, internal debt of the Central Government at end-March 2025 was 50.1 per cent of GDP relative to 50.7 per cent at end-March 2024. It constituted 94.8 per cent of public debt at end-March 2025. Marketable debt constituted 71.5 per cent of Public Debt whereas the non-marketable debt accounted for 23.3 per cent of Public Debt and the rest is share of External debt at end-March 2025.

8 Debt contracted under Consolidated Fund of India from domestic lenders i.e., debt excluding MSS issuance, external debt and public account liabilities.

10MARKETABLE DEBT Dated Securities

2.5 Dated securities are the major source for financing the FD of the Central Government. The securities issued are of different maturities ranging from 3 to 50 years and are mainly fixed rate securities. The share of dated securities in public debt stood at 66.8 per cent at end-March 2025. In the past, dated securities were also issued as part of conversion into marketable securities of (i) special securities issued in lieu of ad-hoc T-Bills (process completed in 2003-04) and (ii) recapitalisation bonds issued to nationalised banks (completed in 2007-08). A break-up of the outstanding stock of dated securities during FY 2020-21 to FY 2024-25 is given in Table 2.2.

Table 2.2: Outstanding Marketable Dated Securities (₹ crore) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6

(i) Issued through Borrowings 7114335 8007549 9127521 10235171 11186452

(ii) Conversion of Special Securities issued in lieu 33411 33360 24688 16688 16688 of ad-hoc Bills

(iii) Conversion of recapitalisation bonds issued 20809 19176 13712 13712 13712 to Nationalised Banks Total Dated Securities (i to iii) 7168555 8060085 9165921 10265571 11216852 Percentage of Public Debt 68.1 66.5 66.3 66.3 66.8 Percentage of Gross Liabilities 58.8 58.1 58.7 59.8 60.3 Percentage of GDP 36.1 34.2 35.1 35.4 35.3

Source: Finance Accounts (Various Issues), CGA

2.6 Net market borrowings through dated securities (switches/buyback excluded and recovery from GST compensation fund is netted in repayments) stood at ₹11,62,877 crore in FY 2024-25 relative to ₹11,80,458 crore in FY 2023-24.

Floating Rate Bonds (FRB)

2.7 The issuance of floating rate bonds (FRBs) by the Government of India began in FY 2001-

02. The interest on these bonds is linked to (i) a benchmark indicator (T-Bill rate or G-Sec rate) and (ii) a pre-determined spread decided at the time of first issuance. There have been 38 issuances of FRBs since November 22, 2001, and five FRBs were outstanding as on March 31,

2025. The details of outstanding FRBs are given in Table 2.3.

Table 2.3: Outstanding Stock under FRBs as on March 31, 2025 (₹ crore) Security Outstanding Stock FRB 2028 52816 FRB 2031 139916 FRB 2033 149482 FRB 2034 54800 FRB 2035 350 Total outstanding stock of FRBs 397364 Total outstanding stock of dated securities 11216852 Share of FRBs in total stock of dated securities (%) 3.5

Source: Reserve Bank of India / CGA 11Buyback/Switches of Central Government Securities

2.8 The practice of debt buyback/switches of Central Government securities began on July 19, 2003. The underlying objective was to manage the debt profile and cash flows in line with the debt management objectives of the Central Government. From FY 2013-14 onwards, buyback and switches of G-Secs have become a regular feature of cash and debt management operations of the Central Government. The switches help to reduce the redemption pressure/bunching of repayments in any given year and are used to elongate the maturity profile of outstanding G-Secs. Buyback operations help in reducing the redemption pressure/ bunching of repayments along with interest savings. However, buyback operations depend, among other things, on the availability of cash surplus in the Central Government account.

2.9 The details of buyback and switch operations undertaken during FY 2013-14 to FY 2024- 25 are given as under.

Table 2.4: Buyback and Switch (Conversion) Operations during 2013-14 to 2024-25 (₹ crore) Buyback Conversion9 Switching Face value of securities Financial Year Amount offered Amount Accepted Amount converted into longer

(Borrowing) tenor securities 2013-14 20000 15590 31472 31000 2014-15 28000 6283 37374 39028 2015-16 48790 37526 38300 37349 2016-17 68500 59657 41625 40510 2017-18 89249 41555 59159 58075 2018-19 - - 28591 28059 2019-20 - - 164822 164803 2020-21 - - 157042 153418 2021-22# 196894 168411 2022-23 - - 103066 105490 2023-24 - - 100290 102994 2024-25& 325502 118412 146794 146995

Source: Trends in Receipts, Receipt Budget, and Reserve Bank of India, #: Repayment amount of switch excludes special securities issued in conversion of G-sec (₹28723 crore) and conversion securities (₹51 crore), &: In the buyback head, it includes buyback of ₹30248 crore of G-Secs due for repayment in the year 2024-25.

Maturity Profile of Dated Securities

2.10 The tenor of new issuances is a function of acceptable roll-over risk as well as market appetite across various maturity segments. Issuance of dated securities is planned and conducted, keeping in view the debt management objective of keeping the cost of debt low, while assuming prudent levels of risk and promoting market development.

2.11 The maturity profile of outstanding stock of dated securities at end-March 2025 indicates that the proportion of dated securities maturing in less than 5 years stood at 26.5 per cent. Further, the share of securities outstanding in the 20 year and above bucket increased to

24.3 per cent at end of FY 2024-25 as compared to 22.1 per cent in FY 2023-24, which points to lower roll-over risk.

9 Also includes conversion of securities maturing in the same financial year.

12Table 2.5: Maturity Profile of Outstanding Central Government Dated Securities10 (per cent of total) End- End- End- End- End- End- Maturity Bucket March March March March March March 2020 2021 2022 2023 2024 2025 1 2 3 4 5 6 7 Less than 1 year 3.9 3.7 3.9 4.8 3.5 3.5 1-5 Years 25.1 25.6 25.4 24.3 24.1 23.0 5-10 Years 30.0 29.0 28.8 28.8 31.3 33.2 10-20 Years 24.1 22.5 22.9 22.0 19.0 16.0 20 years and above 16.9 19.2 19.0 20.1 22.1 24.3

Source: Reserve Bank of India & Staff Calculation

2.12 The details of maturity and yield on Central Government’s dated securities in terms of issuances during the year and on outstanding stock are given in Table 2.6. The weighted average maturity of dated securities issued during FY 2024-25 stood at 20.65 years relative to 18.09 years in FY 2023-24. A major part of issuances of dated securities continued to be in the 10-15 years maturity segment, followed by the 25 years and above bucket, reflecting the elongation in maturity of issuances. The weighted average maturity of outstanding stock of dated securities at end-March 2025 increased to 13.24 years from 12.54 years at end-March 2024. The share of maturity bucket-wise issuances in the total issuances during FY 2012-13 to FY 2024-25 is given in Table 2.7.

Table 2.6: Maturity and Yield of Dated Securities of Central Government Issues during the year Outstanding Stock Weighted Year (End-March) Weighted Average Weighted Average Weighted Average Average Yield (%) Maturity (Yrs) Coupon (%) Maturity (Yrs) 1 2 3 4 5 2019-20 6.84 16.15 7.71 10.72 2020-21 5.79 14.49 7.27 11.31 2021-22 6.28 16.99 7.11 11.71 2022-23 7.32 16.05 7.26 11.94 2023-24 7.24 18.09 7.29 12.54 2024-25 6.96 20.65 7.25 13.24 Table 2.7: G-Sec Issuances by Maturity Buckets (in %) Amount Components 1-4 Years 5-9 Years 10-14 Years 15-24 Years 25 Years & above (₹ crore) 1 2 3 4 5 6 7 FY 25 5.1 18.4 24.7 13.6 38.2 1400697 FY 24 6.2 21.4 38.1 0.0 34.3 1543000 FY 23 6.2 26.0 39.0 0.0 28.8 1421000 FY 22 5.4 18.2 46.6 0.0 29.8 1127382 FY 21 9.8 20.6 48.1 0.0 21.5 1370324 10 Based on residual maturity.

13Amount Components 1-4 Years 5-9 Years 10-14 Years 15-19 Years 20 Years & above (₹ crore) FY 20 7.9 21.0 36.2 2.1 32.8 710000 FY 19 8.9 21.2 31.2 14.9 23.8 571000 FY 18 0.0 20.6 52.2 12.6 14.6 588000 FY 17 0.0 18.6 52.1 14.1 15.3 582000 FY 16 0.0 16.1 45.5 19.1 19.3 585000 FY 15 0.0 23.8 41.9 17.8 16.6 592000 FY 14 0.0 27.0 46.8 13.4 13.0 563500 FY 13 0.0 25.4 46.6 11.5 16.5 558000

Note: FY 21 and FY 22 include borrowing for providing back-to-back loan to States Governments/UTs to meet GST compensation shortfall amounting ₹110208 crore and ₹159000 crore respectively.

Source: Reserve Bank of India and Staff Calculation

2.13 The weighted average yield during the year is largely a function of the interest rate environment. The weighted average yield for the issuances made in FY 2024-25 at 6.96 per cent decreased from 7.24 per cent in FY 2023-24. The bid-cover ratio in the primary auctions, which indicates the amount of competitive bids received against the notified amount or the response of investors to issuance of dated securities, was stable during FY 2024-25. The details of Central Government Security issuances through primary auction during FY 2024-25 are provided in Annex HB-7.

Table 2.8: G-Sec Issuances under different maturity buckets Components 1-4 yr 5-9 yr 10-14 yr 15-24 yr 25 yr & Total Abo ve 2021-22 Weighted Average Yield (%) 5.36 6.15 6.30 - 7.05 6.28 Average Bid-Cover Ratio (times) 3.76 2.37 3.53 - 2.70 3.15 2022-23 Weighted Average Yield (%) 6.66 7.14 7.38 - 7.54 7.32 Average Bid-Cover Ratio (times) 2.67 2.50 2.41 - 2.79 2.58 2023-24 Weighted Average Yield (%) 7.12 7.14 7.21 - 7.35 7.24 Average Bid-Cover Ratio (times) 2.73 2.59 2.47 - 2.76 2.62 2024-25 Weighted Average Yield (%) 6.82 6.85 6.88 6.96 7.08 6.96 Average Bid-Cover Ratio (times) 4.20 2.83 2.66 2.76 2.85 2.93

Source: Reserve Bank of India and Staff Calculation Coupon on Dated Securities

2.14 The dated securities are primarily issued at fixed coupon rate. The weighted average coupon of outstanding dated securities (including FRBs) was at 7.25 per cent at end-March 2025 (7.29 per cent at end-March 2024) (Table 2.6).

2.15 Outstanding dated securities as on March 31, 2025, are listed in Annex V. At the end of March 2025, of the total outstanding stock of dated securities, including FRBs, 31.2 per cent have coupon rate up to 7 per cent; 53.1 per cent carry coupon rate between 7–8 per cent; 14.2 per cent carry coupon rate between 8-9 per cent; and only 1.4 per cent carry coupon rate of more than 9 per cent.

14Redemption Profile of Dated Securities

2.16 The redemption profile of outstanding government securities over the next five years is given in Table 2.9. The redemption profile indicates elevated roll-over risk during 2025-26 to 2029-30 on account of higher borrowings during the Covid period, underlining the need for moderation through buybacks and switches.

Table 2.9: Maturity trend of dated securities Items 2025-2026 2026-2027 2027-2028 2028-2029 2029-2030 1 2 3 4 5 6 Maturity during the year (₹ crore) # 395666 435820 595137 618308 696982 Percentage of the Outstanding

3.2 3.6 4.9 5.1 5.7 Stock# Percentage of GDP * 1.1 1.1 1.4 1.3 1.4 #: Figures are based on the outstanding stock as on March 31, 2025, for 2025–26, and as on March 31, 2026, for 2026–27 onwards, respectively.

*: GDP figure for FY 2025-26 is based on the Second Advance Estimates published by the NSO, MoSPI on February 27, 2026. For GDP figures of FY 2026-27 and onwards, a nominal GDP growth rate of 10.0 per cent has been assumed in the calculations.

Ownership pattern

2.17 Government securities are primarily held by domestic institutional investors. The ownership pattern of dated securities indicates that commercial banks continued to be the largest holder of total outstanding G-Secs with a share of 36.2 per cent at end-March 2025, relative to

37.7 per cent at end-March 2024. The share of insurance companies, pension funds and provident funds stood at 25.8 per cent, 4.9 per cent and 4.2 per cent at end-March 2025, respectively.

Table 2.10: Ownership Pattern of Government of India’s Dated Securities (At end-March, in per cent) Category 2021 2022 2023 2024 2025 1 2 3 4 5 6 Commercial Banks 37.8 35.9 36.6 37.7 36.2 Co-operative Banks 1.8 1.8 1.6 1.5 1.3 Non-Bank PDs 0.3 0.3 0.5 0.7 0.8 Insurance Companies 25.3 25.9 26.0 26.0 25.8 Mutual Funds 2.9 2.9 2.8 2.9 2.7 Provident Funds 4.4 4.6 4.7 4.5 4.2 Pension Funds - 3.5 4.0 4.5 4.9 Financial Institutions 1.0 0.9 1.0 0.6 0.7 Corporates 1.1 1.5 1.6 1.3 1.5 Foreign Portfolio Investors 1.9 1.6 1.4 2.3 3.1 RBI 16.2 16.6 14.3 12.3 12.8 Others 7.3 4.5 5.6 5.8 6.0 Total 100.0 100.0 100.0 100.0 100.0

Note: Others comprise of State Governments, DICGC, PSUs, Trusts, Foreign Central Banks, HUF/ Individuals, etc.

Investment by pension funds was reckoned under ‘others’ category till December 2021

Source: Reserve Bank of India Medium-Term Framework for Investment in Government Securities by Foreign Portfolio Investors (General Route)

2.18 With an objective of having a more predictable regime for investment by the Foreign Portfolio Investors (FPIs), the Medium-Term Framework (MTF) for investment by FPIs in 15Central Government Securities and State Government Securities (SGSs)11 was introduced in October 2015. Under this framework, investment limits for FPIs were specified as a percentage of outstanding stock of G-Secs and SGSs. As the MTF provided for a staggered increase in investment limits for FPIs in Government securities, these investment limits have been revised from time to time since October 6, 2015. The limits for FPI investment in Government securities and SGSs have been kept unchanged at 6 per cent and 2 per cent, respectively of outstanding stock of these securities for FY 2024-25. The operational guidelines have also been liberalised gradually to facilitate investment by FPIs in Government Securities. The details of revisions in investment limits are presented in Table 2.11.

Table 2.11: Medium-Term Framework for Investment in Government Securities by Foreign Portfolio Investors Investment As percentage of outstanding stock General/Long-Term FPIs Limit October G-Secs To be increased in phases to reach 5% of Allocation between ‘Long-term’ and 2015 the outstanding stock by March 2018 ‘General’ category to be in the ratio of 60:40 SGS To be increased in phases to reach 2% of the outstanding stock by March 2018 April G-Secs To be increased to 5.5% of the outstanding Allocation of increase in G-Sec limit 2018 stock in 2018-19 and further to 6.0% of the between ‘Long-term’ and ‘General’ outstanding stock in 2019-20 category to be in the ratio of 50:50 for the years 2018-19 and 2019-20.

SGS Remains unchanged at 2.0% of the outstanding stock in 2018-19 and 2019-20.

2020-21 G-Secs Remains unchanged at 6.0% of the Allocation of incremental changes in the to outstanding stock of securities. G-Sec limit (in absolute terms) over the 2024-25 two sub-categories-‘General’ and ‘Long-term’ retained at 50:50.

SGS Remains unchanged at 2.0% of the The entire increase in limits for SDLs outstanding stock of securities. (in absolute terms) added to the ‘General’ sub-category of SDLs.

Investment Limits for Central Government Securities and State Government Securities by FPIs (Amount in ₹ billion) Central Government State Government Aggre Securities Securities gate For all Additional Total For all FPIs (including FPIs for Long Long-Term FPIs) Term FPIs Original Limit 1244 291 1535 Nil 1535 Revised limits w.e.f. October 12, 2015 1299 366 1665 35 1700 Revised limits w.e.f. January 1, 2016 1354 441 1795 70 1865 Revised limits w.e.f. April 4, 2016 1400 500 1900 105 2005 Revised limits w.e.f. July 5, 2016 1440 560 2000 140 2140 Revised limits w.e.f. October 3, 2016 1480 620 2100 175 2275 Revised limits w.e.f. January 2, 2017 1520 680 2200 210 2410 General Long Total 270 2580 Revised limits w.e.f. April, 2017 Term 1849 461 2310 11 The 32nd Conference of the State Finance Secretaries - July 07, 2022, decided to change the nomenclature of the “State Development Loan (SDL)” to “State Government Security (SGS)” 161877 543 2420 General Long Total 2751 Revised limits w.e.f. July 4, 2017 Term 285 46 331 Revised limits w.e.f. April 6, 2018 1913 651 2564 315 136 451 3015 Revised limits for H1: 2018-19 2073 787 2860 348 71 419 3279 Revised limits for H2: 2018-19 2233 923 3156 381 71 452 3608 Revised limits for H1: 2019-20 2347 1037 3384 497 71 568 3952 Revised limits for H2: 2019-20 2461 1151 3612 612 71 683 4295 Revised limits for H1: 2020-21 2345 1035 338012 644 71 715 4095 Revised limits for H2: 2020-21 2345 1035 3380 676 71 747 4127 Revised limits for H1: 2021-22 2439 1129 3568 768 71 839 4407 2533 1223 3756 859 71 930 4686 Revised limits for H2: 2021-22 Revised limit for the H1: 2022-23 2606 1296 3902 894 71 965 4867 Revised limit for the H2: 2022-23 2679 1369 4048 928 71 999 5047 Limit for the H1: 2023-24 2679 1369 4048 928 71 999 5047 Limit for the H2: 2023-24 2679 1369 4048 928 71 999 5047 Revised Limit for the H1: 2024-25 2684 1374 4059 1053 71 1124 5183 Revised Limit for the H1: 2024-25 2690 1380 4070 1178 71 1249 5318

Source: RBI & Staff Calculation.

Voluntary Retention Route (VRR) for FPIs

2.19 A separate scheme called the ‘Voluntary Retention Route’ (VRR) was introduced on March 1, 2019, to encourage FPIs to undertake long-term investments in Indian debt markets.

Under this Route, FPIs have been given greater operational flexibility in terms of instrument choices besides exemptions from certain regulatory requirements. The aggregate investment limit was fixed at ₹40,000 crore for VRR-Government and ₹35,000 crore for VRR-Corporates.

Initially, investments in debt instruments under the VRR were offered for allotment on ‘tap’ during March 11 - April 30, 2019. The scheme was revised on May 24, 2019, and a separate category, viz., VRR-combined was introduced. An amount of ₹75,000 crore was offered for investment under VRR in two tranches and investment under this route stood at around ₹54,300 crore as on December 31, 2019. The guidelines relating to investment under the VRR were revised again to provide more operational flexibility to investors. The revised VRR scheme was kept open for allotment from January 24, 2020, and was available on tap until the limit was fully exhausted.

2.20 In terms of these guidelines, it was stipulated that the FPIs shall invest at least 75 per cent of their ‘Committed Portfolio Size (CPS)’ within three months from the date of allotment. In view of the disruptions caused by COVID-19, it was decided on May 22, 2020 to allow FPIs that have been allotted investment limits, between January 24, 2020 (the date of reopening of allotment of investment limits) and April 30, 2020, an additional time of three months to invest 75 per cent of their CPS. For FPIs availing the additional time, the retention period for the investments (committed by them at the time of allotment of investment limit) would be reset to commence from the date that the FPI invests 75 per cent of CPS.

12 The calculation of outstanding stock of G-Secs under the MTF has been adjusted, considering that all existing FPI investments in the specified securities are to be reckoned under the Fully Accessible Route.

172.21 In addition to the above-mentioned amendments in the VRR, investment limit under the VRR was kept at ₹2,50,000 crore since April 1, 2022. With effect from April 01, 2026, all existing and future investments under the VRR shall be subject to the investment limit stipulated for FPI investments under the General Route.

Fully Accessible Route (FAR)

2.22 In the Union Budget 2020-21, it was announced that certain specified categories of Central Government securities would be opened fully for non-resident investors without any restrictions, apart from being available to domestic investors as well. Accordingly, a separate channel called Fully Accessible Route (FAR) was introduced by the RBI in consultation with the Government on March 30, 2020, to enable non-residents to invest in specified Government of India dated securities. Non-resident investors (FPIs, Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and other eligible entities) can invest in specified Government securities which shall not be subject to any investment limit or macroprudential controls as applicable for investment in G-Sec through the General Route. The outstanding position of specified securities as on March 31, 2025, is placed below:

Table 2.12 Outstanding position of Specified Securities under the Fully Accessible Route as on March 31, 2025 S. ISIN Security Description Indicative Value of Outstanding Security No. Aggregate Holding Position of Govt Holdings of FPIs (₹ Cr) Securities (₹Cr) (%) 1 IN0020220037 07.38 GS 2027 18557.95 110100.00 16.86 2 IN0020230085 07.18 GS 2033 30335.17 201000.00 15.09 3 IN0020210186 05.74 GS 2026 8595.62 59765.59 14.38 4 IN0020210012 05.63 GS 2026 18135.73 136358.57 13.30 5 IN0020240183 06.75 GS 2029 5493.93 42000.00 13.08 6 IN0020230135 07.32 GS 2030 9117.73 70000.00 13.03 7 IN0020240050 07.04 GS 2029 11326.62 88000.00 12.87 8 IN0020230010 07.06 GS 2028 13144.44 111000.00 11.84 9 IN0020230101 07.37 GS 2028 8165.74 75000.00 10.89 10 IN0020240076 07.02 GS 2031 6327.12 64000.00 9.89 11 IN0020240019 07.10 GS 2034 17730.28 180000.00 9.85 12 IN0020230051 07.30 GS 2053 18992.17 195000.00 9.74 13 IN0020230077 07.18 GS 2037 14639.58 172000.00 8.51 14 IN0020220060 07.26 GS 2032 11664.80 148000.00 7.88 15 IN0020240159 06.79 GOI SGRB 2034 752.38 10000.00 7.52 16 IN0020240191 06.79 GS 2031 2235.75 30000.00 7.45 17 IN0020220011 07.10 GS 2029 11722.50 158598.21 7.39 18 IN0020200112 05.22 GS 2025 5118.46 79718.33 6.42 19 IN0020220151 07.26 GS 2033 8835.24 150000.00 5.89 20 IN0020210244 06.54 GS 2032 9024.12 156000.00 5.78 21 IN0020230036 07.17 GS 2030 5498.39 103000.00 5.34 22 IN0020180454 07.26 GS 2029 6826.63 130708.88 5.22 23 IN0020220144 07.29 GOI SGRB 2033 391.17 8000.00 4.89 24 IN0020220102 07.41 GS 2036 7381.45 155079.64 4.76 25 IN0020210095 06.10 GS 2031 6876.02 152365.96 4.51 26 IN0020240126 06.79 GS 2034 6778.09 154000.00 4.40 27 IN0020200153 05.77 GS 2030 5289.11 123000.00 4.30 28 IN0020190362 06.45 GS 2029 4504.04 114840.16 3.92 29 IN0020220029 07.54 GS 2036 5550.61 153904.05 3.61 30 IN0020200278 05.15 GS 2025 3409.71 98178.48 3.47 31 IN0020200252 06.67 GS 2050 4947.16 149162.33 3.32 32 IN0020200070 05.79 GS 2030 3310.86 111618.59 2.97 18S. ISIN Security Description Indicative Value of Outstanding Security No. Aggregate Holding Position of Govt Holdings of FPIs (₹ Cr) Securities (₹Cr) (%) 33 IN0020220086 07.36 GS 2052 4666.27 161966.57 2.88 34 IN0020200294 05.85 GS 2030 3458.71 120831.69 2.86 35 IN0020230150 07.24 GOI SGRB 2033 120.28 5000.00 2.41 36 IN0020210194 06.99 GS 2051 3494.18 148358.61 2.36 37 IN0020220136 07.10 GOI SGRB 2028 163.52 8000.00 2.04 38 IN0020200054 07.16 GS 2050 2029.45 102695.81 1.98 39 IN0020190032 07.72 GS 2049 1491.20 84540.31 1.76 40 IN0020230176 07.37 GOI SGRB 2054 141.00 10000.00 1.41 41 IN0020230143 07.25 GOI SGRB 2028 5.50 5000.00 0.11 Total 306248.71 4336791.77 7.06

Source: CCIL and RBI

2.23 The cumulative end-of-month amount invested in the Fully Accessible Route by non- resident investors has been tabulated as follows.

Table 2.13: Investment under Fully Accessible Route (FAR) End-Month Amount (₹ Cr) End-Month Amount (₹ Cr) Apr-20 18449.9 Oct-22 57791.1 May-20 18366.5 Nov-22 60637.0 Jun-20 19396.1 Dec-22 61260.7 Jul-20 21235.7 Jan-23 66819.6 Aug-20 24770.4 Feb-23 69883.4 Sep-20 26573.7 Mar-23 76815.0 Oct-20 34244.5 Apr-23 76690.7 Nov-20 32704.0 May-23 85090.1 Dec-20 34272.3 Jun-23 86925.4 Jan-21 33649.8 Jul-23 89582.2 Feb-21 32587.9 Aug-23 94113.7 Mar-21 32411.1 Sep-23 96661.3 Apr-21 32406.3 Oct-23 104127.5 May-21 33402.9 Nov-23 113785.0 Jun-21 36532.5 Dec-23 130075.3 Jul-21 37844.4 Jan-24 149057.3 Aug-21 41338.8 Feb-24 166728.0 Sep-21 46282.8 Mar-24 173825.6 Oct-21 49437.1 Apr-24 163968.8 Nov-21 50553.3 May-24 169176.7 Dec-21 45362.9 Jun-24 186415.9 Jan-22 50253.5 Jul-24 205795.9 Feb-22 48919.5 Aug-24 229709.9 Mar-22 45686.4 Sep-24 247681.3 Apr-22 46352.4 Oct-24 248055.1 May-22 49055.5 Nov-24 242868.4 Jun-22 50288.2 Dec-24 253347.9 Jul-22 52108.2 Jan-25 267783.2 Aug-22 56291.9 Feb-25 284646.3 Sep-22 60235.9 Mar-25 306248.7

Source: CCIL. The amount is the cumulative amount as on month end.

2.24 During FY 2022–23, FY 2023–24, and FY 2024–25, the Government of India (GoI) raised ₹16,000 crore, ₹20,000 crore, and ₹21,697 crore, respectively, through the issuance of Sovereign Green Bonds (SGrBs) across 5-year, 10-year, and 30-year maturities. The details are

provided in Table 2.14 below.

19Table 2.14: Details on Sovereign Green Bond issued till FY 2024-25 Security Issue/Re-issue Date Amount (₹ Crore) Yield (%) Bid-Cover Ratio

7.10% GOI SGrB 2028 27-Jan-2023 4000 7.10 3.4

7.29% GOI SGrB 2033 27-Jan-2023 4000 7.29 4.8

7.10% GOI SGrB 2028 10-Feb-2023 4000 7.23 2.7

7.29% GOI SGrB 2033 10-Feb-2023 4000 7.30 3.0

7.25% GOI SGrB 2028 13-Nov-2023 5000 7.25 2.5

7.24% GOI SGrB 2033 11-Dec-2023 5000 7.24 2.0

7.37% GOI SGrB 2054 22-Jan-2024 10000 7.37 2.6

6.90% GOI SGrB 2034 5-Aug-24 1697 6.90 2.0

6.79% GOI SGrB 2034 2-Dec-24 5000 6.79 1.9

6.98% GOI SGrB 2054 16-Dec-24 5000 6.98 3.0

6.79% GOI SGrB 2034 3-Feb-25 5000 6.69 1.5

6.98% GOI SGrB 2054 24-Feb-25 5000 7.11 1.7 Total 57697

Source: Reserve Bank of India Treasury Bills

2.25 Treasury Bills (T-Bills) are discounted instruments and are generally the instrument for effective cash management of the Government. They also provide short-term investment avenues to the market and play the role of money market benchmarks. Since October 2017, the Central Government has been issuing T-Bills with tenors of 91, 182 and 364 days on weekly basis.

2.26 The outstanding T-Bills declined at end-March 2025, indicating more redemption of T- Bills. In comparison, the total outstanding stock of T-Bills stood at 4.7 per cent of Public Debt as on end-March 2025, as compared to 6.6 per cent of Public Debt as on end-March 2021. The total outstanding stock of T-Bills stood at 4.3 per cent of gross liabilities and 2.5 per cent of GDP as on end-March 2025 (Table 2.15).

Table 2.15: Outstanding Stock of Treasury Bills (Amount in ₹ Crore) Actuals (End-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 91 Day Treasury Bills 93297 138736 114938 135101 207815 182 Day Treasury Bills 139414 210666 263092 279074 223178 364 Day Treasury Bills 458240 407796 445284 457487 359389 Total Outstanding Treasury Bills 690950 757198 823313 871662 790381 Percentage of Public Debt 6.6 6.2 6.0 5.6 4.7 Percentage of Gross Liabilities 5.7 5.5 5.3 5.1 4.3 Percentage of GDP 3.5 3.2 3.2 3.0 2.5 Cash Management Bills

2.27 Cash Management Bills (CMBs) are non-standard, discounted Treasury Bills issued with a maturity of less than 91 days. They have the generic character of Treasury Bills as these are issued at a discount and redeemed at face value on maturity. The tenor, notified amount and date of issue of this instrument depends upon the cash requirements of the Government. CMBs were first issued on May 12, 2010.

202.28 The Central Government has not issued CMBs after FY 2020-21. Details of CMBs issued during last six years are given in Table 2.16.

Table 2.16: Amount raised through Cash Management Bills (in ₹ crore) Year (End-March) Amount 2019-20 300000 2020-21 80000 2021-22 Nil 2022-23 Nil 2023-24 Nil 2024-25 Nil

Source: Reserve Bank of India NON-MARKETABLE DEBT 14-Day Intermediate Treasury Bills

2.29 14-day Intermediate Treasury Bills (ITBs) are non-marketable instruments issued to the State Governments and other eligible entities to enable them to deploy their short-term surplus cash at a fixed interest rate. The surplus cash balance of State Governments is automatically invested in these instruments. Conversely, a negative cash position of a State Government is financed first by rediscounting existing investment in these instruments. From January 30, 2017, onwards, implicit yield payable on 14-day ITBs has been linked to the Reverse Repo rate minus 200 basis points, subject to an upper ceiling of 5.0 per cent. These bills can be rediscounted at Reverse Repo minus 150 basis points subject to an upper ceiling of 5.5 per cent.

2.30 Investments in 14-day ITBs mirror the accumulation of cash surpluses with States over the years. The outstanding stock of investment by State Governments in 14-day T-Bills was ₹1.9 lakh crore at end-March 2025 vis-à-vis ₹ 2.7 lakh crore at end-March 2024. The investment under these bills varies substantially within a month. The total amount outstanding under ITBs and investments of State Governments in these bills are shown in Table 2.17.

Table 2.17: Investment by State Governments in 14-day ITBs (in ₹crore) Investment by State Year (End-March) Total 14-day ITBs Governments 2021 205576 205230 2022 216766 216272 2023 213984 212758 2024 267517 266805 2025 188644 188072

Source: Union Budget and RBI Securities issued to International Financial Institutions

2.31 These non-interest bearing securities are issued to International Monetary Fund, International Bank for Reconstruction and Development, International Development Association, Asian Development Bank, African Development Fund & Bank and International Fund for Agricultural Development. These special securities are issued primarily towards India’s subscriptions/contributions to these institutions.

212.32 The total outstanding value of these rupee securities issued to international financial institutions as at end-March 2025 was ₹1.09 lakh crore i.e., 0.3 per cent of GDP as compared to ₹1.07 lakh crore as at end-March 2024 (Table 1.2(A) and Table 1.2(B)). They accounted for 0.6 per cent of Public Debt and 0.6 per cent of gross liabilities of the Central Government as at end- March 2025.

Compensation and other Bonds

2.33 This category includes various types of special purpose bonds such as Relief Bonds, Savings Bonds, bonds issued under Sovereign Gold Bond/Gold Monetisation Schemes by the Central Government, etc. These bonds carry fixed rates of interest and are generally launched for retail subscription. The outstanding amount under this head stood at ₹1.49 lakh crore at end- March 2025 (₹1.43 lakh crore at end-March 2024), accounting for 0.5 per cent of GDP and 0.9 per cent of Public Debt.

2.34 Sovereign Gold Bond (SGB) is a Government Security denominated in grams of gold.

SGBs were launched in November 2015 to migrate investment from physical gold to paper gold.

The product is targeted at retail investors who generally prefer to invest in physical gold. These bonds were issued to the investors at the average closing price for the last week as published by India Bullion and Jewellers Association (changed to that of last 3 trading days since October

2017). The bond's redemption price is linked to the price of gold prevailing at maturity. Interest is payable on the face value of the bonds at 2.75 per cent on SGBs issued in 2015-16 and at 2.5 per cent on the SGBs issued in subsequent years. SGBs are redeemable after 8 years at the then prevailing gold rate and can also be redeemed after fifth year at the option of the holder. Since the inception of the SGB scheme, a total of ₹72,274 crore (146.96 tonnes) has been raised. The total outstanding amount at end-March 2025 was ₹62,495 crore. The details of the year-wise issuance of the SGBs are shown in Table 2.18.

Table 2.18: Issuance of Sovereign Gold Bonds Year Amount (₹ Crore) Quantity (in kg.) 2015-16 1318 4903 2016-17 3481 11388 2017-18 1895 6525 2018-19 643 2031 2019-20 2316 6131 2020-21 16049 32352 2021-22 12991 27035 2022-23 6551 12261 2023-24 27031 44336 Total 72274 146961

Source: Reserve Bank of India Securities issued against small savings (National Small Savings Fund)

2.35 Since April 1999, all collections under small savings schemes are credited to the National Small Savings Fund (NSSF), established in the Public Account of India. The outstanding investments of NSSF in Central Government Special Securities fall in two categories, - Special Central Government securities issued against net collections and Central Government Special securities issued against the sums received on redemption of old securities.

222.36 Pursuant to the recommendation of the Fourteenth Finance Commission, most states have opted out of the investment operations of the NSSF. Therefore, the net collection of NSSF is mainly being used for the purpose of financing Fiscal Deficit of Central Government through issuance of special securities mentioned above. As mentioned in para 1.5(ii) of Chapter I, the borrowings of the Central Government from the NSSF through issuance of Special Securities are part of Public Debt.

2.37 At end-March 2025, the outstanding liability of the Central Government to NSSF was ₹

31.6 lakh crore amounting to 18.8 per cent of Public Debt, 9.9 per cent of GDP and 17.0 per cent of gross liabilities. Outstanding amount of Special Central Government securities issued against net collections from April 1, 1999, was ₹18.2 lakh crore while the outstanding amount of Central Government Special securities issued against redemption stood at ₹ 13.4 lakh crore at end-March

2025. The details of these Special Securities issued over the years are given in Annex VI. The interest rates on various small saving schemes are provided in Annex VII.

Postal Life Insurance

2.38 The Government issued Special Securities to Directorate of Postal Life Insurance with a view to converting part of the frozen corpus of the Post Office Life Insurance Fund (POLIF) and Rural Post Office Life Insurance Fund (RPOLIF) into market-linked dated securities. Securities worth ₹4,000 crore, ₹7,000 crore and ₹9,894 crore were issued in FY 2010-11, FY 2011-12 and FY 2012-13, respectively. The total outstanding amount of these special securities was at ₹20,894 crore at end-March 2025 i.e. 0.07 per cent of GDP. Securities amounting to ₹9,894 crore matured during FY 2022-23 and an equivalent amount of new security was issued, keeping the outstanding balance at the same level from FY 2022-23 to FY 2024-25.

Issuance of Special Securities to public sector banks/ EXIM Bank/IDBI Bank/IIFCL

2.39 Special non-transferable securities amounting to a cumulative ₹2.9 lakh crore had been issued to public sector banks/EXIM Bank/IDBI Bank/IIFCL towards their recapitalisation as at end-March 2025.

Back-to-Back Loans to State for GST Compensation

2.40 Goods and Services Tax was introduced w.e.f. July 01, 2017, and States were assured of compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. On account of shortfall in GST Compensation Cess during COVID years, it was decided in the GST Council meeting that the Central Government would borrow and release the funds to States and UTs with Legislature as back-to-back loans and recoveries of principal and interest would be made from future collection of GST Compensation Cess. Accordingly, during FY 2020-21 and FY 2021-22, Centre provided ₹1,10,208 crore and ₹1,59,000 crore, respectively, as back-to-back loan to States / UTs with Legislature. During FY 2023–24 and FY 2024–25, recovery amounting to ₹78,104 crore and ₹1,23,604 crore, respectively, was made. The outstanding balance stood at ₹67,500 crore at the end of FY 2024–25.

EXTERNAL DEBT

2.41 Under Article 292 of the Constitution of India, the Central Government may borrow from within as well as outside the territory of the country. External debt at current exchange rates 23stood at 4.7 per cent of the Central Government’s gross liabilities and 5.2 per cent of Public Debt at end-March 2025. The trends in external debt at book value and current exchange rate are shown in Table 2.19 and detailed in Annex HB-4.

Table 2.19: Trends in External Debt (₹ Crore) Actuals Components 2020-21 2021-22 2022-23 2023-24 2024-25 External Debt (At book/ historical 388472 439355 493157 566269 631733 value) Percentage of GDP 2.0 1.9 1.9 2.0 2.0 External Debt (At current 614829 658334 748456 796078 874300 exchange rate) Percentage of Public Debt 5.8 5.4 5.4 5.1 5.2 Percentage of Total Liabilities 5.0 4.7 4.8 4.6 4.7 Percentage of GDP 3.1 2.8 2.9 2.7 2.7

Note: Exchange Rate as on 31st March of the respective years. The external debt at current exchange rate does not include net cumulative Special Drawing Rights (SDRs) allocations by the IMF.

Source: Finance Accounts, CGA

2.42 External debt (at current exchange rate) as a percentage of GDP has been broadly on a declining path and is relatively lower than that of developing countries, indicating the low currency risk of the debt portfolio of the Central Government.

2.43 Additionally, a major portion of external debt is sourced from multilateral institutions (68.4 per cent of total external debt at end-March 2025), while bilateral sources account for the remaining 31.6 per cent (Table 2.20). Loans from multilateral institutions are long-term and largely on concessional terms, further lowering the risk from external borrowings of the Central Government. Agency-wise details of outstanding external loans are shown in Annex HB-3.

Table 2.20: Composition of External Debt (As per cent of total external debt, end-March) Actuals Components 2020-21 2021-22 2022-23 2023-24 2024-25 Multilateral Debt as percentage of Total External

68.2 69.9 69.7 69.9 68.4 Debt Bilateral Debt as percentage of Total External Debt 31.8 30.1 30.3 30.1 31.6

Source: Aid, Accounts and Audit Division, DEA, Ministry of Finance

2.44 External debt is predominantly denominated in three currencies viz., USD, SDR, and Yen which represent 94.1 per cent of total external debt as at end-March 2025. A small portion (5.9 per cent) is denominated in Euro (Table 2.21).

Table 2.21: Currency Composition of External Debt (As per cent of total external debt, end-March) Actuals Currency 2020-21 2021-22 2022-23 2023-24 2024-25 SDR 23.2 20.6 17.4 14.4 11.6 US Dollar 46.9 51.4 54.6 58.2 59.1 Yen 24.0 22.5 22.6 21.7 23.4 Euro 5.9 5.4 5.4 5.5 5.9 Others 0.1 0.1 0.1 0.2 0.1

Source: Finance Accounts, CGA

242.45 To summarise, amid strong global headwinds driven by global inflationary pressures, spillover of tightened monetary policy globally, Russia-Ukraine war, high commodity costs, etc., the Central Government reduced Public Debt to GDP ratio to 52.8 per cent in FY 2024-25 as compared to 53.0 per cent in FY 2020-21. A similar picture is reflected in the case of gross liabilities of the Union Government which witnessed a contraction from 61.4 per cent of GDP in FY 2020-21 to 58.5 per cent in FY 2024-25. The emphasis of debt management strategy continues to be on the use of market-based borrowing instruments for the purpose of financing Fiscal Deficit. At end-March 2025, 71.5 per cent of the outstanding Public Debt was held in marketable debt instruments. Internal debt constitutes a major part of Public Debt and within the internal debt, fixed coupon dated securities constitute a major portion. The maturity profile of outstanding dated securities indicates a relatively low roll-over risk in the debt portfolio. The weighted average yield of primary issuance of dated securities softened in FY 2024-25 and stood at 6.96 per cent, which was at 7.24 per cent during the year 2023-24. The weighted average maturity on outstanding stock of dated securities increased to 13.24 years at end-March 2025 from 12.54 years at end-March 2024. The ownership pattern indicates a broad-based investor base with commercial banks and insurance companies being the predominant investor categories.

The share of external debt, comprising long-term loans from multilateral and bilateral sources, in the total Public Debt has continued to remain low over the years.

2526CHAPTER III PUBLIC ACCOUNT LIABILITIES – CENTRAL GOVERNMENT All public money received by or on behalf of the Government of India, other than those for credit to the Consolidated Fund of India, is credited to the Public Account of India13. The receipts into the Public Account and disbursements out of it are generally not subjected to vote by the Parliament. Receipts under Public Account include NSSF, Provident Fund contributions of Central Government employees, security deposits and other deposits received by the Government, securities issued in lieu of oil/food/fertilizer subsidies, etc. In the case of Public Account Liabilities, the Government acts as a banker or trustee and refunds the money on demand after completion of the implicit contract/event. The details of Public Account Liabilities of the Central Government are presented in Table 3.1.

Table 3.1: Public Account Liabilities of the Central Government (₹ Crore) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 A. Public Debt 10524372 12120677 13822188 15494255 16800249 % of Gross Liabilities 86.4 87.4 88.5 90.2 90.3 B. Public Account - Other Liabilities (a 1761273 1644217 1656799 1713654 1738251 to d) % of Gross Liabilities 14.5 11.9 10.6 10.0 9.3

(a) National Small Savings Fund 754795 536723 446232 416511 325995 % of Gross Liabilities 6.2 3.9 2.9 2.4 1.8

(b) State Provident Fund 246944 257260 262349 267408 271407 % of Gross Liabilities 2.0 1.9 1.7 1.6 1.5

(c) Other Account 425585 430469 410080 391324 356032 % of Gross Liabilities 3.5 3.1 2.6 2.3 1.9

(d) Reserve Funds and Deposit (i+ii) 333949 419766 538137 638411 784818 % of Gross Liabilities 2.7 3.0 3.4 3.7 4.2

(i) Bearing Interest 215480 248846 263790 299000 292701 % of Gross Liabilities 1.8 1.8 1.7 1.7 1.6

(ii) Not bearing interest 118469 170919 274347 339411 492117 % of Gross Liabilities 1. 0 1. 2 1. 8 2. 0 2. 6 Memo Items I. Securities issued by States to NSSF 415506 390930 353834 317907 278798 % of Gross Liabilities 3.4 2.8 2.3 1.9 1.5 II NSSF Loans to other Public Agencies 92636 85570 85350 85000 35000 % of Gross Liabilities 0.8 0.6 0.5 0.5 0.2 III. Post Office Insurance Funds with 92178 105363 116809 132024 146083 Fund Managers and Cash in hand % of Gross Liabilities 0.8 0.8 0.7 0.8 0.8 C. Extra-Budgetary Resources (EBRs) 138536 139287 137869 137869 137869 % of Gross Liabilities 1.1 1.0 0.9 0.8 0.7 D. Total Liabilities (A+B+C) 12424180 13904181 15616855 17345777 18676369 E. Pakistan Pre-partition debt 300 300 300 300 300 F. Cash Balance 237519 37756 4026 175405 81067 Gross Liabilities (D-E-F) 12186361 13866125 15612528 17170072 18595002

Source: Union Budget and Finance Accounts (Various Issues); CGA 13Clause (2) of Article 266 of the Constitution of India.

273.2 At the end of March 2025, Public Account liabilities stood at ₹17.4 lakh crore accounting for

9.3 per cent of gross liabilities compared to 10.0 per cent at end-March 2024. Since FY 2020-21, the share of public account liabilities in gross liabilities has exhibited a consistent downtrend. The major categories under this head are discussed below.

A. National Small Savings Fund (NSSF)

3.3 The investment of NSSF includes Special Securities issued to NSSF by the Central Government, State Governments and investments of NSSF in public agencies. Trends in liabilities and investments of NSSF are given in Table 3.2.

Table 3.2: Liabilities and Investments of NSSF (₹ Crore) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6

1. Gross Liabilities of NSSF 2087447 2420643 2726012 3147691 3486676

2. Investment of NSSF (i to iii) 1873794 2360421 2718964 3134087 3474480

(i) Borrowings by Centre 1332652 1883921 2279780 2731179 3160681

(ii) Borrowings by States 415506 390930 353834 317907 278798

(iii) Loan to Public Agencies# 125636 85570 85350 85000 35000

3. Net Liabilities (1-2) 213653 60223 7048 13604 12196

4. Gross Liabilities of NSSF as %

10.5 10.3 10.4 10.9 11.0 of GDP

5. Net Liabilities of NSSF as % of

1.1 0.3 0.0 0.0 0.0 GDP #A part of these loans was fully serviced by the GoI, such outstanding loan is Nil from FY 2021-22 onwards.

Source: Union Budget and Finance Accounts (Various Issues); CGA B. State Provident Funds

3.4 The share of accumulated Provident Fund contributions of Central Government employees under the head ‘State Provident Funds’ in gross liabilities declined to 1.5 per cent in FY 2024-25 from 1.6 per cent in FY 2023-24.

Table 3.3: State Provident Funds (₹ Crore) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 State Provident Fund 246944 257260 262349 267408 271407 Percentage of Gross Liabilities 2.0 1.9 1.7 1.6 1.5 Percentage of GDP 1.2 1.1 1.0 0.9 0.9

Source: Union Budget and Finance Accounts (Various Issues); CGA C. Other Accounts

3.5 ‘Other Accounts’ include sundry items such as special deposits of non-Government Provident Funds with the Central Government, securities issued in lieu of subsidies, other deposits and accounts, insurance and pension funds, postal life insurance, etc. The share of 28‘Other Accounts’ in gross liabilities decreased to 1.9 per cent at end-March 2025 relative to 2.3 per cent at end-March 2024.

3.6 Certain payments made by the Central Government in lieu of subsidies were in the form of Special Securities issued to Oil Marketing Companies, Fertilizers Companies and Food Corporation of India in the past. These bonds are part of Public Account liabilities. Liabilities on account of these Special Securities have remained almost unchanged up to FY 2020-21 in absolute terms. However, the trend reversed with liabilities under these special securities declining since FY 2021-22 both in absolute and relative terms (Table 3.4).

Table 3.4: Special Securities issued in lieu of subsidies (₹ Crore) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 Special Securities issued 162828 124105 110831 91365 46666 (in lieu of subsidies) % of Gross Liabilities 1.3 0.9 0.7 0.5 0.3 Securities issued to Oil Marketing Companies 130923 92200 92200 76614 36915 % of Gross Liabilities 1.1 0.7 0.6 0.4 0.2 Food Corporation of India 16200 16200 11200 11200 6200 % of Gross Liabilities 0.1 0.1 0.1 0.1 0.0 Fertilizer Companies 15705 15705 7431 3551 3551 % of Gross Liabilities 0.1 0.1 0.0 0.0 0.0

Source: Union Budget and Finance Accounts (Various Issues); CGA D. Reserve Funds and Deposits

3.7 Reserve Funds and Deposits accounted for 4.2 per cent of gross liabilities as at end- March 2025 (3.7 per cent at end-March 2024). At end-March 2025, the share of interest-bearing liabilities under ‘Reserve Funds and Deposits’ constituted 37.3 per cent relative to 46.8 per cent at end-March 2024. On the other hand, non-interest-bearing liabilities stood at 62.7 per cent at end-March 2025.

Table 3.5: Reserve Funds and Deposits (₹ Crore) Actuals (end-March) Components 2020-21 2021-22 2022-23 2023-24 2024-25 1 2 3 4 5 6 Reserve Funds and Deposit 333949 419766 538137 638411 784818 Percentage of Gross Liabilities 2.7 3.0 3.4 3.7 4.2 Percentage of GDP 1.7 1.8 2.1 2.2 2.5

Source: Union Budget and Finance Accounts (Various Issues); CGA

3.8 To summarise, the share of Public Account Liabilities in the gross liabilities of the Government has contracted steadily since FY 2020-21. The downward trend of share was reflected even in the current fiscal year, across components of public account liabilities except Reserve Funds and Deposits. With larger absolute amount of investment of NSSF by Centre, the net liability of the Central Government towards NSSF in public account has also declined during the period.

2930CHAPTER IV GENERAL GOVERNMENT DEBT General Government debt is the consolidated debt of the Central Government, State Governments and UTs with legislature netted with inter-Government liabilities. This consolidated debt position is important from the point of view of analysing sustainability of debt level of the Government sector as a whole. Central Government debt level and profile have been covered in the previous chapters. This chapter gives a brief account of the debt profile of State Governments/UTs with legislature, followed by a description of trends in and composition of the General Government debt.

State Government Debt14

4.1 The Constitution of India under Article 293(1) of India empowers State Governments to borrow only from domestic sources. Further, Article 293(3) of the Constitution states that, “A State may not without the consent of the Government of India raise any loan if there is still outstanding any part of a loan which has been made to the State by the Government of India or by its predecessor Government, or in respect of which a guarantee has been given by the Government of India or its predecessor Government." Financing of Fiscal Deficit – States

4.2 The States have their own budgets, sources of receipts and expenditure and generally run deficit budgets. The major sources of financing of the fiscal deficit of the State Governments are market borrowings and loans from financial institutions. State Governments also incur liabilities in the public account through accumulations of provident fund, reserve funds, deposits, etc. The financing pattern of fiscal deficit of State Governments has exhibited a tilt towards market borrowings in the recent period. The share of net market borrowings in FD financing of States and Union Territories increased from an average of 48.5 per cent during 2005-2010 to 67.9 per cent during 2010-2015 and further to 77.3 per cent during 2015-2020. It increased further to 82.4 per cent of FD in 2020-21. However, it has moderated to 71.8 per cent of FD in 2024-25 (RE) (Table 4.1).

4.3 Pursuant to the recommendations of the Fourteenth Finance Commission, all States/UTs, barring Delhi, Kerala and Madhya Pradesh have opted to exclude themselves from borrowings from the National Small Savings Fund with effect from April 1, 2016. The contribution of NSSF in financing of FD of states has accordingly turned negative, reflecting continuous repayment of legacy borrowings, and stood at -2.7 per cent of FD in 2024-25 (RE) (Table 4.1).

4.4 Financing through ‘Deposits and Advances’ has decreased to 0.3 per cent of FD in 2024- 25 (RE) from 5.1 per cent of FD in 2023-24. As per the revised estimates for 2024-25, 10.5 per cent of FD of States was financed through decrease in cash balances and withdrawal from cash balance investment account.

14Data on State Governments’ finances has been sourced from the RBI publication, State Finances: A Study of Budgets of 2025-26. Data also includes Delhi and Puducherry.

31Table 4.1: Financing of Fiscal Deficit of State Governments (₹ Crore) Loans from *Overall Loans LIC, State Other Reserv Deposits Surpl Fiscal Market fro Borrowing NABA Provid Publi e and us (– Defici Year Borrow- m from RD, ent c Fund Advanc )/ t ings Cent NSSF NCDC, Funds, Acco s es Defici (FD) re SBI and etc. unt t (+) Other Banks 1 2 3 4 5 6 7 8 9 10 11 2020-21 663105 135578 -31177 7341 40940 7927 22587 -5110 -36617 804574 2021-22 509072 177864 -25721 12596 37087 10951 3633 -10370 -60434 654678 2022-23 542817 87854 -36184 11086 24919 15350 55721 -6705 26774 721632 2023-24 741071 115035 -30858 16950 20619 37402 44999 -9081 -58941 877195 2024-25 833418 170434 -31426 22734 19987 -4082 3209 25056 121831 1161161 RE Per cent of FD 2020-21 82.4 16.9 -3.9 0.9 5.1 1.0 2.8 -0.6 -4.6 100.0 2021-22 77.8 27.2 -3.9 1.9 5.7 1.7 0.6 -1.6 -9.2 100.0 2022-23 75.2 12.2 -5.0 1.5 3.5 2.1 7.7 -0.9 3.7 100.0 2023-24 84.5 13.1 -3.5 1.9 2.4 4.3 5.1 -1.0 -6.7 100.0 2024-25

71.8 14.7 -2.7 2.0 1.7 -0.4 0.3 2.2 10.5 100.0 RE

Source: State Finances: A Study of Budgets of 2025-26, RBI * While overall deficit (+) is financed through decrease in cash balance, withdrawal from Cash Balance Investment Account and increase in WMA/OD from RBI, the overall surplus (-) adds to an increase in cash balance, and addition to Cash Balance Investment Account.

Liabilities of State Governments

4.5 Total liabilities of State Governments is estimated to increase to ₹93.9 lakh crore at end- March 2025 (RE) from ₹84.7 lakh crore at end-March 2024, while the growth rate of outstanding liabilities moderated marginally to 10.9 per cent in 2024-25(RE) from 11.5 per cent in 2023-24 (Table 4.2).

Table 4.2: Outstanding Liabilities of State Governments/UTs Amount Annual Growth Debt/ GDP (in per Year (At end-March) (₹ Crore) (in per cent) cent) 2021 6155000 15.0 31.0 2022 6876179 11.7 29.1 2023 7592686 10.4 29.1 2024 8466144 11.5 29.2 2025 RE 9386244 10.9 29.5

Source: State Finances: A Study of Budgets of 2025-26, RBI

4.6 Total outstanding liabilities of State Governments as a per cent of GDP is estimated at

29.5 per cent as at end-March 2025 (Table 4.2).

4.7 Consistent with the classification of Central Government liabilities, State Government debt is discussed under two broad categories viz., Public Debt and other liabilities. The component-wise liability position of State Governments is presented in Table 4.3, while Table

4.4 presents the same information as a ratio to GDP. A graphical representation of the State Government liabilities is given in Chart 4.1.

32Chart 4.1: Liabilities of State Governments

35.0

31.0

29.1 29.1 29.2 29.5

30.0

6.5

5.8 5.8 5.6 5.2

25.0

20.0

15.0

24.5 23.4 23.3 23.6 24.3

10.0

5.0

0.0 2020-21 2021-22 2022-23 2023-24 2024-25 (RE)

Note: Data include Delhi and Puducherry.

Table 4.3: Liability position of State Governments and Union Territories Components Actuals (end-March) Estimate 2020-21 2021-22 2022-23 2023-24 2024-25 (RE) 1 2 3 4 5 6 (₹ Crore)

1. Public Debt (a to f) 4867949 5512957 6087783 6837233 7737134

(a) Market Loans 3722110 4235944 4778760 5519895 6297231

(b) Loans from the Centre 688635 841691 894860 905793 1044801 and Borrowings from NSSF

(c) Loans from Banks and 258531 260004 263960 281703 288013 other Financial Institutions

(d) Power Bonds - - - - -

(e) UDAY Bonds 178710 158395 135728 113062 91474

(f) Ways and Means 19963 16923 14475 16779 15614 Advances and others

2. Other Liabilities (a to d) 1287051 1363222 1504903 1628911 1649110

(a) State Provident Funds 539887 576646 601325 621447 641434

(b) Reserve Funds 210535 237072 288209 336776 332694

(c) Deposits and Advances 531477 541690 605377 661857 665066

(d) Contingency Fund 5152 7814 9993 8832 9916

3. Total Liabilities (1+2) 6155000 6876179 7592686 8466144 9386244 Per cent of Total Liabilities

1. Public Debt (a to f) 79.1 80.2 80.2 80.8 82.4

(a) Market Loans 60.5 61.6 62.9 65.2 67.1

(b) Loans from the Centre

11.2 12.2 11.8 10.7 11.1 and Borrowings from NSSF

(c) Loans from Banks and

4.2 3.8 3.5 3.3 3.1 other Financial Institutions

(d) Power Bonds - - - - -

(e) UDAY Bonds 2.9 2.3 1.8 1.3 1.0

(f) Ways and Means

0.3 0.2 0.2 0.2 0.2 Advances and others 33 PDG ot tnec rep Public Debt Other Liabilities Total LiabilitiesComponents Actuals (end-March) Estimate 2020-21 2021-22 2022-23 2023-24 2024-25 (RE) 1 2 3 4 5 6

2. Other Liabilities (a to d) 20.9 19.8 19.8 19.2 17.6

(a) State Provident Funds 8.8 8.4 7.9 7.3 6.8

(b) Reserve Funds 3.4 3.4 3.8 4.0 3.5

(c) Deposits and Advances 8.6 7.9 8.0 7.8 7.1

(d) Contingency Fund 0.1 0.1 0.1 0.1 0.1

3. Total Liabilities (1+2) 100.0 100.0 100.0 100.0 100.0

Source: State Finances: A Study of Budgets of 2025-26, RBI.

4.8 Public Debt of State Government is estimated at ₹77.4 lakh crore at end-March 2025, accounting for 82.4 per cent of total liabilities of State Governments (24.3 per cent of GDP). The change in the financing pattern of fiscal deficit of the State Governments and UTs is reflected in the composition of Public Debt. The share of market loans in total liabilities is estimated to increase to 67.1 per cent at end-March 2025 (65.2 per cent at end-March 2024), whereas the share of loan from the Centre and borrowings from NSSF is estimated to increase to 11.1 per cent of total liabilities at end-March 2025 from 10.7 per cent at end-March 2024.

4.9 State Governments also take negotiated loans from banks, Life Insurance Corporation of India, General Insurance Corporation, National Bank for Agriculture & Rural Development, National Co-operative Development Corporation and other financial institutions. The share of these loans in total liabilities stood at 3.1 per cent in 2024-25 (RE) (Table 4.3). With substantial portion of market loans as a percentage of GDP in the States' liabilities, it shows that states are increasingly relying on the market to fund their fiscal deficit. (Table 4.4).

Table 4.4: Liability Position of State Governments and UTs (at end-March, Per cent of GDP) Actuals Estimate Components 2024- 2020-21 2021-22 2022-23 2023-24 25(RE) 1 2 3 4 5 6

1. Public Debt (a to f) 24.5 23.4 23.3 23.6 24.3

(a) Market Loans 18.7 18.0 18.3 19.0 19.8

(b) Loans from the Centre and

3.5 3.6 3.4 3.1 3.3 Borrowings from NSSF

(c) Loans from Banks and other

1.3 1.1 1.0 1.0 0.9 Financial Institution

(d) Power Bonds - - - - -

(e) UDAY Bonds 0.9 0.7 0.5 0.4 0.3

(f) Ways and Means Advances and

0.1 0.1 0.1 0.1 0.0 others

2. Other Liabilities (a to d) 6.5 5.8 5.8 5.6 5.2

(a) State Provident Funds 2.7 2.4 2.3 2.1 2.0

(b) Reserve Funds 1.1 1.0 1.1 1.2 1.0

(c) Deposits and Advances 2.7 2.3 2.3 2.3 2.1

(d) Contingency Fund 0.0 0.0 0.0 0.0 0.0

3. Total Liabilities (1+2) 31.0 29.1 29.1 29.2 29.5

Source: State Finances: A Study of Budgets of 2025-26, RBI.

34Maturity Profile of State Development Loans (SDLs)/State Government Securities (SGSs)

4.10 The maturity profile of the outstanding stock of SDLs/SGSs has elongated steadily in recent years (Table 4.5). The share of securities with residual maturity above 10 years rose from

14.8 per cent at end-March 2021 to 33.7 per cent at end-March 2025, marginally overtaking the 6-to-10 year bucket (32.9 per cent) for the first time. The 6-to-10 year segment, which had been the dominant maturity bucket through this period, declined from 49.3 per cent at end-March

2021. The 1-to-5 year bucket also moderated to 27.6 per cent at end-March 2025, while securities maturing within a year remained broadly stable at around 5-to-6 per cent. This elongation, reflecting States' increasing recourse to longer-tenor issuances since 2015-16, has eased medium-term redemption pressures.

Table 4.5: Maturity Profile of Outstanding SDLs/SGSs (At end-March, in per cent) Year 0 to 1 year 1 to 5 years 6 to 10 years Above 10 years 2020-21 5.3 30.6 49.3 14.8 2021-22 5.4 31.3 44.5 18.8 2022-23 5.9 30.9 39.9 23.3 2023-24 5.7 28.8 35.9 29.6 2024-25 (RE) 5.8 27.6 32.9 33.7

Source: State Finances: A Study of Budgets of 2025-26, RBI

4.11 State-wise details of maturity pattern of outstanding stock of SDLs/SGSs are presented in Table 4.6. The Weighted Average Maturity (WAM) of outstanding stock of SDLs/SGSs of all States rose to 8.85 years at end-March 2025 from 8.50 years at end-March 2024. The WAM of outstanding stock of SDLs/SGSs at end-March 2025 was in the range of 4.5 years for Gujarat to

14.33 years for Telangana.

Table 4.6: State-wise details of WAM of outstanding stock of SDLs/SGSs (in years) State End-March 2024 End-March 2025 Andhra Pradesh 9.40 10.24 Arunachal Pradesh 5.76 6.65 Assam 6.02 6.39 Bihar 6.37 6.86 Chhattisgarh 4.97 4.71 Goa 5.82 5.41 Gujarat 4.85 4.5 Haryana 7.45 7.47 Himachal Pradesh 7.81 7.81 Jammu and Kashmir 11.0 12.38 Jharkhand 6.14 5.57 Karnataka 7.94 7.77 Kerala 10.49 11.96 Madhya Pradesh 9.15 9.83 Maharashtra 6.34 7.46 Manipur 6.48 6.63 Meghalaya 5.39 5.67 Mizoram 8.55 8.78 Nagaland 6.18 5.63 35State End-March 2024 End-March 2025 Odisha 5.74 7.08 Puducherry 6.29 7.24 Punjab 10.24 10.04 Rajasthan 7.99 8.42 Sikkim 6.34 6.07 Tamil Nadu 10.94 11.33 Telangana 14.24 14.33 Tripura 5.70 4.78 Uttar Pradesh 6.56 6.25 Uttarakhand 5.15 4.58 West Bengal 9.92 10.25 Grand Total 8.50 8.85

Source: CCIL

4.12 The weighted average yield on primary issuances of State Government securities eased to

7.20 per cent in 2024-25 from 7.52 per cent in 2023-24 (Table 4.7 (a)).

Table 4.7(a): Weighted Average Cut-off Yield on Issuances of SDLs/SGSs (%) Year 2020-21 2021-22 2022-23 2023-24 2024-25 WAY (Cut-off) 6.55 6.98 7.71 7.52 7.20

Source: RBI Annual Report, Note: Weighted Average Yield is based on cut-off yield/ price.

4.13 State-wise data relating to weighted average coupon on outstanding stock of SDLs/SGSs shows variations across States (Table 4.7(b)). The difference in WAY across States reflected the impact of interest rate environment when States raised funds through the primary issuances of SDLs/SGSs. The State-Centre spread of WAY for primary issuances was at 0.24 percentage point in 2024-25 while State-Centre spread of WAC of Outstanding Securities was 0.19 bps.

Table 4.7(b): Weighted Average Coupon (WAC)/Yield (WAY) on SDLs/SGSs and Spread over WAY of Central Government Securities (in per cent) WAC - WAY - Primary State-Centre Spread- State-Centre Spread- State Outstanding at Issuances in WAY (primary WAC (Outstanding) end-March 2025 2024-25 issuances) in 2024-25 at end-March 2025 Andhra Pradesh 7.46 7.28 0.32 0.21 Arunachal Pradesh 7.52 7.16 0.20 0.27 Assam 7.37 7.24 0.28 0.12 Bihar 7.41 7.16 0.20 0.16 Chhattisgarh 7.34 7.14 0.18 0.09 Goa 7.46 7.20 0.24 0.21 Gujarat 7.46 7.05 0.09 0.21 Haryana 7.54 7.21 0.25 0.29 Himachal Pradesh 7.43 7.29 0.33 0.18 Jammu and Kashmir 7.52 7.28 0.32 0.27 Jharkhand 7.65 6.94 -0.02 0.40 Karnataka 7.30 7.10 0.14 0.05 Kerala 7.52 7.22 0.26 0.27 Madhya Pradesh 7.40 7.18 0.22 0.15 Maharashtra 7.34 7.20 0.24 0.09 Manipur 7.42 7.24 0.28 0.17 Meghalaya 7.42 7.28 0.32 0.17 36WAC - WAY - Primary State-Centre Spread- State-Centre Spread- State Outstanding at Issuances in WAY (primary WAC (Outstanding) end-March 2025 2024-25 issuances) in 2024-25 at end-March 2025 Mizoram 7.38 7.24 0.28 0.13 Nagaland 7.52 7.24 0.28 0.27 Odisha 7.53 7.12 0.16 0.28 Puducherry 7.35 7.18 0.22 0.10 Punjab 7.53 7.32 0.36 0.28 Rajasthan 7.46 7.23 0.27 0.21 Sikkim 7.48 7.15 0.19 0.23 Tamil Nadu 7.37 7.18 0.22 0.12 Telangana 7.45 7.26 0.3 0 0.20 Tripura* 7.44 - 0.19 Uttar Pradesh 7.52 7.15 0.19 0.27 Uttarakhand 7.55 7.17 0.21 0.30 West Bengal 7.47 7.22 0.26 0.22 All States 7.44 7.20 0.24 0.19

Source: CCIL. *: Tripura has not issued any SDLs/SGS during the year 2024-25.

Other Liabilities

4.14 ‘Other Liabilities’ of State Governments is estimated to increase marginally to ₹16.5 lakh crore at end-March 2025 from ₹16.3 lakh crore at end-March 2024 (Table 4.3). Relative to GDP, the share of ‘Other Liabilities’ is estimated at 5.2 per cent at end-March 2025, 0.4 percentage point lower than at end-March 2024. The major constituent of ‘Other Liabilities’ is State Provident Funds estimated at 38.9 per cent of other liabilities (6.8 per cent of total liabilities) at end-March 2025. ‘Deposits and Advances’ and ‘Reserve Funds’ are the other components estimated at 40.3 per cent and 20.2 per cent respectively, of ‘Other Liabilities’ at end-March

2025. Contingency Fund is estimated at 0.6 per cent of ‘Other Liabilities’ at end-March 2025 (Table 4.8).

Table 4.8: Composition of ‘Other Liabilities’ of State Governments and UTs (Per cent of Total) Components 2020-21 2021-22 2022-23 2023-24 2024-25 (RE) 1 2 3 4 5 6

(i) State Provident Funds 41.9 42.3 40.0 38.2 38.9

(ii) Reserve Funds 16.4 17.4 19.2 20.7 20.2

(iii) Deposits and Advances 41.3 39.7 40.2 40.6 40.3

(iv) Contingency Fund 0.4 0.6 0.7 0.5 0.6 Other Liabilities (i to iv) 100.0 100.0 100.0 100.0 100.0

Source: State Finances: A Study of Budgets of 2025-26, RBI

4.15 At end-March 2025, total investment in treasury bills of the Central Government by State Governments decreased from ₹3.2 lakh crore at end-March 2024 to ₹2.8 lakh crore. An adjustment made to this effect shows that total liabilities of State Governments could have been lower at 28.6 per cent of GDP against 29.5 per cent without adjustment, at end-March 2025 (Table 4.9). This factor, however, does not affect consolidated General Government Debt, as investment in treasury bills by States is an inter-Government transaction that is netted out of consolidated General Government Debt position.

37Table 4.9: State Government Debt Adjusted for Investment in Treasury Bills (end-March, ₹ crore) Actuals Estimate Components 2020-21 2021-22 2022-23 2023-24 2024-25(RE) 1 2 3 4 5 6 4867949 5512957 6087783 6837233 7737134

1. Public Debt

24.5 23.4 23.3 23.6 24.3 percentage of GDP

2. Investment in Treasury Bills 246523 303672 271671 318063 276853 of Centre*

3. Public Debt net of Investment 4621426 5209286 5816113 6519170 7460280 T-Bills (1-2)

23.3 22.1 22.3 22.5 23.5 percentage of GDP 1287051 1363222 1504903 1628911 1649110

4. Other Liabilities

6.5 5.8 5.8 5.6 5.2 percentage of GDP 6155000 6876179 7592686 8466144 9386244

5. Total Debt (1+4)

31.0 29.1 29.1 29.2 29.5 percentage of GDP 5908478 6572507 7321016 8148081 9109390

6. Total Adjusted Debt (3+4)

29.8 27.9 28.0 28.1 28.6 percentage of GDP

Source: State Finances: A Study of Budgets of 2025-26, RBI *Includes investment in both, 14-day ITBs and ATBs.

Re-issuances of SDLs and Trading in SDLs in the secondary market

4.16 As per CCIL data, reflecting the increasing share of market loans in FD financing, the share of SDLs/SGSs in outstanding Government bonds (Central Government dated securities, T- Bills and SDLs/SGSs taken together) has increased from 32.8 per cent in 2020-21 to 34.1 per cent in 2024-25. However, the increase in the share of SDLs/SGSs in total outright trades (Central Government dated securities, T-Bills and SDLs/SGSs taken together) from 5.8 per cent to 6.0 per cent during the same period remained significantly lower as compared to the share of G-Secs in total volume of outright trades in the secondary market (Chart 4.2).

Chart 4.2: Comparative Chart of SDLs/SGSs vis-à-vis G-Secs in Outstanding bonds and Outright Trades

70.00

61.6 61.4 61.8 61.4 61.6

60.00

50.00

40.00 32.8 33.0 32.8 33.5 34.1

30.00

20.00

10.00

0.00 2020-21 2021-22 2022-23 2023-24 2024-25 38 latoT fo tneC reP Market share in G-Sec outstanding bonds Market share in SGS outstanding bonds90.00 84.2

79.8 81.0

80.00 75.7 75.4

70.00

60.00

50.00

40.00

30.00

20.00

10.00 5.8 7.7 6.4 5.3 6.0

0.00 2020-21 2021-22 2022-23 2023-24 2024-25 General Government Debt15

4.17 General Government liabilities are arrived at by consolidating liabilities of the Central Government, State Governments and UTs with legislatures netted with inter-Government liabilities. General Government liabilities are divided in two broad components viz., Public Debt and other liabilities. As General Government Debt represents the liability of the Government sector as a whole, the following inter-Government transactions are netted out to derive General Government Debt.

(i) Centre’s loans to States and UTs;

(ii) securities issued by States to NSSF;

(iii) investment in T-Bills (14-day ITBs and Auction Treasury Bills (91/182/364-day T-Bills) by States/UTs with legislature which represents lending by States/UTs to the Centre.

4.18 Total debt/liabilities of the General Government at end-March 2025 is estimated at ₹266.6 lakh crore. (Table 4.10).

Table 4.10: General Government Debt (₹ crore) Components Actuals (end-March) 2024 -25* 2020-21 2021-22 2022-23 2023-24 1 2 3 4 5 3 Central Government 1052437 12120677 13822188 15494255 1680024

1. Public Debt 2 9 percentage of GDP 53.0 51.4 52.9 53.5 52.8

2. Other Liabilities - Public account 1761273 1644217 1656799 1713654 1738251 percentage of GDP 8.9 7.0 6.3 5.9 5.5

3. Extra-budgetary Resources 138536 139287 137869 137869 137869 percentage of GDP 0.7 0.6 0.5 0.5 0.4

4. Pakistan pre-partition debt (approx.) 300.0 300.0 300.0 300.0 300.0 percentage of GDP 0.0 0.0 0.0 0.0 0.0

5. Cash Balance with RBI 237519 37756 4026 175405 81067 percentage of GDP 1.2 0.2 0.0 0.6 0.3 15 General Government Debt/ Liabilities (2024-25) includes revised estimates for States Governments and actuals of Central Government.

39 latoT fo tneC reP Share of Gsec in outright trades Share of SGS in outright tradesComponents Actuals (end-March) 2024 -25* 2020-21 2021-22 2022-23 2023-24 1 2 3 4 5 3

6. Central Government Debt (1+2+3-4-5) 12186361 13866125 15612528 17170072 18595002 percentage of GDP 61.4 58.8 59.8 59.2 58.5 State/ UT Governments

7. Public Debt 4867949 5512957 6087783 6837233 7737134 percentage of GDP 24.5 23.4 23.3 23.6 24.3

8. Other Liabilities 1287051 1363222 1504903 1628911 1649110 percentage of GDP 6.5 5.8 5.8 5.6 5.2

9. State Government Debt (7+8) 6155000 6876179 7592686 8466144 9386244 percentage of GDP 31.0 29.1 29.1 29.2 29.5 Adjustment of inter-government Liabilities

10. Investment in Treasury Bills of 246523 303672 271671 318063 276853 Centre - States and UTs percentage of GDP 1.2 1.3 1.0 1.1 0.9

11. Loans from the Centre to States/ UTs 688635 841691 894860 905793 1044801 & NSSF Investment in State/UT Govt.

Special Securities percentage of GDP 3.5 3.6 3.4 3.1 3.3

12. General Government Debt (6+9-10-11) 17406203 19596941 22038684 24412360 26659591 percentage of GDP 87.7 83.0 84.4 84.2 83.8

Source: Data at sr. no. 7, 8 & 11 are taken from State Finances: A Study of Budgets of 2025-26: RBI, *States’ data for 2024-25 is RE.

4.19 General Government liabilities, as per cent of GDP stood at 87.7 per cent in 2020-21.

However, it moderated to 84.2 per cent in 2023-24 and is further estimated at 83.8 per cent in 2024-25. (Chart 4.3).

Chart 4.3: Trends in General Government Debt/Liabilities

100.0

87.7

90.0 83.0 84.4 84.2 83.8

80.0

31.0

29.1 29.1 29.2 29.5

70.0

60.0

50.0

40.0

30.0 61.4 58.8 59.8 59.2 58.5

20.0

10.0

0.0 2020-21 2021-22 2022-23 2023-24 2024-25

Note: States’ data for 2024-25 is RE.

40 PDG fo tnecreP Central Government Debt State Government Debt General Govt. Debt4.20 To summarise, the debt-GDP ratio of States and UTs increased marginally to 29.5 per cent at end-March 2025 from 29.2 per cent at end-March 2024, with Public Debt accounting for a larger share (82.4 per cent). Within Public Debt, the share of market loans rose to 67.1 per cent of total liabilities at end-March 2025 from 65.2 per cent a year earlier, while the share of loans from the Centre and borrowings from NSSF edged up to 11.1 per cent from 10.7 per cent;

correspondingly, the share of 'Other Liabilities' declined to 17.6 per cent from 19.2 per cent. The maturity profile of outstanding SDLs/SGSs continued to increase, with the weighted average maturity rising to 8.85 years from 8.50 years, and the weighted average yield on primary issuances easing to 7.20 per cent from 7.52 per cent. Taking the Central Government, State Governments and UTs (with legislature) together, the General Government Debt-GDP ratio moderated to 83.8 per cent at end-March 2025 from 84.2 per cent at end-March 2024, continuing the gradual consolidation from its post-pandemic peak of 87.7 per cent in 2020-21.

4142CHAPTER V ASSESSMENT, EMERGING ISSUES AND ROAD AHEAD This chapter provides an assessment of the debt profile of the Government in terms of cost, risk characteristics and sustainability. Sustainability of sovereign debt has always been an important indicator of overall macroeconomic health of a country. Debt sustainability is in great part a function of the level of debt and the Government’s capacity to service the outstanding debt. In case of India, the Central Government debt as a percentage of GDP was 52.3 per cent in FY 2019-20 which increased to 61.4 per cent in FY 2020-21 mainly on account of fiscal measures taken to mitigate the risk of Covid-19. The trend was reversed with Central Government debt to GDP declining to 58.5 per cent during FY 2024-25. In line with the trend, the General Government debt also witnessed contraction to 83.8 per cent of GDP at the end of FY 2024-25 relative to 87.7 per cent at the end of FY 2020-21. The characteristics of existing debt stock of the Government (long residual maturity of dated securities, issuance of debt instruments primarily at fixed rate of interest, predominance of domestic currency denominated debt, etc.), when juxtaposed against economic parameters such as economic growth rate, put India in a better position when compared to equally or even lower indebted economies. The risk profile of India’s Government debt stands out as safe and prudent in terms of accepted parameters of indicator-based approach for debt sustainability analysis (DSA) as detailed in the following paragraphs.

Indicator-based Approach for Debt Sustainability Analysis of Central Government, State Governments and General Government Maturity of Debt

5.1 In the absence of information regarding residual maturity on the entire debt stock of the Government, particularly regarding liabilities under Public Account, the analysis in respect of maturity of debt in this Chapter is confined primarily to the ‘Public Debt’16 of both Centre and States.

Short-term Debt Central Government

5.2 Short-term debt of the Central Government on a residual maturity basis includes 14-day intermediate treasury bills (ITBs), 91-days, 182-days and 364-days treasury bills, dated securities maturing in the ensuing one year and external debt with remaining maturity of less than one year.

16 Maturity profile is available for marketable debt, external debt, 14-day ITBs, securities issued to NSSF, special securities issued to public sector banks/ EXIM Bank/IDBI Bank/IIFCL, which together account for nearly 98.3 per cent of total public debt. Of the remaining items, securities issued to international financial institutions (0.6 per cent of public debt) and Compensation Bonds (0.9 per cent of public debt) are not significant from the roll-over risk perspective.

43Short-term debt has moved in a narrow range during the period under review. It accounted for

8.6 per cent of Public Debt and 4.5 per cent of GDP at end-March 2025 (Table 5.1). The share of treasury bills (other than 14-day ITBs) in total short-term debt of Central Government at end- March 2024 was the largest at 54.8 per cent, followed by dated securities at 27.4 per cent and 14- day ITBs at 13.1 per cent. The share of short-term external debt at 4.8 per cent remained low (Chart 5.1).

Table 5.1: Short-term Debt of Central Government Amount Per cent of Public Debt of Year Per cent of GDP (₹ crore) Central Government 1 2 3 4 2020-21 1196643 11.4 6.0 2021-22 1326633 10.9 5.6 2022-23 1525260 11.0 5.8 2023-24 1556041 10.0 5.4 2024-25 1443343 8.6 4.5 Chart 5.1: Composition of Short-Term Debt of Central Government

100.0 3.0 3.0 3.1 3.6 4.8

90.0

22.1 23.6 23.2

80.0 28.9 27.4

70.0

17.2 16.3 17.2

60.0 14.0 13.1

50.0

40.0

30.0 57.7 57.1 54.0 56.0 54.8

20.0

10.0

0.0 2020-21 2021-22 2022-23 2023-24 2024-25 State Governments /UTs

5.3 Short-term debt of State Governments / UTs comprises internal debt including market loans maturing within next one year, SDF / WMA and repayment of loans to the Centre falling due in the ensuing year. It constituted 6.8 per cent of their Public Debt at end-March 2025 (Table 5.2). State Governments /UTs do not issue treasury bills. Market borrowings constitute the dominant part of Public Debt of State Governments, and these are raised largely through the issuance of SGSs with 10-year and beyond maturity17. The share of short- term debt of States, on a residual maturity basis, with respect to GDP was at 1.6 per cent at end-March 2025 (Table 5.2).

17Since 2012-13, State Governments have been allowed to issue securities with maturities of less than 10 years and also re-issue existing securities. A few State Governments have also started issuing SDLs/SGSs with maturities of more than 10 years.

44 tnec reP T-bills 14 DTB Dated Securities External DebtTable 5.2: Short-term Debt of States/UTs Amount Per cent of Public Debt of State Year Per cent of GDP (`₹ crore) Government and UTs 1 2 3 4 2020-21 333414 6.8 1.7 2021-22 413995 7.5 1.8 2022-23 486293 8.0 1.9 2023-24 531945 7.8 1.8 2024-25 524479 6.8 1.6

Source: State Finances: A Study of Budgets of 2025-26, RBI

5.4 Market Loans and Internal Debt other than Market Loans constituted the major components of the short-term debt of State Governments, accounting for 56.5 per cent and 37.1 per cent, respectively, in FY 2024–25. The share of loans from the Centre in the short-term debt composition of State Governments changed from 6.5 per cent in FY 2020–21 to 5.6 per cent at end-March 2025. Repayments of market loans accounted for 56.5 per cent of the short-term debt of States/UTs as at end-March 2025 (Chart 5.2).

Chart 5.2: Composition of Short-Term Debt of States / UTs

100.0

90.0

80.0

70.0 57.8 52.1 54.7 55.7 56.5

60.0

50.0

6.0

40.0 6.5 6.4 5.4 5.6

30.0

20.0 35.0 41.7 38.9 38.2 37.1

10.0

0.0 0.8 0.2 0.7 0.9 2020-21 2021-22 2022-23 2023-24 2024-25

Source: State Finances: A Study of Budgets of 2025-26, RBI.

General Government Debt

5.5 Short-term debt of the General Government18 comprises short-term debt of Central Government, States and UTs with legislature after netting out inter-Governmental debt such as States / UTs investment in Centre’s Treasury Bills (14-day ITBs and Auction T-Bills) and repayment of Central Government loans by States and UTs. Short-term debt of the General Government declined to 5.2 per cent of GDP at end-March 2025 from 6.0 per cent at end-March 2024 (Table 5.3), indicating a reduction in roll-over risk.

18Intergovernmental debt such as treasury bills (both ITBs and ATBs) held by State Governments/ UTs with legislature and repayments of Loans by States/ UTs with legislature to Centre are netted out.

45 tnec reP WMA from RBI Internal Debt Other than Market Loans Loans from Centre Market LoansTable 5.3: Short-term Debt of General Government Amount Per cent of Public Debt of General Year Per cent of GDP (₹ crore) Government 2020-21 1261964 7.3 6.4 2021-22 1412138 7.2 6.0 2022-23 1708792 7.8 6.5 2023-24 1741178 7.1 6.0 2024-25 1661793 6.2 5.2 Annual Repayment Burden of Government of India Dated Securities

5.6 The annual repayment burden (ARB) of outstanding stock of dated securities issued by the Central Government at end-March 2025 is shown in Chart 5.3. An elevated ARB is visible between FY 2026-27 and FY 2034-35, both in absolute terms as well as relative to estimated GDP, after which it sees a sharp decline. However, this may be viewed against the backdrop of an active debt management strategy being used by the Central Government since FY 2013-14 in the form of buyback and switches of shorter tenor G-Secs with longer tenor G-Secs, with an objective to spread the redemption pressure evenly and reduce the roll-over risk.

5.7 During FY 2024-25, Government carried out switches worth ₹1,46,995 crore as compared to switches worth ₹1,02,994 crore in FY 2023-24. There were buybacks of ₹1,18,412 crore as well.

Elongation of maturity profile of debt portfolio through issuances of longer tenor securities is an integral part of the strategy being used by the Government to reduce the roll-over risk.

Chart 5.3: Maturity Profile of Central Government Dated Securities

10.0

2.00

9.0

8.0

7.0 1.50

6.0

5.0

1.00

4.0

3.0

0.50

2.0

1.0

0.0 0.00

Note: Nominal GDP growth rate is taken as 10% from 2026-27 onwards.

Floating Rate Debt

5.8 Government of India debt is raised primarily at fixed coupon rates. State Governments have not yet issued any floating rate debt. At end-March 2025, outstanding floating rate debt issued domestically by the Central Government amounted to ₹3,97,364 crore constituting 2.4 per cent of Public Debt and 1.2 per cent of GDP (Table 5.4). A part of external debt is also contracted at floating rates. At end-March 2025, such external (multilateral) floating rate debt stood at ₹4,90,767 crore, constituting 2.9 per cent of Public Debt and 1.5 per cent of GDP.

Taking both the components together, total floating rate debt worked out to be 2.8 per cent of GDP and 5.3 per cent of Central Government Public Debt at end-March 2025.

46 )erorc hkaL ₹( 62-5202 72-6202 82-7202 92-8202 03-9202 13-0302 23-1302 33-2302 43-3302 52-4302 63-5302 73-6302 83-7302 93-8302 04-9302 14-0402 24-1402 34-2402 44-3402 54-4402 64-5402 74-6402 05-9402 15-0502 25-1502 35-2502 45-3502 55-4502 65-5502 06-9502 16-0602 26-1602 36-2602 46-3602 56-4602 47-3702 57-4702 PDG fo tnec reP Maturity Amount (End-March 2025) Maturity amount as % GDP (RHS)Table 5.4: Floating Rate Debt of Central Government Internal Floating Debt External Floating Debt* Total Floating Debt Per cent of Per cent of Per cent of Per cent of Per cent of Per cent Year Public Debt GDP Public Debt GDP Public Debt of GDP 2020-21 3.0 1.6 2.5 1.4 5.5 2.9 2021-22 3.7 1.9 2.6 1.3 6.3 3.3 2022-23 3.3 1.8 2.8 1.5 6.1 3.2 2023-24 2.7 1.4 2.8 1.5 5.5 2.9 2024-25 2.4 1.2 2.9 1.5 5.3 2.8

Source: Reserve Bank of India and Aid Accounts and Audit Division, DEA, Ministry of Finance. *External debt covers Multilateral Debt

5.9 The low share of floating rate debt insulates the debt portfolio from interest rate risk and imparts stability to the budget. Nevertheless, for development of the Government securities market and given the Government’s responsibility to provide investors with a diverse set of instruments, floating rate bonds are being issued, on need basis, by the Central Government. A related instrument is the inflation indexed bond (IIB) which has a fixed real rate of interest, but whose nominal interest payments vary with inflation. During FY 2013-14, the Government had issued IIBs for institutional investors, linked to Wholesale Price Index (WPI), and for retail investors, linked to Consumer Price Index (CPI) (called Inflation-Indexed National Saving Securities-Cumulative).

Sources of Borrowing – Domestic and External

5.10 As discussed earlier in the chapter on Public Debt, the Central Government debt in India is raised predominantly from domestic investors. The share of external debt has seen a gradual decline from 5.8 per cent of Central Government Public Debt in FY 2020-21 to 5.2 per cent in FY 2024-25. As per cent of GDP, external debt has declined from 3.1 per cent of GDP in the year 2020-21 to 2.7 per cent of GDP in the year FY 2024-25 (Chart 5.4). The low share of external debt insulates the debt portfolio of the Government from currency risk.

Chart 5.4: External Debt of Central Government 47

8.5

0.5

5.3

1.3

4.5

7.4

4.3

8.2

4.5

8.4

4.3

9.2

1.5

6.4

3.3

7.2

2.5

7.4

3.3

7.2 2020-21 2021-22 2022-23 2023-24 2024-25 External Debt as a percent of Public Debt (Centre) External Debt as a percent of Total Debt (Centre) External Debt as a percent of Total General Government Debt External Debt as a percent of GDPOwnership Pattern

5.11 Notwithstanding a decline in the share of commercial banks in outstanding stock of Central Government dated securities over the years, they have remained the largest investor class. At end-March 2025, their share stood at 36.2 per cent as compared to 37.8 per cent at end- March 2021 (Chart 5.5). The share of insurance companies, however, increased from 25.3 per cent at end-March 2021 to 25.8 per cent at end-March 2025 while the share of provident funds exhibited a decline from 4.4 per cent to 4.2 per cent during the same period. Since insurance companies and provident funds are long-term investors, their participation in the G-Sec market complements the Government’s endeavour to lengthen the maturity profile of its debt portfolio without undue pressure on yields. The share of RBI decreased to 12.8 per cent at end-March 2025 from 16.2 per cent at end-March 2021.

Chart 5.5: Ownership Pattern of Central Government Dated Securities (for FY ending March)

100.0 1.8 1.8 1.6 1.5 1.3

90.0 14.2 14.9 16.3 17.3 18.9

80.0 4.4 0.3 4.6 0.3 4.7 0.5 4.5 0.7 4.2 0.8

70.0

60.0 25.3 25.9 26.0 26.0 25.8

50.0

40.0

37.8 35.9

30.0 36.6 37.7 36.2

20.0

10.0

16.2 16.6 14.3 12.3 12.8

0.0 2021 2022 2023 2024 2025

Source: Public Debt Statistics, RBI

5.12 In the case of State Government securities, banks (including co-operative banks) are the largest holders, with their share rising from 37.7 per cent at end-March 2021 to 38.5 per cent at end-March 2025. Insurance companies and provident funds are the other major stakeholders, with shares of 24.1 per cent and 23.6 per cent respectively at end-March 2025. (Chart 5.6).

Chart 5.6: Ownership Pattern of State Government Securities (for FY ending March)

Source: Public Debt Statistics, RBI.

48 seitiruceS gnidnatstuO latoT fo tnec reP RBI Banks Insurance Companies Provident Funds Non-Bank PDs Others Cooperative Banks

100.0 0.7 0.6 0.6

11.2 13.0 13.0 12.8 12.7

0.5 0.4 0.6 0.6 0.6

80.0 22.0 20.8 21.3 22.4 23.6

60.0

30.0 28.4 26.8 26.1 24.1

40.0

20.0 37.7 38.4 37.6 37.5 38.5

0.0 2021 2022 2023 2024 2025 gnidnatstuO latoT fo tnec reP seitiruceS Banks Insurance Companies Provident Funds Non-Bank PDs Others RBISustainability Indicators of Debt

5.13 Traditionally, debt sustainability is assessed in terms of primary deficit, and interest cost relative to nominal GDP growth rate. While there is no consensus with regard to the level of debt that may be considered sustainable, a secularly rising debt-GDP ratio is considered as leading towards unsustainable debt and vice versa. An assessment of sustainability of Government debt, based on an indicator-based DSA approach, has been done in the following paragraphs.

Debt-GDP ratio

5.14 Debt-GDP ratio is an important indicator of medium and long-term debt sustainability of any country. The debt to GDP ratio for the Central Government declined from 61.4 per cent in FY 2020-21 to 58.5 per cent in FY 2024-25, reflecting the fiscal prudence with narrowing of fiscal deficit during the year. At the State Government and UTs level, the debt-GDP ratio declined from 31.0 per cent in FY 2020-21 to 29.5 per cent in FY 2024-25. As depicted in Chart

5.7, the General Government Debt (GGD) to GDP stands at 83.8 per cent in FY 2024-25 as compared to 87.7 per cent in FY 2020-21.

Chart 5.7: Trends in Debt-GDP ratio of the Government

100.0

87.7

90.0 83.0 84.4 84.2 83.8

80.0

70.0 61.4 58.8 59.8 59.2 58.5

60.0

50.0

40.0 31.0 29.1 29.1 29.2 29.5

30.0

20.0

10.0

0.0 2020-21 2021-22 2022-23 2023-24 2024-25 GDP estimates from 2022–23 onwards is based on the new GDP series with base year 2022–23, released by the NSO, MoSPI, on February 27, 2026.

5.15 The estimates for debt-GDP ratio up to 2026-27 for the Central Government, provided in the Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement, presented along with the Union Budget 2026-27, underscored the commitment to sustainable debt trajectory. However, in spite of global headwinds, fiscal deficit stood at 4.4 per cent (provisional) for 2025-26 and is estimated to be 4.3 per cent of GDP for the financial year 2026-27 BE. The stimulus led recovery of Indian economy was reflected in robust GDP growth, buoyant tax collection, which in turn has resulted in adherence to the fiscal deficit target. Further, the Government in regular Budget 2024-25 announced that from FY 2026-27 onwards, the Central Government aims to maintain the fiscal deficit on a trajectory that ensures a declining debt-to-GDP ratio.

Interest Payments to Revenue Receipts

5.16 The ratio of interest payments to revenue receipts is another crucial indicator of capacity to service debt. The ratio of interest payments to revenue receipts (IP/RR) of the Central Government has remained in the range of 36.7 per cent to 41.6 per cent during FY 2020-21 and 49 PDG fo tnec reP Combined Centre StatesFY 2024-25 (Chart 5.8). It declined to 36.7 per cent in FY 2024-25 from 41.6 per cent in FY 2020-21, primarily reflecting rise in revenue receipts during the period. The IP/RR ratio for States’ and UTs with legislature declined to 12.3 per cent in FY 2024-25 from 15.0 per cent in FY 2020-21. The combined IP/ RR ratio of Centre and States/UTs was placed lower at 24.2 per cent in FY 2024-25 as compared to 29.8 per cent in FY 2020-21.

Chart 5.8: Interest Payments to Revenue Receipts Ratio

41.6

39.0 39.0

37.1 36.7

29.8

25.8 25.8 25.6 24.2

15.0

13.3 12.6 12.9 12.3 2020-21 2021-22 2022-23 2023-24 2024-25 Average Interest Cost

5.17 Average interest cost (AIC) is arrived at by dividing interest payments during a year with average debt stock19. Centre’s AIC improved marginally to 6.2 per cent in FY 2024-25 from 6.5 per cent in FY 2023-24 while that of States remained at 6.3 per cent (Chart 5.9).

5.18 In comparison to AIC, nominal GDP growth has remained robust, recorded at 9.7 per cent in FY 2024-25. The differential between nominal GDP growth and the average interest cost turned positive in FY 2021-22 and has remained positive each year since, including in FY 2024- 25, reflecting strong GDP growth during the period. A similar pattern is observed in the case of States' debt (Chart 5.10).

Chart 5.9: Average Interest Cost and Nominal GDP Growth 19 Average debt stock is a simple average of outstanding debt at the beginning and at the end of the year.

50 tnec reP Centre States/ UTs Combined

20.0

9.0

7.0 7.27.5 7.17.3 7.17.3 6.97.3 6.67.0 6.26.9 6.06.7 6.26.6 6.36.3 6.5 6.3 6.26.3 15.0

5.0

10.0

3.0

1.0 5.0 -1.0

0.0 -3.0 -5.0 -5.0 tnec reP 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 52-4202 )%( htworG PDG lanimoN AIC-Centre AIC-States/UT Nominal GDP Growth (RHS)Chart 5.10(a): Difference between GDP growth and Centre’s AIC, and Centre's Primary Deficit

15.0

10.0

5.0

0.0 -5.0 -10.0 Chart 5.10(b): Difference between GDP growth and States’ AIC, and States' Primary Deficit

5.19 To summarise, the contribution of short-term debt to total Public Debt and to GDP remains low, limiting the probability of roll-over risk. The bulk of Government debt continues to be issued at fixed rates, insulating the budget from interest-rate volatility. Debt remains predominantly of domestic origin, so currency risk and the portfolio's susceptibility to global capital-market volatility are contained. During FY 2024-25, debt indicators such as Debt-to- GDP, average interest cost, and interest payments to revenue receipts remain within sustainable levels for both Centre and States.

51 tnec reP 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 52-4202 Nominal GDP Growth minus Centre's AIC Centre's Primary Deficit (Per cent of GDP)

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0 -2.0 -4.0 -6.0 -8.0 -10.0 tnec reP 51-4102 61-5102 71-6102 81-7102 91-8102 02-9102 12-0202 22-1202 32-2202 42-3202 52-4202 Nominal GDP Growth minus States AIC States Primary Deficit (Per cent of GDP)52PART - II Debt Management Strategy of Central Government 5354CHAPTER I OBJECTIVES AND SCOPE OF DEBT MANAGEMENT STRATEGY Introduction Public debt management plays an important role in macro-economic stability of a country. It essays a significant role in easing financing constraint for a capital scarce country as lack of capital could impede implementation of development plans. Productive use of public debt contributes to economic growth and welfare of society at large. At the same time, public debt because of its size, if not managed well, could become a source of financial instability. Thus, establishing and executing a strategy for managing Government’s debt in order to raise the required amount of funds at low cost over the medium to long run, consistent with a prudent degree of risk, is essential20. Sound debt management contributes to reduced macro-financial risks, complementing prudent fiscal management and monetary policy implementation. Debt management contributes to market and institutional development21 also.

2. A Debt Management Strategy (DMS) is a plan that the government intends to implement over the medium term in order to achieve a desired composition of the government debt portfolio, which reflects the government’s preferences with regard to the prevalent cost and risk.

An effective DMS has a strong focus on managing costs and risk exposures embedded in the debt portfolio—specifically, potential variations in the overall cost of debt servicing and its impact on the budget22. Medium-Term Debt Management Strategy (MTDS) is a plan that the Government intends to implement over the medium term (three to five years) in order to achieve a composition of the Government debt portfolio that captures the Government’s preferences with regard to the cost-risk trade-off. Public debt carries risks like refinancing/roll-over risk, market risk, currency risk, creditor concentration risk and commodity price risk. MTDS provides a framework within which the debt management authorities can make informed choices on how the Government’s financing requirements should be met, while taking due account of constraints and potential risks. MTDS comprising of objectives, various benchmarks and portfolio indicators along with issuance plan and alternate borrowing strategies provide requisite direction to the debt management operations. Its articulation imparts information, transparency and certainty about Govt. debt policy and enables investors to plan their investments. The MTDS helps to develop a DMS that explicitly recognizes the relative costs and risks involved, takes account of the linkages with other key macroeconomic policies, is consistent with maintaining debt sustainability, and can facilitate domestic debt market development.

20 The IMF and The World Bank; Revised Guidelines for Public Debt Management. March 2014.

https://www.imf.org/external/np/pp/eng/2014/040114.pdf 21The IMF and The World Bank; The Medium-Term Debt Management Strategy: An Assessment of Recent Capacity Building.

2017. https://www.imf.org/en/Publications/Policy-Papers/Issues/2017/07/28/pp072817-the-medium-term-debt-management- strategy 22The IMF and The World Bank; Developing a Medium-Term Debt Management Strategy Framework (MTDS) — Updated Guidance Note for Country Authorities. 2019.

https://pubdocs.worldbank.org/en/671771552946461937/12b944f78405105368346954392.pdf

553. In emerging market and developing economies (EMDEs), the Government is generally the largest borrower in its currency and remains continuously in the market. Therefore, it needs to avoid any opportunistic and time inconsistent strategy that may succeed in lowering the cost of borrowings in the short run but may end up increasing it in the long-run or enhance risks associated with debt portfolio. The transparency in Government's market borrowing operations is an important factor that determines its cost of borrowing and hence, maintaining continuous communication with the market becomes critical. The strategy also focuses on appropriate consultative process among debt management, monetary, fiscal and financial regulatory authorities to facilitate proper functioning of public debt market.

Objectives of Debt Management Strategy

4. The main objectives of the Government debt management strategy are to ensure that the government’s financing needs and payment obligations are met at the lowest possible cost, consistent with a prudent degree of risk besides supporting development of a well-functioning, vibrant, deep and liquid domestic bond market. These objectives are/may be modulated so as to maintain consistency with other macroeconomic policies, including monetary policy.

India’s approach

5. Prior to the maiden release of MTDS on December 31, 2015, India’s debt management strategy used to be articulated and disclosed in the Reserve Bank’s Annual Report and in the Status Paper on Government Debt, released by the Ministry of Finance. In line with the international sound practices, MTDS for the Indian economy was prepared for the first time for a period of three years, i.e., 2015-16 to 2017-18 and it was delineated that it will be reviewed annually and its projections will be carried forward on a rolling basis for the ensuing three years.

The present document updates the MTDS which has been carried forward on a rolling basis for the ensuing three years i.e., 2025-26 to 2027-28.

6. The organisation of the document is as follows: Chapter II provides details of various risks associated with the debt portfolio and measures undertaken to contain these risks while

Chapter III covers the strategic benchmarks and implementation of MTDS.

Scope of DMS

7. About 95 percent of outstanding public debt of the Government of India is domestic and within this, a very large part consists of marketable debt. Accordingly, the major focus of DMS is on active management of marketable debt of the Central Government. Small Savings Schemes run by the Government, which have started playing a major role in financing a significant portion of borrowing requirements of Government, are also now covered under DMS. Although external debt on government account is primarily negotiated bilateral and multilateral debt, certain aspects, such as tenure, currency of loan, repayment terms, etc. of external loans are also under the scope of DMS so as to borrow at the best possible terms.

56CHAPTER II RISK ASSESSMENT OF PUBLIC DEBT PROFILE OF CENTRAL GOVERNMENT Macroeconomic Environment The global economy has entered a phase of heightened uncertainty, with the eruption of armed conflict in West Asia at the close of February 2026 compounding pre-existing strains from elevated trade barriers and persistent policy uncertainty. Against this backdrop, the International Monetary Fund (IMF) projects global output to expand by 3.1 per cent in 2026 and 3.2 per cent in 2027, trailing the two-decade pre-pandemic average of 3.7 per cent (Chart 2.1). The 2026 projection represents a 0.2 percentage-point downward revision from the January 2026 assessment, driven principally by spillovers from the West Asia crisis. Concomitantly, near-term price pressures are expected to intensify, with global headline inflation projected at 4.4 per cent in 2026 before moderating to 3.7 per cent in 202723. Should the ongoing conflict escalate in scope or become protracted, the resultant shock to commodity markets could precipitate acute energy disruptions. Beyond immediate geopolitical concerns, deeper structural forces also cloud

the macroeconomic horizon: the unwinding of global economic integration and a resurgence of protectionist policies. Crucially, these pressures are unfolding against a backdrop of historically elevated sovereign debt stocks.

Chart 2.1: Overview of Growth Outlook Projections 8 7.6 7 6.5 6.5 6 5.5

4.9 4.8 5 4.4 4.2 3.9 4 3.4 3.1 3.2 3

1.9 1.8 1.7 2 1 0 World Advanced Emerging Market Emerging and India Economies and Developing Developing Asia Economies

Source: IMF World Economic Outlook (WEO), April 2026.

AE- Advanced Economies; EMDE- Emerging Market and Developing Economies; EDA- Emerging and Developing Asia

2. The Global Debt Report 2026 by the Organisation for Economic Co-operation and Development (OECD) observes that, notwithstanding record gross issuance, sovereign debt markets navigated 2025 with considerable resilience. Emerging market issuance reached USD 23 International Monetary Fund, World Economic Outlook, April 2026.

57 tnec reP 2025 2026 (P) 2027 (P)3.4 trillion (expanding by a fifth compared to 2024), taking the total outstanding stock to USD

12.1 trillion. Issuers have skewed their issuance towards the shorter end of the yield curve. With treasury bills now constituting nearly half of gross borrowings, this strategy, while mitigating immediate interest servicing costs, exacerbates rollover risks. This refinancing pressure is particularly pronounced in emerging markets, where over a third of outstanding bonds are scheduled to mature within three years24.

3. The Global Trade Update by United Nations Trade and Development strikes a parallel note of concern, warning that the rules-based architecture of international commerce has steadily eroded as several major economies resort to trade measures in pursuit of geopolitical and national security objectives. Against this strained backdrop, South-South commerce has emerged as a resilient segment, now accounting for more than a quarter of global merchandise trade25.

4. On the domestic front, the Indian economy continues to exhibit notable resilience, notwithstanding the strained external environment. High-frequency indicators for March 2026 point to a limited impact from global supply-chain dislocations, with key risks effectively mitigated through calibrated policy interventions. Aggregate demand conditions remain firm, bolstered by support from the rural segment26. These near-term signals align with the broader macroeconomic assessment conveyed by the Second Advance Estimates of annual GDP for FY 2025-2627, based on the revised base year of 2022-23. Real GDP is projected to expand by 7.6 per cent in FY 2025-26, up from 7.1 per cent in the preceding year. The nominal GDP is placed at ₹345.47 lakh crore, registering year-on-year growth of 8.6 per cent in FY 2025-26. This acceleration has been driven principally by sustained momentum across successive quarters, with real growth moving from 6.7 per cent in Q1 to 8.4 per cent in Q2 and 7.8 per cent in Q3.

5. At its April 2026 meeting, the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) voted unanimously to hold the policy repo rate under the Liquidity Adjustment Facility (LAF) at 5.25 per cent and to continue with its neutral stance. The decision reflects a calibrated response in the face of the supply shock emanating from the West Asia conflict. While headline CPI inflation (base 2024=100) stood at 3.2 per cent in February 2026, as against 2.7 per cent in January, the Committee flagged intensifying upside risks from elevated energy prices, potential El Niño-related disruptions and the prospect of second-round price effects. For FY 2026-27, the RBI projects real GDP growth at 6.9 per cent (with quarterly projections at 6.8, 6.7,

7.0 and 7.2 per cent. Concurrently, CPI inflation for FY 2026-27 is projected at 4.6 per cent, peaking at 5.2 per cent in Q3 before moderating to 4.7 per cent in Q4. Among the supportive factors, the Committee highlighted a buoyant services sector, rising capacity utilisation in manufacturing, and resilient financial and corporate balance sheets. These underlying strengths, coupled with the continued pass-through of GST rationalisation and the manufacturing thrust of the Union Budget 2026-27, are anticipated to serve as buffers for domestic demand28.

24 OECD, Global Debt Report 2026, OECD Publishing, Paris, March 2026.

25 UNCTAD, Global Trade Update: Reforming Trade Rules to Drive Development, March 2026.

26 State of the Economy, Reserve Bank of India Bulletin, April 2026.

27 National Statistical Office, Ministry of Statistics and Programme Implementation, Government of India. Press Note on New Series of GDP Estimates with Base Year 2022-23, February 27, 2026.

28 Monetary Policy Statement, 2026-27 – Resolution of the Monetary Policy Committee (April 6 to 8, 2026), Press Release dated April 8, 2026, Reserve Bank of India.

58Central Government Liability Profile

6. As seen in Chapters 1 and 2, Part I, the liability profile of the Central Government indicates an increase in public debt by 8.4 per cent in 2024-25 in comparison to 12.1 per cent in 2023-24. The increase in total net (adjusted) liabilities during 2024-25 was at 9.0 per cent as compared to 10.5 per cent rise in 2023-24. Further, 94.8 per cent of the Government’s public debt is raised via internal or domestic sources of financing, of which, 75.4 per cent of internal debt is raised through market-based instruments. External debt, which accounts for 5.2 per cent of public debt at end-March 2025 is raised through multilateral agencies (IDA, IBRD, ADB, etc.) and bilateral sources. Currency composition and other details of external debt have been discussed in Chapter 2 of part I of the Status Paper.

7. The gross issuance of Central Government dated securities as a per cent of GDP stood at

4.4 per cent in 2024-25 compared to 5.3 per cent in 2023-24 (based on new series of GDP estimates with base year 2022-23 for FY 2022–23, 2023–24 and 2024–25).

Chart 2.2: Trends in Gross Issuances of Central Government Dated Securities 1800000 8.0

6.9 1600000 7.0 1400000 5.0 5.4 5.3 6.0

4.7 4.8 1200000 4.2 4.4 5.0 1000000 3.8 3.4 3.5

3.0 4.0 800000

3.0 600000

2.0 400000 200000 1.0 0 - Cost of Borrowings

8. It is the endeavour of the debt manager to reduce cost over the medium to long-term by formulating an appropriate issuance strategy while working towards the development of the Government securities market. Steps taken to lower cost of borrowings include transparent issuance mechanism and offer of appropriate mix of instruments to cater to investors’ preferences.

9. Transparency and predictability in borrowing plans are an integral part of the issuance strategy to achieve reduction in the borrowing cost. There is an ongoing practice in India to announce the issuance calendar for market borrowings in H1 and H2 of every fiscal year, in advance. The issuance calendar provides details of the quantum of weekly borrowings, issuances under different maturities, share of floating rate bonds, if so, in gross issuances and total borrowings for the given period. Around four days prior to the weekly auction, details of individual securities along with their issuance size are notified to the public (generally on Monday after trading hours for auction on coming Friday). Gross borrowing requirements for the year are distributed under different maturities, depending upon the Govt.’s borrowing strategy and market appetite. Borrowings are generally made as per the indicative calendar thereby 59 erorC ₹ ni tnuomA Gross Issuances Gross Issuances as % of GDP (RHS) tneC rePnIreducing uncertainty for the market participants. Auction results are declared in two stages.

Initially, the cut-off arrived at is notified to the public followed by full auction results giving total amount raised by the Government under both segments, competitive and non-competitive, along with details of devolvement on primary dealers, if any. This also helps in maintaining information symmetry.

10. The practice of sharing information about market borrowings has not only enhanced transparency of debt management operations but also ensured a successful borrowing programme that helps to raise funds in a non-disruptive manner and at a reasonable cost. This further leads to cost effectiveness by giving sufficient time to market players to plan their investments. Implications of large amounts becoming due for redemption on a single day and also in a year are also kept in view while planning the issuances of dated securities. Limits on issuances under an individual security and all securities maturing in a financial year in future are reviewed on an ongoing basis. To prevent any interest rate arbitrage in different maturity buckets, the Government can also exercise the Green Shoe option, the limit for which was kept up to ₹2,000 crore against each of the securities indicated in auction notification during 2024-25.

11. Proper estimation of demand in different maturities segments, planned issuances and use of appropriate instruments aid in lowering borrowing costs. In order to meet the varied demand of different investors, market borrowings are planned taking into account their investment preferences. Although the share of commercial banks has declined in recent years (from 42.7 per cent at end-March 2018 to 36.2 per cent at end-March 2025), they remain predominant investors in G-Secs. They are interested in short/ medium tenor dated securities; substantial issuances are therefore made in these tenors. Longer tenor bonds are issued keeping in view the demand from insurance companies, pension funds and provident funds.

12. The weighted average coupon on outstanding stock of dated securities has remained broadly stable in the range of 7.11- 7.29 per cent since 2020-21 and was at 7.25 per cent at end- March 2025. The details of weighted average coupon on outstanding stock of dated securities are given in Table 2.6 of part I of the Status Paper. The ratio of interest payments (IPs) to revenue receipts (RRs) of the Centre (net of State’s share) which moved in the range of 35.0- 37.5 per cent during 2011-12 to 2019-20 increased sharply to 41.6 per cent in 2020-21, mainly on account of decline in revenue receipts and high borrowing, but the ratio declined to 36.7 per cent in 2024- 25 mainly due to increase in revenue receipts. The year-wise details on the ratio of interest payments to revenue receipts are given in Chart 5.8 of part I of the Status Paper.

Risk Analysis of Central Government Debt

13. The risk to the debt portfolio can arise from various factors such as roll-over risk, interest rate risk, creditor-concentration risk and currency/exchange rate risk. These risks need to be identified, analysed, monitored and managed on a continuous basis to ensure that debt is sustainable.

Roll-over Risk

14. The roll-over risk mainly encompasses the possibility of rolling over debt at a relatively higher cost and the failure to roll-over debt completely/ partially in extreme circumstances arising on account of fragile economic environment and/or volatility in market conditions, particularly when the amount in consideration is sufficiently large. Indicators such as the share of short-term debt to total debt, redemption profile, residual maturity and average time to maturity help to identify the roll-over risk. The roll-over risk is typically managed by elongating the 60maturity profile of dated securities. Further, the stipulation of limits on short-term debt issuances and on issuances of each individual security and securities maturing within a financial year is part of the operational mechanism to elongate the maturity profile. The limits are periodically reviewed taking into account the macroeconomic environment, projections of cash flows and cash management considerations of the Government. The details of Weighted Average Maturity

(WAM) of Central Government’s securities in terms of issuances during the year as well as outstanding stock are given in Table 2.6 of part I of the Status Paper.

Short-term Debt

15. Short-term debt refers to the total amount of debt maturing in the next 12 months. The details of outstanding stock of dated securities and T-Bills are given in Annex IV and Table

1.2(A) of part I of the Status Paper. The share of dated securities maturing in next 12 months as a percentage of the total outstanding stock of dated securities was at 3.5 per cent at end-March

2025. With the inclusion of T-Bills [i.e. the short-term securities (91/ 182/ 364 DTBs)], the share of short-term debt in the total outstanding stock of dated securities and T-Bills was 9.9 per cent at end-March 2025.

Table 2.1: Short-term Debt of Central Government (₹ crore) Total Total Total % maturing Position Dated sec redemption % maturing Outstandin Debt O/s in next 12 as on maturing T-Bills in next 12 in next 12 g Dated sec (Dated months end- in next 12 O/s months months as on end- sec. + T- (Dated Sec. + March months (incl. T- (Dated Sec.) March Bills) T-Bills) Bills) 1 2 3 4 5 (2+4) 6 (3+4) 7 8 2020-21 264279 7168555 690950 955229 7859506 3.69 12.15 2021-22 312739 8060085 757198 1069937 8817283 3.88 12.13 2022-23 440275 9165921 823313 1263588 9989233 4.80 12.65 2023-24 361422 10265571 871662 1233084 11137233 3.52 11.07 2024-25 395666 11216852 790381 1186047 12007233 3.53 9.88 *Dated Securities include special securities converted into marketable securities Redemption Profile

16. Redemption pattern of the Central Government’s public debt and other liabilities based on the maturity profile of securities reveals that redemptions are at elevated levels, in nominal value (Annex II, Annex V of the report and Chart 2.3). Maturity profile of the outstanding central government dated securities has been detailed in para 2.11 and Table 2.5 of part I of the Status Paper. The internal debt continues to be concentrated in less than 10 years maturity bucket with a share of 70.7 per cent in total outstanding internal debt at end-March 2025. This can be attributed to large issuance of dated securities having tenor of 10 years, issuance of dated securities in 5-10 years maturity bucket from 2019-20 and NSSF securities (category III)29 with a maturity of 10 years.

17. A conscious strategy of elongating maturity has been adopted to reduce roll-over risk.

This includes issuance of long tenor securities, non-standard tenor securities to match redemption of securities with cash flows while also undertaking switch/ buyback operations. The details of buyback and switch operations are in Table 2.4 of part I of the Status Paper. During 2024-25, 76.5 per cent per cent of total securities issued were having original maturity of 10 29 Category III, NSSF securities involve bullet repayment on the date of maturity.

61years and above. The details of maturity bucket-wise issuances of dated securities are in Table

2.7 of part I of the Status Paper. The issuance strategy will continue to focus on issuing bonds having longer tenure to cater to the needs of insurance companies and provident/pension funds and to moderate the roll-over risk.

Chart 2.3: Redemption Profile of Central Government’s Internal Debt, External Debt and Other Liabilities 1800000 1600000 1400000 1200000 1000000 800000 600000 400000 200000 0 * Including Dated securities, T-Bills (₹7,90,381 crore due for redemption during 2025-26) & Non-Marketable Debt (excluding 14 Day ITB, Compensation & Other Bonds and Securities issued to International Financial Institutions).

^ Projected External Debt Service Payments (Principal) on outstanding Sovereign Debt (Multilateral and Bilateral), as on March 31, 2025 (Source: AAAD). # Outstanding amount of Special Securities issued in lieu of Subsidies to PSUs (FCI, OMC and Fertilizer Companies) and other special securities (Special Bonds for SBI Rights Issue and Non-Interest bearing IDBI Bonds).

62 erorc ₹ ni tnuomA 62-5202 72-6202 82-7202 92-8202 03-9202 13-0302 23-1302 33-2302 43-3302 53-4302 63-5302 73-6302 83-7302 93-8302 04-9302 Chart 2.3a: Internal Debt* 100000 80000 60000 40000 20000 0 erorc ₹ ni tnuomA 62-5202 72-6202 82-7202 92-8202 03-9202 13-0302 23-1302 33-2302 43-3302 53-4302 63-5302 73-6302 83-7302 93-8302 04-9302 Chart 2.3b: External Debt^ 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 erorc₹ ni tnuomA Chart 2.3c: Other Liabilities# 2025-26 2026-27Chart 2.4: Residual Maturity-wise Shares in Internal Debt, External Debt and Other Liabilities (As of end-March 2025 in per cent) Internal Debt Less than 1 Above 20 Year, 7.9% Years, 17.6% 1-4.99 Years,

19.7% 10-19.99 Years,

11.7% 5-9.99 Years,

43.1% External Debt Other Liabilities Less than 1 Year, 6.2% 1-4.99 Years, 10 -14.99 Years, 13.3%

25.3% 1-4.99 Years,

30.3% Less than 1 Year, 5-9.99 Years, 86.7%

38.2%

18. During 2024-25, switch transactions, involving switching of short-tenor bonds with long- tenor bonds, amounting to ₹1,46,995 crore were conducted to reduce the redemption pressure from the proximate maturities of G-Secs and focus on effective liability management.

Weighted Average Maturity/ Average Time to Maturity

19. A relatively higher level of weighted average maturity (WAM) of debt [also referred to as the average time to maturity (ATM)] implies a lower share of debt that has to be rolled over. In the case of Central Government dated securities, the WAM of dated securities issued during 2024-25 was at 20.65 years compared to 18.09 years during 2023-24, while the WAM of outstanding stock as at end-March 2025 was at 13.24 years, thereby indicating a modest roll-over risk for the outstanding debt stock. The details of Weighted Average Maturity (WAM) of Central Government’s securities in terms of issuances during the year as well as outstanding stock are given in Table 2.6 of part I of the Status Paper.

63Chart 2.5: Average Time to Maturity of the Central Government Dated Securities

22.00

20.65

20.00

18.09

16.99

18.00

16.07 16.15 16.05

16.00 14.22 14.66 14.76 14.13 14.73 14.49

13.24

14.00 12.54

11.71 11.94

11.31

12.00 10.00 10.23 10.50 10.65 10.62 10.40 10.72

10.00

8.00 Weighted Average Maturity of Issuances Weighted Average Maturity of Outstanding Stock Market Risks

20. Market risks are typically associated with movement in interest rates and exchange rates which in turn affect the debt servicing cost. These risks are analysed by tracing movements in interest rates and analysing the fixed to floating rate debt ratio, average time to re-fixing and percentage of re-fixing within next 12 months.

Fixed–Floating Rate Debt Ratio

21. Floating Rate Bonds (FRBs) are securities issued at variable coupon rate, linked to a benchmark rate and reset at fixed intervals. Currently, the variable rate of FRBs is linked to 182- day T-Bills/5-year G-Sec yield prevailing up-to the period preceding the coupon reset date and includes a pre-determined spread decided at the time of the first issuance. On the other hand, Inflation Indexed Bonds (IIBs) are bonds where returns are protected against inflation. From the issuer’s perspective, floating rate instruments carry interest rate risks on re-fixing while for market participants, they help to diversify their debt portfolio and protect their returns in changing interest rate environment. There were no FRB and IIB issuances during 2024-25. The share of outstanding FRBs in total outstanding stock of dated securities at end-March 2025 was only 3.5 per cent (Table 2.3 of part 1). The low share of FRBs insulates the overall debt portfolio from the impact of interest rate movements.

Table 2.2: Market Borrowings through Floating Rate Instruments (₹ crore) Total Market Floating Rate Year Borrowings FRBs IIBs 2020-21 1370324$ 108581* - 2021-22 1127381$ 119103* - 2022-23 1421000 7000* - 2023-24 1543000 (-) 41808* - 2024-25 1400697 - - * Including Conversion/ Switches, $ FY 2020-21 and FY 2021-22 include borrowing for providing back- to-back loan to States Governments/ UTs to meet GST compensation shortfall amounting ₹1,10,208 crore and ₹1,59,000 crore, respectively.

64 )sraeY ni( ytirutaMAverage Time to Re-fixing (ATR)

22. Average Time to Re-fixing (ATR) is an indicator, which is used to assess refinancing risk based on the portion of debt exposed to a change in interest rate. ATR is typically measured in years, and a high value of ATR indicates low risk. A low value of ATR suggests that the portfolio is, on average, facing a new interest rate frequently and therefore is exposed to re-fixing shocks, i.e. an increase in market rates. The ATR of the Central Government’s dated securities including special securities increased from 9.9 years at end-March 2014 and remained stable at

12.3 years at end-March 2025, indicating moderation in interest rate risk.

Percentage of outstanding debt due for re-fixing Another measure of interest rate risk refers to the extent of marketable debt exposed to interest rate changes. This can be understood in terms of the share of debt maturing in the next 12 months as percentage of total outstanding debt. As mentioned earlier, the percentage of outstanding dated securities maturing in next 12 months has remained. broadly stable at low levels. This indicates that the magnitude of debt that needs to be re-financed at current interest rates is low. This indicator is further expanded by including the FRBs and IIBs in the maturity amount to compute the percentage of outstanding debt due for re-fixing in the next 12 months.

Since, there were no FRB and IIB issuances during 2024-25, the percentage of outstanding dated securities (including special securities converted into marketable securities) due for re-fixing in next 12 months has decreased from 9.0 per cent at end-March 2023 to 6.6 per cent at end-March

2025. If Treasury Bills are included, the percentage of outstanding marketable debt exposed to the interest rate risk decreased from 17.2 per cent at end-March 2023 to 13.2 per cent at end- March 2025.

Table 2.3: Percentage of Outstanding Marketable Debt due for Re-fixing in next 12 Months (₹ crore) Securities due for re- As per cent of total As per cent of total Securities due for re- Year fixing (Dated Sec*+ Outstanding Outstanding fixing (incl. T-Bills) FRBs +IIBs) Marketable Debt Marketable Debt 2020-21 597475 7.6 1288425 16.4 2021-22 765038 8.7 1522236 17.3 2022-23 899573 9.0 1722886 17.2 2023-24 777613 7.0 1649275 14.8 2024-25 793030 6.6 1583412 13.2 *Dated Securities include special securities converted into marketable securities Chart 2.6: Percentage of Outstanding Marketable Debt due for Re-fixing in next 12 month

18.0

17.0 17.3 17.2

16.4

16.0

15.0 14.8

14.4 14.0 13.8 14.0

13.2

13.0

12.4

12.0 11.9 12.2

11.0 10.9

10.0 65 tnec rep nICreditor-Concentration Risk

23. An important feature of the investor profile of the G-Sec market in India is the dominance of domestic investors. This method of financing is considered as a source of strength as it insulates the debt portfolio from possible currency risk. The ownership pattern of Government of India dated securities has been discussed in detail in Para 2.17 and 5.11-12, Part I of Status Paper. Although commercial banks and insurance companies continue to dominate the market, there has been a reasonable diversification of the Government debt portfolio with mutual funds, co-operative banks, regional rural banks, non-banking finance companies, pension funds and FPIs being other investors in G-Sec market. These investors have diverse preferences for investment in G-Secs of different tenors. For instance, mutual funds prefer short-term and liquid securities, co-operative banks prefer short to medium tenor securities, while pension and provident funds prefer to invest in long tenor securities keeping in view the time profile of their liabilities.

24. The participation of foreign investors has largely remained limited within the debt portfolio. The Medium-Term Framework (MTF) for investment by FPIs in Central Government Securities and State Government Securities (SGS) was introduced in October 2015. There has been an upward revision in investment limits for Central and State Government Securities since October 2015. Details are available in Para 2.18, Part I of Status Paper.

25. To enable non-residents to invest in the domestic G-Sec market, the Fully Accessible Route (FAR) has been introduced along with the existing Voluntary Retention Route (VRR) and Medium-Term Framework (MTF). This is guided by the need to widen the investor base. Details regarding FAR, VRR and MTF can be found in Chapter 2, Part I of Status Paper. Subsequent to introduction of FAR, eligible Indian G-Secs were included in J.P. Morgan Government Bond Index-Emerging Market (GBI-EM) starting June 28, 2024; Bloomberg Emerging Market (EM) Local Currency index starting January 31, 2025; and FTSE Emerging Markets Government Bond Index (EMGBI) beginning September 2025.

26. In the context of calibrated reduction in the Statutory Liquidity Ratio (SLR) till April 2020, steps were undertaken to promote participation from pension funds and retail investors.

Among the efforts to boost participation of retail and non-institutional investors several measures have been initiated, which include introduction of non-competitive bidding in primary auctions (5 per cent of the notified amount in the case of G-Secs and 10 per cent for SDLs), establishment of odd lot30 trading through the NDS-OM system, improvement in G-Secs trading on stock exchanges; introduction of the mandate of retail31/ mid-segment32 targets for primary dealers, 30 Transactions of any value other than the standard market lot size of ₹ 5 crore are referred to as odd lot. Generally, the value is less than the ₹5 crore with a minimum of ₹10,000/-. Odd lot transactions are generally done by the retail and small participants in the market.

31 Retail category of investors are generally defined as Individuals, Hindu Undivided Family (HUF), Charitable Institutions registered under section 25 of the Indian Companies Act and Universities incorporated by Central, State or Provincial Act or declared to be a university under section 3 of the University Grants Commission Act, 1956 (3 of 1956).

32 Mid-segment category of investors are generally defined as firms, companies, corporate bodies, institutions, provident funds, trusts, RRBs, co-operative banks and any other entity as may be specified by RBI.

66facilitating web-based trading access to gilt account holders, removing frictions in inter- depository settlement, etc. To further widen the investors’ base, the Reserve Bank of India launched the Retail Direct Scheme in 2021 with an objective to bring Government Securities (G- Sec) within easy reach of the common man by simplifying the process of investment. The investor will be able to place non-competitive bids in primary issuance of all Central Government securities including Treasury Bills as well as securities issued by various State Governments using an online portal.

27. Diversified investor base provides flexibility to the Government in its borrowing program. Thus, the opening up of G-Sec market to retail investors would not only widen investor base but would assure stable demand for G-Sec from different investor category so that it does not hamper the loss of demand from any particular owner class.

28. In short, the Debt Management Strategy Framework has been geared towards widening of investor base for investment in G-Secs. This process will be continued to ensure stable demand for G-Secs from different investor classes and to make up for loss of demand from any particular investor category.

Currency/ Foreign Exchange Risk

29. Currency or foreign exchange risk relates to vulnerability of the debt portfolio to depreciation in the value of the domestic currency vis-à-vis the currency of denomination of external loans and the associated increase in the Government’s debt servicing cost. Raising debt in foreign currency could be cost-effective (subject to fulfilment of conditions such as stability/appreciation of Rupee against currency/ currencies of debt, stable interest rate regime in host markets, etc.) while also helping to widen the investor base. However, a country with large foreign currency denominated liabilities faces “currency/exchange rate risks”, which may turn out to be significant from the perspective of debt servicing cost and macroeconomic stability considerations during the phase of volatility in global capital. In other words, the dependence on foreign currency debt could mean sharp volatility in interest rates and market volumes linked to the uncertainty of external events.

30. Achieving an appropriate and stable mix of domestic and foreign currency debt in portfolio is desirable for the stability of debt portfolio. As a conscious strategy, external debt in the Indian context is raised entirely from multilateral and bilateral sources, on concessional terms and long-term tenure. Majority of such loans are for infrastructure and social sector projects.

External debt (at current rate of exchange) as a percentage of the Central Government’s public debt has declined from around 9.1 per cent of public debt in 2011-12 to 5.2 per cent in 2024-25 (Table 2.19, Part I of Status Paper).

67Commodity / Price Risk

31. The Sovereign Gold Bonds (SGB) scheme was introduced in 2015 to help reduce the demand for physical gold and develop a financial asset as an alternative to purchasing metal gold. Sovereign Gold Bond (SGBs) are prone to market / price risk as the liability of the Government is linked to the prevailing price of gold at the time of redemption. Details regarding SGBs can be found in Chapter 1, Part I of Status Paper. It is difficult to estimate market rate prevailing at the time of redemption and therefore to quantify the price risk linked to issuance of these bonds. Therefore, a Gold Reserve Fund was created to provide a cushion to insulate the Government in a limited way from increase in gold prices at the time of redemption. As of March 31, 2025, the SGB scheme garnered subscription of about 146.96 ton of gold amounting to about ₹72,274 crore through 67 different tranches.

32. To sum up, risk analysis reveals that the public debt structure of the country is placed prudently on various risk parameters. Investor base is stable and well-diversified. To continue with the low risk debt structure and to attain the debt management objectives of low cost and prudent level of risk, the MTDS needs to be adopted, which is detailed in the next chapter.

68CHAPTER III MEDIUM TERM DEBT MANAGEMENT STRATEGY [2025-28] The Medium-Term Debt Management Strategy or MTDS is a framework to determine the appropriate composition of the debt portfolio. The objective of the debt management strategy is to ensure that the government’s financing needs and payment obligations are met at the lowest possible cost, consistent with a prudent degree of risk. The MTDS framework aims to support the development of a debt management strategy that is consistent with preserving debt sustainability. Debt management strategy is based on three broad pillars viz., low cost of borrowing, risk mitigation and market development.

2. The debt management strategy assumes a better than average rate of growth for India, a moderate level of inflation according to the Monetary Policy mandate of the Reserve Bank of India (4 per cent with the upper tolerance level of 6 per cent and the lower tolerance level of 2 per cent) and comfortable liquidity position. As announced in the Budget Speech for FY 2021- 22, the Government adopted a an operationally flexible fiscal consolidation path to attain a fiscal deficit level below 4.5 per cent of GDP by FY 2025-26, while continuing with its efforts to usher and sustain broad based inclusive economic growth for the people. Further, the Government in regular Budget 2024-25 announced that from FY 2026-27 onwards, the Central Government aims to maintain the fiscal deficit on a trajectory that ensures a declining debt-to-GDP ratio.

Strategic Benchmark indicators of debt portfolio

3. Strategic benchmarks shape the structure and composition of the debt portfolio in terms of characteristics such as interest rate, currency and overall maturity. It is a management tool for the Government to evaluate its risk tolerance and is indicative of its portfolio preferences with regard to interest cost and risk factors such as market risk, rollover risk and investor concentration risk. The benchmarks set forth in the latest MTDS have been designed to ensure minimal risk and lower borrowing cost.

a) Share of Short-Term Debt33

4. The share of short-term debt should be maintained within 11 per cent of total outstanding Marketable Debt stock with the leeway of +3 per cent.

Table 3.1: Benchmark share of Short-Term Debt Benchmark Share of Short-Term Debt Indicator (as per cent of total outstanding Leeway (in per cent) Marketable Debt stock) 1 2 3 Domestic Short-Term Debt 11 +3 33 Short-term is defined as the debt maturing in next 12 months.

69b) Average Maturity of Outstanding Stock of Dated Securities

5. Following the strategy of elongating the maturity profile and considering the associated risks and cost, the benchmark for average maturity of the Outstanding stock of Dated Securities should be maintained within 13 years with the leeway of ± 2 years.

Table 3.2: Benchmark relating to Weighted Average Maturity of Dated Securities Indicator Benchmark (in years) Leeway (in years) 1 2 3 Weighted Average Maturity of Debt 13 ± 2 c) Issuance Limits

6. To manage the roll-over risk emanating from high levels of debt becoming due for repayment in a single year, issuance of dated securities is planned in such a way that total of all securities maturing in a financial year does not exceed a limit. The yearly limits are fixed on the basis of a projected rise in debt stock and the maturity distribution of estimated level of outstanding debt with a view to ensure a sustainable debt redemption trajectory. The limits are reviewed periodically keeping in view the macroeconomic environment and redemption profile of debt of the Central Government. In a situation of large borrowing programme and to ensure supply of securities across the yield curve, a calibrated increment of the issuance limits (on individual securities and annual outstanding) is followed. There is a limit in place for issuances under a particular dated security to take care of redemptions falling due on a single day.

Additionally, it has been the endeavour of the Government to align the repayment of dated securities with the receipts in the Government account to the extent possible. d) Issuance of Sovereign Gold Bonds (SGBs)

7. Keeping in view the need to minimise potential price risk coming from higher gold price at the time of redemption, SGB issuances are limited to 2 per cent of annual gross issuance of dated securities in a financial year, subject to an absolute limit of about 1 per cent of total outstanding G-Secs (at the end of preceding fiscal year) which will be adhered to.

e) Indexed and Floating Debt

8. The issuance of FRBs and IIBs helps towards diversification of debt portfolio while also catering to the investors’ demand for such instruments. The targeted benchmark, subject to market conditions, for indexed and floating debt has been fixed at 7 per cent with the leeway of ± 4 per cent.

Table 3.3: Benchmark Share of FRBs and Inflation-Indexed Bonds Benchmark Share for issuances during the fiscal year (as per cent of Indicator Leeway (in per cent) gross issuances of dated securities during a fiscal year) 1 2 3 Indexed and Floating Rate Debt 7 ± 4 70f) Share of External Debt in Outstanding Public Debt

9. The dependence on external debt in public debt is kept low to insulate debt portfolio from the currency risk. The proposed benchmark for external debt is as follows.

Table 3.4: Benchmark Share of External Debt Benchmark Share (as per cent of Leeway (as per cent of Indicator public debt) public debt) 1 2 3 External Debt 7 ±3 Compliance to DMS

10. The market borrowing program for 2024-25 was planned and executed as per the Debt Management Strategy (DMS) with due consideration to the evolving market conditions and shape of the yield curve. An analysis of the debt structure and risk parameters reveals that the share of short-term debt, weighted average maturity of debt, share of external debt, and indexed and floating debt were within the limits assigned in MTDS. The status, as on March 31, 2025, are given in the table below.

Table 3.5: Status vis-à-vis Benchmarks Benchmark Leeway Status Share of Domestic Short-Term Marketable Debt 11 per cent +3 per cent 9.88 per cent to Outstanding Marketable Debt stock Weighted Average Maturity of Outstanding 13 years ±2 years 13.24 years Dated Securities Issuance of SGBs as percentage of annual gross ≤ 2 per cent - -^ of dated securities SGBs as percentage of total outstanding G-Secs ≤ 1 per cent - 0.56 per cent Indexed and Floating Debt in Total Issuances of 7 per cent ± 4 per cent -^ dated securities Share of External Debt in total outstanding 7 per cent ±3 per cent 5.20* per cent Public Debt stock * At current rate of exchange ^ No issuance of SGB and FRB/IIB during the FY 2024-25 Market Development

11. A well-developed Government Securities market is a pre-requisite for successful execution of the Government borrowing programme and remains as an important strategic objective in the medium term. Introducing standardised benchmark securities across the yield curve, issuing according to market demand and maintaining transparency in issuances, maintaining continuous dialogues with the market that helps to streamline market development.

12. The MTDS faces risks on both sides, demand and supply. Supply side risks arise on account of higher borrowings by the Government in view of adverse effects of ongoing geo- political tension, high inflation around the globe, etc. Higher borrowing by the States also adds to supply in the market which affects all the borrowers. On the demand side, the higher growth in 71credit off-take relative to deposit growth affects the demand for Government securities from the banking sector. A gradual decrease in the mandated G-Secs holding by the commercial banks, as is being followed by the RBI, is expected, other things remaining unchanged, to affect demand from the banking sector. Demand side risks are being addressed by widening of the investor base in a phased manner. From the foregoing, it is evident that frictions arising from demand-supply imbalances need to be modulated on an ongoing basis within the MTDS framework.

13. Going forward, it is important to ensure that there is an improvement in liquidity in the secondary market in G-Secs through higher turnover and an increase in number of market participants in order to minimise the interest rate risk emanating from illiquidity premium for dated securities. As in the past, measures to improve liquidity in the G-sec market would include continuation of security consolidation and building critical mass under benchmark securities.

Issuance of benchmark securities of different tenors on once in a four-week basis as also by issuing sizeable volumes is expected to enhance investor participation and liquidity.

MTDS Implementation - Way forward

14. For effective implementation of the MTDS, the following measures are being undertaken: a) Maintain transparency in the market borrowing programme by effective dissemination of borrowing calendar to investors;

b) Conduct investor interaction and consultations with other stakeholders on a continual basis, keeping in view the market demand; c) Issue benchmarks of select tenors; d) Build up liquidity buffer for better cash management;

e) Elongate maturity profile of the debt portfolio; f) Build a balanced and smooth yield curve; g) Support diversification of investor base of the Government securities market; and h) Manage passive consolidation with large benchmark issuances and active consolidation through buybacks/switches/conversions for effective liability management.

************ 72Annexure Tables & Data Tables of Handbook of Statistics on Central Government 73Annex I: Debt Position of the Central Government Actuals -end March (Amount in ₹ crore) 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 A. PUBLIC DEBT (B+C) 4935805 5515097 5969968 6651365 7344902 8319741 10298015 11901698 13566889 15264446 16557681 B. INTERNAL DEBT (i+ii+iii) 4738291 5304835 5741710 6401275 7074941 8020491 9909543 11462343 13073732 14698177 15925949

(i) Under MSS (a+b) 0 0 0 0 0 0 0 0 0 0 0

(a) Dated Securities 0 0 0 0 0 0 0 0 0 0 0

(b) Treasury Bills 0 0 0 0 0 0 0 0 0 0 0

(ii) Market Loans (a+b+c) 4394681 4849424 5205677 5660883 6091047 6715136 8065081 9034049 10203217 11404749 12195877

(a) Dated Securities 3959552 4363602 4714305 5124562 5547829 6021815 7168555 8060085 9165921 10265571 11216852

(b) Treasury Bills ^ 435129 485822 491372 536321 543218 613321 896526 973964 1037297 1139179 979025

(c) Cash Management Bills 80000

(iii) Non-Marketable Loans (a+b+c+d+e) 343610 455411 536033 740392 983895 1305355 1844461 2428293 2870514 3293427 3730072

(a) Compensation/ Other Bonds 14930 13935 25108 51209 57059 67285 104267 131202 133591 143420 148719

(b) Sec. issued to Intl. Fin. Inst. 46395 106726 108740 104370 106523 101909 100301 101329 96625 106987 108830

(c) Sec. against small savings 261391 313856 381291 483919 608919 848919 1332652 1883921 2279780 2731179 3160681

(d) Special Sec. against POLIF 20894 20894 20894 20894 20894 20894 20894 20894 20894 20894 20894

(e) Special Securities issued to PSB/ EXIM 80000 190500 266348 286348 290948 290948 290948 290948 Bank/ IDBI Bank/ IIFCL

(f) Ways and Means Advances 0 0 0 0 0 48677 0 0 C. EXTERNAL DEBT (at Historical 197514 210262 228259 250090 269961 299250 388472 439355 493157 566269 631733 rates) D. OTHER LIABILITIES (i+ii+iii+iv) 1306716 1386874 1466093 1647181 1812016 1878732 1761273 1644217 1656799 1713654 1738251

(i) National Small Savings Fund 646895 701369 751199 805685 892689 932964 754795 536723 446232 416511 325995

(ii) State Provident Fund 155334 167193 184938 200737 216795 228430 246944 257260 262349 267408 271407

(iii) Other Account 315630 319800 321857 388001 400022 412895 425585 430469 410080 391324 356032

(iv) Reserve funds & Deposit (a+b) 188857 198512 208099 252758 302510 304444 333949 419766 538137 638411 784818

(a) Bearing Interest 108767 124240 128981 143908 211436 160862 215480 248846 263790 299000 292701

(b) Not bearing interest 80090 74273 79118 108850 91074 143582 118469 170919 274347 339411 492117 E. Pakistan pre-partition debt (approx.) 300 300 300 300 300 300 300 300 300 300 300 F. TOTAL LIABILITIES (A+D-E) 6242221 6901671 7435761 8298246 9156618 10198173 12058988 13545615 15223388 16977800 18295633

Source: Union Budget and Finance Accounts (Various Issues) ^ includes 14 Days Intermediate T Bills 75Annex II: Statement Showing Maturity Profile of Internal Debt (Market & Non-market Loans) and other liabilities (Special Securities) as on end-March 2025 (Amount in ₹ crore) Grand Total M A R K E T L O A N S N O N - M A R K E T LOA N S S P E C I A L S E C U R I T I E S Col. (12) + col.

(17) Conversion of Special Year of Special Securities Maturity Fixed Total Floating Securities issued Inflation Total col. to PSB, Securities Total Total col. Oil Food Coupon Rate to Indexed (2) to POLIF EXIM, issued to col. (8) (7) +col Marketing Fertiliser Corporation Others col.

Dated Companies (13) to Bonds Banks Others Bonds col.(6) IDBI/ re- NSSF to (10) (11) Companies of India Securities col.(16) cap bonds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 2025-26 378978 0 0 16688 0 395666 0 0 33007 33007 428673 36913 3551 0 0 40464 469137 2026-27 697821 0 4389 0 0 702210 0 0 68931 68931 771141 0 0 6200 0 6200 777341 2027-28 594616 0 2680 0 0 597295 0 13375 56161 69536 666831 0 0 0 0 0 666831 2028-29 571793 52816 0 0 0 624609 0 30958 86343 117301 741911 0 0 0 0 0 741911 2029-30 651982 0 0 0 0 651982 0 45255 174026 219280 871262 0 0 0 0 0 871262 2030-31 788710 0 0 0 0 788710 4000 47703 349251 400954 1189664 0 0 0 0 0 1189664 2031-32 649649 139916 2687 0 0 792252 7000 48465 485223 540688 1332940 0 0 0 0 0 1332940 2032-33 560850 0 3957 0 0 564806 9894 48461 473306 531661 1096467 0 0 0 0 0 1096467 2033-34 553989 149482 0 0 0 703471 0 35136 653755 688891 1392362 0 0 0 0 0 1392362 2034-35 814992 55150 0 0 0 870142 0 16731 771237 787968 1658109 0 0 0 0 0 1658109 2035-36 474507 0 0 0 0 474507 0 4098 6895 10993 485500 0 0 0 0 0 485500 2036-37 398108 0 0 0 0 398108 0 766 0 766 398874 0 0 0 0 0 398874 2037-38 172000 0 0 0 0 172000 0 0 0 0 172000 0 0 0 0 0 172000 2038-39 18645 0 0 0 0 18645 0 0 2548 2548 21192 0 0 0 0 0 21192 2039-40 229151 0 0 0 0 229151 0 0 0 0 229151 0 0 0 0 0 229151 2040-41 93016 0 0 0 0 93016 0 0 0 0 93016 0 0 0 0 0 93016 2041-42 91771 0 0 0 0 91771 0 0 0 0 91771 0 0 0 0 0 91771 2042-43 105700 0 0 0 0 105700 0 0 0 0 105700 0 0 0 0 0 105700 2043-44 118393 0 0 0 0 118393 0 0 0 0 118393 0 0 0 0 0 118393 2044-45 98959 0 0 0 0 98959 0 0 0 0 98959 0 0 0 0 0 98959 76(Amount in ₹ crore) Grand Total M A R K E T L O A N S N O N - M A R K E T LOA N S S P E C I A L S E C U R I T I E S Col. (12) + col.

(17) Conversion of Special Year of Special Securities Maturity Fixed Total Floating Securities issued Inflation Total col. to PSB, Securities Total Total col. Oil Food Coupon Rate to Indexed (2) to POLIF EXIM, issued to col. (8) (7) +col Marketing Fertiliser Corporation Others col.

Dated Companies (13) to Bonds Banks Others Bonds col.(6) IDBI/ re- NSSF to (10) (11) Companies of India Securities col.(16) cap bonds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 2045-46 98000 0 0 0 0 98000 0 0 0 0 98000 0 0 0 0 0 98000 2046-47 105500 0 0 0 0 105500 0 0 0 0 105500 0 0 0 0 0 105500 2049-50 84540 0 0 0 0 84540 0 0 0 0 84540 0 0 0 0 0 84540 2050-51 251858 0 0 0 0 251858 0 0 0 0 251858 0 0 0 0 0 251858 2051-52 211055 0 0 0 0 211055 0 0 0 0 211055 0 0 0 0 0 211055 2052-53 161967 0 0 0 0 161967 0 0 0 0 161967 0 0 0 0 0 161967 2053-54 205000 0 0 0 0 205000 0 0 0 0 205000 0 0 0 0 0 205000 2054-25 110000 0 0 0 0 110000 0 0 0 0 110000 0 0 0 0 0 110000 2055-56 100969 0 0 0 0 100969 0 0 0 0 100969 0 0 0 0 0 100969 2059-60 83462 0 0 0 0 83462 0 0 0 0 83462 0 0 0 0 0 83462 2060-61 353259 0 0 0 0 353259 0 0 0 0 353259 0 0 0 0 0 353259 2061-62 157283 0 0 0 0 157283 0 0 0 0 157283 0 0 0 0 0 157283 2062-63 156549 0 0 0 0 156549 0 0 0 0 156549 0 0 0 0 0 156549 2063-64 240000 0 0 0 0 240000 0 0 0 0 240000 0 0 0 0 0 240000 2064-65 239000 0 0 0 0 239000 0 0 0 0 239000 0 0 0 0 239000 2073-74 117000 0 0 0 0 117000 0 0 0 0 117000 0 0 0 0 0 117000 2074-75 50000 0 0 0 0 50000 0 0 0 0 50000 0 0 0 0 0 50000 Total 10789072 397364 13712 16688 0 11216836 20894 290948 3160681 3472523 14689359 36913 3551 6200 0 46664 14736023 77Annex III: Statement Showing Weighted Average Rate of Interest (Maturity year wise) on Market Loans including Floating Rate Bonds (FRB), Converted Special Securities and Special Securities as on end-March 2025 M A R K E T L O A N S N O N -M A R K E T L O A N S S P E C I A L S E C U R I T I E S Conversion of Special Weighted Special Securities Weighted Average Year of Fixed Floating Securities issued Inflation Weighted to PSB, Securities Weighted Weighted Oil Food Average col (12) Maturity Coupon Rate to Indexed Average POLIF EXIM, Issued to Average Average Marketing Fertiliser Corporation Others col (13) and col Dated col (2) to col (8) to col (7) Companies Bonds Banks Others Bonds IDBI/re- NSSF Companies of India to col (17) Securities col (6) (10) and (11) cap (16) bonds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 (Weighted Average Rate of Interest) 2025-26 6.57 0.00 0.00 5.97 0.00 6.54 0.00 0.00 9.51 9.51 6.77 7.40 7.95 0.00 0.00 7.45 6.83 2026-27 7.16 0.00 8.24 0.00 0.00 7.16 0.00 0.00 8.86 8.86 7.32 0.00 0.00 8.23 0.00 8.23 7.32 2027-28 7.39 0.00 8.27 0.00 0.00 7.39 0.00 7.35 8.40 8.20 7.48 0.00 0.00 0.00 0.00 0.00 7.48 2028-29 7.54 7.30 0.00 0.00 0.00 7.52 0.00 7.41 8.20 7.99 7.59 0.00 0.00 0.00 0.00 0.00 7.59 2029-30 7.05 0.00 0.00 0.00 0.00 7.05 0.00 7.20 8.57 8.29 7.36 0.00 0.00 0.00 0.00 0.00 7.36 2030-31 7.01 0.00 0.00 0.00 0.00 7.01 6.25 6.73 7.40 7.31 7.11 0.00 0.00 0.00 0.00 0.00 7.11 2031-32 6.87 7.59 8.28 0.00 0.00 7.00 6.82 6.66 7.30 7.24 7.09 0.00 0.00 0.00 0.00 0.00 7.09 2032-33 7.64 0.00 8.32 0.00 0.00 7.65 7.33 6.70 7.35 7.29 7.47 0.00 0.00 0.00 0.00 0.00 7.47 2033-34 7.36 7.52 0.00 0.00 0.00 7.39 0.00 6.36 7.63 7.56 7.48 0.00 0.00 0.00 0.00 0.00 7.48 2034-35 6.91 0.00 0.00 0.00 0.00 6.47 0.00 5.04 7.70 7.65 7.03 0.00 0.00 0.00 0.00 0.00 7.03 2035-36 6.90 0.00 0.00 0.00 0.00 6.90 0.00 0.00 9.50 5.96 6.87 0.00 0.00 0.00 0.00 0.00 6.87 2036-37 7.67 0.00 0.00 0.00 0.00 7.67 0.00 0.00 0.00 0.00 7.65 0.00 0.00 0.00 0.00 0.00 7.65 2037-38 7.18 0.00 0.00 0.00 0.00 7.18 0.00 0.00 0.00 0.00 7.18 0.00 0.00 0.00 0.00 0.00 7.18 2038-39 6.83 0.00 0.00 0.00 0.00 6.83 0.00 0.00 9.50 9.50 7.15 0.00 0.00 0.00 0.00 0.00 7.15 2039-40 7.19 0.00 0.00 0.00 0.00 7.19 0.00 0.00 0.00 0.00 7.19 0.00 0.00 0.00 0.00 0.00 7.19 2040-41 8.30 0.00 0.00 0.00 0.00 8.30 0.00 0.00 0.00 0.00 8.30 0.00 0.00 0.00 0.00 0.00 8.30 2041-42 8.83 0.00 0.00 0.00 0.00 8.83 0.00 0.00 0.00 0.00 8.83 0.00 0.00 0.00 0.00 0.00 8.83 2042-43 8.30 0.00 0.00 0.00 0.00 8.30 0.00 0.00 0.00 0.00 8.30 0.00 0.00 0.00 0.00 0.00 8.30 78M A R K E T L O A N S N O N -M A R K E T L O A N S S P E C I A L S E C U R I T I E S Conversion of Special Weighted Special Securities Weighted Average Year of Fixed Floating Securities issued Inflation Weighted to PSB, Securities Weighted Weighted Oil Food Average col (12) Maturity Coupon Rate to Indexed Average POLIF EXIM, Issued to Average Average Marketing Fertiliser Corporation Others col (13) and col Dated col (2) to col (8) to col (7) Companies Bonds Banks Others Bonds IDBI/re- NSSF Companies of India to col (17) Securities col (6) (10) and (11) cap (16) bonds 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 2043-44 8.72 0.00 0.00 0.00 0.00 8.72 0.00 0.00 0.00 0.00 8.72 0.00 0.00 0.00 0.00 0.00 8.72 2044-45 8.17 0.00 0.00 0.00 0.00 8.17 0.00 0.00 0.00 0.00 8.17 0.00 0.00 0.00 0.00 0.00 8.17 2045-46 8.13 0.00 0.00 0.00 0.00 8.13 0.00 0.00 0.00 0.00 8.13 0.00 0.00 0.00 0.00 0.00 8.13 2046-47 7.06 0.00 0.00 0.00 0.00 7.06 0.00 0.00 0.00 0.00 7.06 0.00 0.00 0.00 0.00 0.00 7.06 2049-50 7.72 0.00 0.00 0.00 0.00 7.72 0.00 0.00 0.00 0.00 7.72 0.00 0.00 0.00 0.00 0.00 7.72 2050-51 6.87 0.00 0.00 0.00 0.00 6.87 0.00 0.00 0.00 0.00 6.87 0.00 0.00 0.00 0.00 0.00 6.87 2051-52 6.88 0.00 0.00 0.00 0.00 6.88 0.00 0.00 0.00 0.00 6.88 0.00 0.00 0.00 0.00 0.00 6.88 2052-53 7.36 0.00 0.00 0.00 0.00 7.36 0.00 0.00 0.00 0.00 7.36 0.00 0.00 0.00 0.00 0.00 7.36 2053-54 7.30 0.00 0.00 0.00 0.00 7.30 0.00 0.00 0.00 0.00 7.30 0.00 0.00 0.00 0.00 0.00 7.30 2054-55 7.08 0.00 0.00 0.00 0.00 7.08 0.00 0.00 0.00 0.00 7.08 0.00 0.00 0.00 0.00 0.00 0.00 2055-56 7.72 0.00 0.00 0.00 0.00 7.72 0.00 0.00 0.00 0.00 7.72 0.00 0.00 0.00 0.00 0.00 7.72 2059-60 7.63 0.00 0.00 0.00 0.00 7.63 0.00 0.00 0.00 0.00 7.63 0.00 0.00 0.00 0.00 0.00 7.63 2060-61 6.89 0.00 0.00 0.00 0.00 6.89 0.00 0.00 0.00 0.00 6.89 0.00 0.00 0.00 0.00 0.00 6.89 2061-62 6.95 0.00 0.00 0.00 0.00 6.95 0.00 0.00 0.00 0.00 6.95 0.00 0.00 0.00 0.00 0.00 6.95 2062-63 7.40 0.00 0.00 0.00 0.00 7.40 0.00 0.00 0.00 0.00 7.40 0.00 0.00 0.00 0.00 0.00 7.40 2063-64 7.25 0.00 0.00 0.00 0.00 7.25 0.00 0.00 0.00 0.00 7.25 0.00 0.00 0.00 0.00 0.00 7.25 2064-65 7.34 0.00 0.00 0.00 0.00 7.34 0.00 0.00 0.00 0.00 7.34 0.00 0.00 0.00 0.00 0.00 0.00 2073-74 7.46 0.00 0.00 0.00 0.00 7.46 0.00 0.00 0.00 0.00 7.46 0.00 0.00 0.00 0.00 0.00 7.46 2074-75 7.09 0.00 0.00 0.00 0.00 7.09 0.00 0.00 0.00 0.00 7.09 0.00 0.00 0.00 0.00 0.00 7.09 Total 7.24 7.63 8.28 5.97 0.00 7.25 6.95 6.63 7.66 7.57 7.33 7.40 7.95 8.23 0.00 7.55 7.33 Weighted Average Interest Rate as on 31st March 2025 79Annex IV: List of Government Securities Outstanding as on end-March 2025 Security-wise Outstanding Maturity Year-wise Nomenclature Coupon Date of issue Date of maturity Stock Outstanding amount (₹ crore) (₹ crore) 0-1 Year Bucket 2025-26

7.72% GS 2025 7.72 25-May-2015 25-May-2025 55367

5.22% GS 2025 5.22 15-Jun-2020 15-Jun-2025 79718

8.20% GS 2025 8.2 24-Sep-2012 24-Sep-2025 54928

5.97% GS 2025 (Conv) 5.97 25-Sep-2003 25-Sep-2025 16688

5.15% GS 2025 5.15 9-Nov-2020 9-Nov-2025 98178

7.59% GS 2026 7.59 11-Jan-2016 11-Jan-2026 90786 395666 1-5 Year Bucket 2026-27

7.27% GS 2026 7.27 8-Apr-2019 8-Apr-2026 56249

5.63% GS 2026 5.63 12-Apr-2021 12-Apr-2026 136359

6.99% GS 2026 6.99 17-Apr-2023 17-Apr-2026 49299

8.33% GS 2026 8.33 9-Jul-2012 9-Jul-2026 68672

6.97% GS 2026 6.97 6-Sep-2016 6-Sep-2026 89243

10.18% GS 2026 10.1 11-Sep-2001 11-Sep-2026 15000

7.33% GS 2026 7.33 30-Oct-2023 30-Oct-2026 52000

5.74% GS 2026 5.74 15-Nov-2021 15-Nov-2026 59766

8.15% GS 2026 8.15 24-Nov-2014 24-Nov-2026 76794

8.24% GS 2027 8.24 15-Feb-2007 15-Feb-2027 98828 702210 2027-28

6.79% GS 2027 6.79 15-May-2017 15-May-2027 119500

7.02% GS 2027 7.02 27-May-2024 27-May-2027 38000

7.38% GS 2027 7.38 20-Jun-2022 20-Jun-2027 110100

8.26% GS 2027 8.26 2-Aug-2007 2-Aug-2027 89382

8.28% GS 2027 8.28 21-Sep-2007 21-Sep-2027 84680

6.64% GS 2027 6.64 9-Dec-2024 9-Dec-2027 21000

7.17% GS 2028 7.17 8-Jan-2018 8-Jan-2028 111633

7.10% GOI SGrB 2028 7.1 27-Jan-2023 27-Jan-2028 8000

6.01% GS 2028 (C Align) 6.01 8-Aug-2003 25-Mar-2028 15000 597295 2028-29

7.06% GS 2028 7.06 10-Apr-2023 10-Apr-2028 111000

8.60% GS 2028 8.6 2-Jun-2014 2-Jun-2028 106230

6.13% GS 2028 6.13 4-Jun-2003 4-Jun-2028 11000 FRB 2028 7.3 4-Oct-2021 4-Oct-2028 52816 80Security-wise Outstanding Maturity Year-wise Nomenclature Coupon Date of issue Date of maturity Stock Outstanding amount (₹ crore) (₹ crore)

7.37% GS 2028 7.37 23-Oct-2023 23-Oct-2028 75000

7.25% GOI SGrB 2028 7.25 13-Nov-2023 13-Nov-2028 5000

7.26% GS 2029 7.26 14-Jan-2019 14-Jan-2029 130709 624609

7.59% GS 2029 7.59 19-Oct-2015 20-Mar-2029 132854 2029-30

7.10% GS 2029 7.1 18-Apr-2022 18-Apr-2029 158598

7.04% GS 2029 7.04 3-Jun-2024 3-Jun-2029 88000

6.45% GS 2029 6.45 7-Oct-2019 7-Oct-2029 114840

6.75% GS 2029 6.75 23-Dec-2024 23-Dec-2029 42000

6.79% GS 2029 6.79 26-Dec-2016 26-Dec-2029 119830

7.88% GS 2030 7.88 11-May-2015 19-Mar-2030 128714 651982 5-10 Year Bucket 2030-31

7.17% GS 2030 7.17 17-Apr-2023 17-Apr-2030 103000

7.61% GS 2030 7.61 9-May-2016 9-May-2030 100989

5.79% GS 2030 5.79 11-May-2020 11-May-2030 111619

5.77% GS 2030 5.77 3-Aug-2020 3-Aug-2030 123000

9.20% GS 2030 9.2 30-Sep-2013 30-Sep-2030 65560

7.32% GS 2030 7.32 13-Nov-2023 13-Nov-2030 70000

5.85% GS 2030 5.85 1-Dec-2020 1-Dec-2030 120832

8.97% GS 2030 8.97 5-Dec-2011 5-Dec-2030 93710 788710 2031-32

7.02% GS 2031 7.02 18-Jun-2024 18-Jun-2031 64000

6.10% GS 2031 6.1 12-Jul-2021 12-Jul-2031 152366

6.68% GS 2031 6.68 4-Sep-2017 17-Sep-2031 118723 FRB 2031 7.59 7-May-2018 7-Dec-2031 139916

6.79% GS 2031 6.79 30-Dec-2024 30-Dec-2031 30000

6.54% GS 2032 6.54 17-Jan-2022 17-Jan-2032 156000

8.28% GS 2032 8.28 15-Feb-2007 15-Feb-2032 131247 792252 2032-33

8.32% GS 2032 8.32 2-Aug-2007 2-Aug-2032 107904

7.26% GS 2032 7.26 22-Aug-2022 22-Aug-2032 148000

7.95% GS 2032 7.95 28-Aug-2002 28-Aug-2032 149380

8.33% GS 2032 8.33 21-Sep-2007 21-Sep-2032 1522

7.29% GOI SGrB 2033 7.29 27-Jan-2023 27-Jan-2033 8000

7.26% GS 2033 7.26 6-Feb-2023 6-Feb-2033 150000 564806 2033-34

7.57% GS 2033 7.57 20-May-2019 17-Jun-2033 134444 81Security-wise Outstanding Maturity Year-wise Nomenclature Coupon Date of issue Date of maturity Stock Outstanding amount (₹ crore) (₹ crore)

7.18% GS 2033 7.18 14-Aug-2023 14-Aug-2033 201000 FRB 2033 7.81 22-Jun-2020 22-Sep-2033 149482 703471

8.24% GS 2033 8.24 10-Nov-2014 10-Nov-2033 105189

6.57% GS 2033 6.57 5-Dec-2016 5-Dec-2033 108356

7.24% GOI SGrB 2033 7.24 11-Dec-2023 11-Dec-2033 5000 2034-35

7.10% GS 2034 7.1 8-Apr-2024 8-Apr-2034 180000

6.90% GOI SGrB 2034 6.9 5-Aug-2024 5-Aug-2034 1697

7.50% GS 2034 7.5 10-Aug-2004 10-Aug-2034 110653

6.19% GS 2034 6.19 1-Jun-2020 16-Sep-2034 129175

6.79% GS 2034 6.79 7-Oct-2024 7-Oct-2034 154000 FRB 2034 7.53 30-Aug-2021 30-Oct-2034 54800

6.79% GOI SGrB 2034 6.79 2-Dec-2024 2-Dec-2034 10000

7.73% GS 2034 7.73 12-Oct-2015 19-Dec-2034 112547 FRB 2035 6.66 25-Jan-2005 25-Jan-2035 350

6.22% GS 2035 6.22 116919 2-Nov-2020 16-Mar-2035 870142 10-20 Year Bucket 2035-36

6.64% GS 2035 6.64 12-Apr-2021 16-Jun-2035 157284

7.40% GS 2035 7.4 9-Sep-2005 9-Sep-2035 153222

6.67% GS 2035 6.67 13-Sep-2021 15-Dec-2035 164002 474507 2036-37

7.54% GS 2036 7.54 23-May-2022 23-May-2036 153904

8.33% GS 2036 8.33 7-Jun-2006 7-Jun-2036 89124

7.41% GS 2036 7.41 19-Dec-2022 19-Dec-2036 155080 398108 2037-38

7.18% GS 2037 7.18 24-Jul-2023 24-Jul-2037 172000 172000 2038-39 18645

6.83% GS 2039 6.83 19-Jan-2009 19-Jan-2039 18645 2039-40

7.23% GS 2039 7.23 15-Apr-2024 15-Apr-2039 117000

7.62% GS 2039 7.62 8-Apr-2019 15-Sep-2039 38151

6.92% GS 2039 6.92 18-Nov-2024 18-Nov-2039 74000 229151 2040-41

8.30% GS 2040 8.3 93016 02-Jul-2010 02-Jul-2040 93016 2041-42

8.83% GS 2041 8.83 12-Dec-2011 12-Dec-2041 91771 91771 82Security-wise Outstanding Maturity Year-wise Nomenclature Coupon Date of issue Date of maturity Stock Outstanding amount (₹ crore) (₹ crore) 2042-43

8.30% GS 2042 8.3 31-Dec-2012 31-Dec-2042 105700 105700 2043-44

7.69% GS 2043 7.69 30-Apr-2019 17-Jun-2043 38920

9.23% GS 2043 9.23 23-Dec-2013 23-Dec-2043 79472 118393 2044-45

8.17% GS 2044 8.17 01-Dec-2014 01-Dec-2044 98959 98959 20 Year and Above Bucket 2045-46

8.13% GS 2045 8.13 22-Jun-2015 22-Jun-2045 98000 98000 2046-47

7.06% GS 2046 7.06 10-Oct-2016 10-Oct-2046 105500 105500 2049-50

7.72% GS 2049 7.72 15-Apr-2019 15-Jun-2049 84540 84540 2050-51

7.16% GS 2050 7.16 20-Apr-2020 20-Sep-2050 102696

6.67% GS 2050 6.67 02-Nov-2020 17-Dec-2050 149162 251858 2051-52

6.62% GS 2051 6.62 28-Nov-2016 28-Nov-2051 62697

6.99% GS 2051 6.99 15-Nov-2021 15-Dec-2051 148359 211055 2052-53

7.36% GS 2052 7.36 12-Sep-2022 12-Sep-2052 161967 161967 2053-54

7.30% GS 2053 7.3 19-Jun-2023 19-Jun-2053 195000

7.37% GOI SGrB 2054 7.37 23-Jan-2024 23-Jan-2054 10000 205000 2054-55

7.09% GS 2054 7.09 5-Aug-2024 5-Aug-2054 100000

6.98% GOI SGrB 2054 6.98 16-Dec-2024 16-Dec-2054 10000 110000 2055-56

7.72% GS 2055 7.72 26-Oct-2015 26-Oct-2055 100969 100969 2059-60

7.63% GS 2059 7.63 06-May-2019 17-Jun-2059 83462 83462 2060-61

7.19% GS 2060 7.19 13-Apr-2020 15-Sep-2060 98381

6.80% GS 2060 6.8 31-Aug-2020 15-Dec-2060 105856

6.76% GS 2061 6.76 22-Feb-2021 22-Feb-2061 149022 353259 2061-62

6.95% GS 2061 6.95 22-Nov-2021 16-Dec-2061 157283 157283 83Security-wise Outstanding Maturity Year-wise Nomenclature Coupon Date of issue Date of maturity Stock Outstanding amount (₹ crore) (₹ crore) 2062-63

7.40% GS 2062 7.4 19-Sep-2022 19-Sep-2062 156549 156549 2063-2064

7.25% GS 2063 7.25 12-Jun-2023 12-Jun-2063 240000 240000 2064-65

7.34% GS 2064 7.34 22-Apr-2024 22-Apr-2064 239000 239000 2073-2074

7.46% GS 2073 7.46 06-Nov-2023 06-Nov-2073 117000 117000 2074-75

7.09% GS 2074 7.09 25-Nov-2024 25-Nov-2074 50000 50000 Total 11216836 11216836 84Annex V: List of Government of India Securities Outstanding as on end-March 2025 - Interest Rate Wise Security-wise Outstanding Sub-Total % of Total Sl. No. Nomenclature Coupon Date of issue Date of maturity Stock (₹ crore) (₹ crore) Outstanding 1 2 3 4 5 6 7 8 GOI Securities bearing Interest rate less than or equal to 6.0 % 1 5.15% GS 2025 5.15 9-Nov-2020 9-Nov-2025 98178 2 5.22% GS 2025 5.22 15-Jun-2020 15-Jun-2025 79718 3 5.63% GS 2026 5.63 12-Apr-2021 12-Apr-2026 136359 4 5.74% GS 2026 5.74 15-Nov-2021 15-Nov-2026 59766 5 5.77% GS 2030 5.77 3-Aug-2020 3-Aug-2030 123000 6 5.79% GS 2030 5.79 11-May-2020 11-May-2030 111619 7 5.85% GS 2030 5.85 1-Dec-2020 1-Dec-2030 120832 8 5.97% GS 2025 (Conv) 5.97 25-Sep-2003 25-Sep-2025 16688 746159 6.65 GOI Securities bearing Interest rate above 6.00 % but less than or equal to 7.00 % 1 6.01% GS 2028 (C Align) 6.01 8-Aug-2003 25-Mar-2028 15000 2 6.10% GS 2031 6.10 12-Jul-2021 12-Jul-2031 152366 3 6.13% GS 2028 6.13 4-Jun-2003 4-Jun-2028 11000 4 6.19% GS 2034 6.19 1-Jun-2020 16-Sep-2034 129175 5 6.22% GS 2035 6.22 2-Nov-2020 16-Mar-2035 116919 6 6.45% GS 2029 6.45 7-Oct-2019 7-Oct-2029 114840 7 6.54% GS 2032 6.54 17-Jan-2022 17-Jan-2032 156000 8 6.57% GS 2033 6.57 5-Dec-2016 5-Dec-2033 108356 9 6.62% GS 2051 6.62 28-Nov-2016 28-Nov-2051 62697 10 6.64% GS 2027 6.64 9-Dec-2024 9-Dec-2027 21000 11 6.64% GS 2035 6.64 12-Apr-2021 16-Jun-2035 157284 12 FRB 2035 6.66 25-Jan-2005 25-Jan-2035 350 13 6.67% GS 2035 6.67 13-Sep-2021 15-Dec-2035 164002 14 6.67% GS 2050 6.67 2-Nov-2020 17-Dec-2050 149162 15 6.68% GS 2031 6.68 4-Sep-2017 17-Sep-2031 118723 16 6.75% GS 2029 6.75 23-Dec-2024 23-Dec-2029 42000 17 6.76% GS 2061 6.76 22-Feb-2021 22-Feb-2061 149022 18 6.79% GS 2027 6.79 15-May-2017 15-May-2027 119500 19 6.79% GS 2029 6.79 26-Dec-2016 26-Dec-2029 119830 20 6.79% GS 2031 6.79 30-Dec-2024 30-Dec-2031 30000 21 6.79% GS 2034 6.79 7-Oct-2024 7-Oct-2034 154000 22 6.79% GOI SGrB 2034 6.79 2-Dec-2024 2-Dec-2034 10000 23 6.80% GS 2060 6.80 31-Aug-2020 15-Dec-2060 105856 24 6.83% GS 2039 6.83 19-Jan-2009 19-Jan-2039 18645 25 6.90% GOI SGrB 2034 6.90 5-Aug-2024 5-Aug-2034 1697 26 6.92% GS 2039 6.92 18-Nov-2024 18-Nov-2039 74000 2755608 24.57 85Security-wise Outstanding Sub-Total % of Total Sl. No. Nomenclature Coupon Date of issue Date of maturity Stock (₹ crore) (₹ crore) Outstanding 1 2 3 4 5 6 7 8 27 6.95% GS 2061 6.95 22-Nov-2021 16-Dec-2061 157283 28 6.97% GS 2026 6.97 6-Sep-2016 6-Sep-2026 89243 29 6.98% GOI SGrB 2054 6.98 16-Dec-2024 16-Dec-2054 10000 30 6.99% GS 2026 6.99 17-Apr-2023 17-Apr-2026 49299 31 6.99% GS 2051 6.99 15-Nov-2021 15-Dec-2051 148359 GOI Securities bearing Interest rate above 7.00 % but less than or equal to 8.00 % 1 7.02% GS 2027 7.02 27-May-2024 27-May-2027 38000 2 7.02% GS 2031 7.02 18-Jun-2024 18-Jun-2031 64000 3 7.04% GS 2029 7.04 3-Jun-2024 3-Jun-2029 88000 4 7.06% GS 2028 7.06 10-Apr-2023 10-Apr-2028 111000 5 7.06% GS 2046 7.06 10-Oct-2016 10-Oct-2046 105500 6 7.09% GS 2054 7.09 5-Aug-2024 5-Aug-2054 100000 7 7.09% GS 2074 7.09 25-Nov-2024 25-Nov-2074 50000 8 7.10% GOI SGrB 2028 7.10 27-Jan-2023 27-Jan-2028 8000 9 7.10% GS 2029 7.10 18-Apr-2022 18-Apr-2029 158598 10 7.10% GS 2034 7.10 8-Apr-2024 8-Apr-2034 180000 11 7.16% GS 2050 7.16 20-Apr-2020 20-Sep-2050 102696 12 7.17% GS 2028 7.17 8-Jan-2018 8-Jan-2028 111633 13 7.17% GS 2030 7.17 17-Apr-2023 17-Apr-2030 103000 14 7.18% GS 2033 7.18 14-Aug-2023 14-Aug-2033 201000 15 7.18% GS 2037 7.18 24-Jul-2023 24-Jul-2037 172000 16 7.19% GS 2060 7.19 13-Apr-2020 15-Sep-2060 98381 17 7.23% GS 2039 7.23 15-Apr-2024 15-Apr-2039 117000 18 7.24% GOI SGrB 2033 7.24 11-Dec-2023 11-Dec-2033 5000 19 7.25% GOI SGrB 2028 7.25 13-Nov-2023 13-Nov-2028 5000 20 7.25% GS 2063 7.25 12-Jun-2023 12-Jun-2063 240000 21 7.26% GS 2029 7.26 14-Jan-2019 14-Jan-2029 130709 22 7.26% GS 2032 7.26 22-Aug-2022 22-Aug-2032 148000 23 7.26% GS 2033 7.26 6-Feb-2023 6-Feb-2033 150000 24 7.27% GS 2026 7.27 8-Apr-2019 8-Apr-2026 56249 25 7.29% GOI SGrB 2033 7.29 27-Jan-2023 27-Jan-2033 8000 26 FRB 2028 7.30 4-Oct-2021 4-Oct-2028 52816 27 7.30% GS 2053 7.30 19-Jun-2023 19-Jun-2053 195000 28 7.32% GS 2030 7.32 13-Nov-2023 13-Nov-2030 70000 29 7.33% GS 2026 7.33 30-Oct-2023 30-Oct-2026 52000 30 7.34% GS 2064 7.34 22-Apr-2024 22-Apr-2064 239000 31 7.36% GS 2052 7.36 12-Sep-2022 12-Sep-2052 161967 32 7.37% GS 2028 7.37 23-Oct-2023 23-Oct-2028 75000 33 7.37% GOI SGrB 2054 7.37 23-Jan-2024 23-Jan-2054 10000 5959379 53.13 86Security-wise Outstanding Sub-Total % of Total Sl. No. Nomenclature Coupon Date of issue Date of maturity Stock (₹ crore) (₹ crore) Outstanding 1 2 3 4 5 6 7 8 34 7.38% GS 2027 7.38 20-Jun-2022 20-Jun-2027 110100 35 7.40% GS 2035 7.40 9-Sep-2005 9-Sep-2035 153222 36 7.40% GS 2062 7.40 19-Sep-2022 19-Sep-2062 156549 37 7.41% GS 2036 7.41 19-Dec-2022 19-Dec-2036 155080 38 7.46% GS 2073 7.46 6-Nov-2023 6-Nov-2073 117000 39 7.50% GS 2034 7.50 10-Aug-2004 10-Aug-2034 110653 40 FRB 2034 7.53 30-Aug-2021 30-Oct-2034 54800 41 7.54% GS 2036 7.54 23-May-2022 23-May-2036 153904 42 7.57% GS 2033 7.57 20-May-2019 17-Jun-2033 134444 43 7.59% GS 2026 7.59 11-Jan-2016 11-Jan-2026 90786 44 7.59% GS 2029 7.59 19-Oct-2015 20-Mar-2029 132854 45 FRB 2031 7.59 7-May-2018 7-Dec-2031 139916 46 7.61% GS 2030 7.61 9-May-2016 9-May-2030 100989 47 7.62% GS 2039 7.62 8-Apr-2019 15-Sep-2039 38151 48 7.63% GS 2059 7.63 6-May-2019 17-Jun-2059 83462 49 7.69% GS 2043 7.69 30-Apr-2019 17-Jun-2043 38920 50 7.72% GS 2025 7.72 25-May-2015 25-May-2025 55367 51 7.72% GS 2049 7.72 15-Apr-2019 15-Jun-2049 84540 52 7.72% GS 2055 7.72 26-Oct-2015 26-Oct-2055 100969 53 7.73% GS 2034 7.73 12-Oct-2015 19-Dec-2034 112547 54 FRB 2033 7.81 22-Jun-2020 22-Sep-2033 149482 55 7.88% GS 2030 7.88 11-May-2015 19-Mar-2030 128714 56 7.95% GS 2032 7.95 28-Aug-2002 28-Aug-2032 149380 GOI Securities bearing Interest rate above 8.00 % but less than or equal to 9.00 % 1 8.13% GS 2045 8.13 22-Jun-2015 22-Jun-2045 98000 2 8.15% GS 2026 8.15 24-Nov-2014 24-Nov-2026 76794 3 8.17% GS 2044 8.17 1-Dec-2014 1-Dec-2044 98959 4 8.20% GS 2025 8.20 24-Sep-2012 24-Sep-2025 54928 5 8.24% GS 2027 8.24 15-Feb-2007 15-Feb-2027 98828 6 8.24% GS 2033 8.24 10-Nov-2014 10-Nov-2033 105189 7 8.26% GS 2027 8.26 2-Aug-2007 2-Aug-2027 89382 8 8.28% GS 2027 8.28 21-Sep-2007 21-Sep-2027 84680 9 8.28% GS 2032 8.28 15-Feb-2007 15-Feb-2032 131247 10 8.30% GS 2040 8.30 2-Jul-2010 2-Jul-2040 93016 11 8.30% GS 2042 8.30 31-Dec-2012 31-Dec-2042 105700 12 8.32% GS 2032 8.32 2-Aug-2007 2-Aug-2032 107904 13 8.33% GS 2026 8.33 9-Jul-2012 9-Jul-2026 68672 14 8.33% GS 2032 8.33 21-Sep-2007 21-Sep-2032 1522 15 8.33% GS 2036 8.33 7-Jun-2006 7-Jun-2036 89124 1595657 14.23 87Security-wise Outstanding Sub-Total % of Total Sl. No. Nomenclature Coupon Date of issue Date of maturity Stock (₹ crore) (₹ crore) Outstanding 1 2 3 4 5 6 7 8 16 8.60% GS 2028 8.60 2-Jun-2014 2-Jun-2028 106230 17 8.83% GS 2041 8.83 12-Dec-2011 12-Dec-2041 91771 18 8.97% GS 2030 8.97 5-Dec-2011 5-Dec-2030 93710 GOI Securities bearing Interest rate above 9.00 % 1 9.20% GS 2030 9.20 30-Sep-2013 30-Sep-2030 65560 2 9.23% GS 2043 9.23 23-Dec-2013 23-Dec-2043 79472 3 10.18% GS 2026 10.10 11-Sep-2001 11-Sep-2026 15000 160033 1.43 Total 11216836 11216836 100.00 88Annex VI: List of Government Securities issued to NSSF Outstanding as on end-March 2025 (Amount in ₹ crore) as at as at as at as at as at as at end as at end as at end Revised as at end as at end Date/ Year Maturity Initial end of end of end of end of end of of of of Nomenclature/Name of Securities Coupon of March, of March, of Issue Year/date amount March, March, March, March, March, March, March, March, Rate 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023 Category I

10.5% Special GOI Securities 10.50 01-Apr-99 64569 64569 64569 64569 64569 64569 64569 64569 64569 64569 0 Category II

10.5% Special GOI Securities 10.50 31-Mar-00 31-Mar-25 8979 4041 3592 3143 2694 2245 1796 1347 898 449 0

10.5% Special GOI Securities 10.50 31-Mar-01 31-Mar-26 8316 4158 3742 3326 2911 2495 2079 1663 1247 832 416

10.5% Special GOI Securities 10.50 31-Mar-02 31-Mar-27 8755 4815 4377 3940 3502 3064 2626 2189 1751 1313 875

9.50% Special GOI Securities 9.50 31-Mar-10 31-Mar-35 2500 2375 2250 2125 2000 1875 1750 1625 1500 1375 1250

9.50% Special GOI Securities 9.50 31-Mar-11 31-Mar-36 12536 12536 11909 11282 10655 10029 9402 8775 8148 7521 6895

9.50% Special GOI Securities 9.50 31-Mar-14 31-Mar-39 3640 3640 3640 3640 3640 3458 3276 3094 2912 2730 2548

9.50% Special GOI Securities,2025 9.50 31-Mar-15 31-Mar-25 3450 3105 2760 2415 2070 1725 1380 1035 690 345

9.50% Special GOI Securities, 2026 9.50 31-Mar-16 31-Mar-26 26047 26047 23442 20838 18233 15628 13024 10419 7814 5209 2605

8.80% Special GOI Securities, 2027 8.80 31-Mar-17 31-Mar-27 10290 10290 9261 8232 7203 6174 5145 4116 3087 2058

8.40% Special GOI Securities, 2028 8.40 31-Mar-18 31-Mar-28 75000 75000 67500 60000 52500 45000 37500 30000 22500

8.20% Special GOI Securities 2029 8.20 31-Mar-19 31-Mar-29 86983 86983 78285 69586 60888 52190 43491 34793

8.50% Special GOI Securities 2030 8.50 31-Mar-20 31-Mar-30 200891 200891 180802 160713 140624 120535 100446

7.40% Special GOI Securities 2031 7.40 31-Mar-21 31-Mar-31 442461 442461 398215 353969 309723 265477

7.30% Special GOI Securities 2032 7.30 31-Mar-22 31-Mar-32 509314 509314 458383 407451 356520

7.30% Special GOI Securities 2033 7.30 31-Mar-23 31-Mar-33 350809 350809 315728 280647

7.60% Special GOI Securities 2034 7.60 31-Mar-24 31-Mar-34 404016 404016 363614

7.70% Special GOI Securities 2035 7.70 31-Mar-25 31-Mar-35 381840 381840 Sub-Total 2535826 60717 66002 134970 208419 386898 786856 1209421 1422551 1653805 1822483 Category III

7.00% special GOI Securities, 2023 7.00 1-Apr-03 1-Apr-23 13766 13766 13766 13766 13766 13766 13766 13766 13766

6.00% special GOI Securities,2023 6.00 30-Sep-03 30-Sep-23 32602 32602 32602 32602 32602 32602 32602 32602 32602

5.95% special GOI Securities,2024 5.95 31-Mar-04 31-Mar-24 13609 13609 13609 13609 13609 13609 13609 13609 13609

6.96% special GOI Securities,2024 6.96 31-Dec-04 31-Dec-24 22665 22665 22665 22665 22665 22665 22665 22665 22665 22665 22665

7.00% Special GOI Securities, 2025 7.00 31-Mar-05 31-Mar-25 10010 10010 10010 10010 10010 10010 10010 10010 10010 10010 10010

7.50% Special GOI Securities, 2025 7.50 30-Sep-05 30-Sep-25 888 888 888 888 888 888 888 888 888 888 888

7.60% Special GOI Securities, 2026 7.60 31-Mar-06 31-Mar-26 908 908 908 908 908 908 908 908 908 908 908 89(Amount in ₹ crore) as at as at as at as at as at as at end as at end as at end Revised as at end as at end Date/ Year Maturity Initial end of end of end of end of end of of of of Nomenclature/Name of Securities Coupon of March, of March, of Issue Year/date amount March, March, March, March, March, March, March, March, Rate 2024 2025 2016 2017 2018 2019 2020 2021 2022 2023

8.17% Special GOI Securities, 2026 8.17 30-Sep-06 30-Sep-26 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016

7.88% Special GOI Securities, 2027 7.88 31-Mar-07 31-Mar-27 1833 1833 1833 1833 1833 1833 1833 1833 1833 1833 1833

7.64% Special GOI Securities, 2029 7.64 30-Sep-09 30-Sep-29 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000

8.21% Special GOI Securities, 2030 8.21 31-Mar-10 31-Mar-30 6058 6058 6058 6058 6058 6058 6058 6058 6058 6058 6058

9.50% Special GOI Securities, 2033 9.50 31-Mar-13 31-Mar-33 9928 9928 9928 9928 9928 9928 9928 9928 9928 9928 9928

9.50% Special GOI Securities, 2034 9.50 31-Mar-14 31-Mar-34 10020 10020 10020 10020 10020 10020 10020 10020 10020 10020 10020

9.50% Special GOI Securities, 2025 9.50 31-Mar-15 31-Mar-25 30078 30078 30078 30078 30078 30078 30078 30078 30078 30078 30078

9.50% Special GOI Securities, 2026 9.50 31-Mar-16 31-Mar-26 28190 28190 28190 28190 28190 28190 28190 28190 28190 28190 28190

8.80% Special GOI Securities, 2027 8.80 31-Mar-17 31-Mar-27 62149 62149 62149 62149 62149 62149 62149 62149 62149 62149

8.40% Special GOI Securities, 2028 8.40 31-Mar-18 31-Mar-28 33661 33661 33661 33661 33661 33661 33661 33661 33661

8.20% Special GOI Securities, 2029 8.20 31-Mar-19 31-Mar-29 51550 51550 51550 51550 51550 51550 51550 51550

8.50% Special GOI Securities, 2030 8.50 31-Mar-20 31-Mar-30 61522 61522 61522 61522 61522 61522 61522

7.40% Special GOI Securities, 2031 7.40 31-Mar-21 31-Mar-31 83774 83774 83774 83774 83774 83774

7.30% Special GOI Securities, 2032 7.30 31-Mar-22 31-Mar-32 128703 128703 128703 128703 128703

7.30% Special GOI Securities, 2033 7.30 31-Mar-23 31-Mar-33 182731 182731 182731 182731

7.60% Special GOI Securities, 2034 7.60 31-Mar-24 31-Mar-34 280121 182731 280121 280121

7.70% Special GOI Securities, 2035 7.70 31-Mar-25 31-Mar-35 388147 388147 Sub-Total 1460929 188571 250720 284381 335931 397452 481227 609930 975391 1012805 1338199 4061324 313856 381291 483920 608919 848919 1332652 1883921 2462511 2731179 3160681 Grand Total

Source: PDO Nagpur, RBI 90Annex VII: Interest rate on Various Small Savings Instruments 2023-24 2024-25 April-June July-Sep Oct-Dec Jan-Mar April-June July-Sep Oct-Dec Jan-Mar Savings Account 4 4 4 4 4 4 4 4 1 Year Time Deposit 6.8 6.9 6.9 6.9 6.9 6.9 6.9 6.9 2 Year Time Deposit 6.9 7 7 7 7 7 7 7 3 Year Time Deposit 7 7 7 7.1 7 7.1 7.1 7.1 5 Year Time Deposit 7.5 7.5 7.5 7.5 7.5 7.5 7.5 7.5 5 Year Recurring Deposit 6.2 6.5 6.7 6.7 6.7 6.7 6.7 6.7 5 Year Senior Citizens Savings 8.2 8.2 8.2 8.2

8.2 8.2 8.2 8.2 Scheme 5 Year Monthly Income 7.4 7.4 7.4 7.4

7.4 7.4 7.4 7.4 Account 5 Year National Savings 7.7 7.7 7.7 7.7

7.7 7.7 7.7 7.7 Certificate Public Provident Fund 7.1 7.1 7.1 7.1 7.1 7.1 7.1 7.1 Sukanya Samriddhi Account 8 8 8 8.2 8 8.2 8.2 8.2 Scheme

7.5 (will mature 7.5 (will mature 7.5 (will 7.5 (will mature

7.5 (will mature in 7.5 (will mature 7.5 (will mature 7.5 (will mature Kisan Vikas Patra in 115 months) in 115 months) mature in 115 in 115 months) 115 months) in 115 months) in 115 months) in 115 months) months)

Source: National Small Savings Institute 91Table HB-1A: Outstanding Central Government Debt - Public Debt (Amount in ₹ crore) Year Internal Debt Total Internal External External Total Total (End- Dated 91-Day 182-Day 364-Day Market 14 Days Special Compensatio Other Special Securities Others# Debt Debt Debt Public Public March) Securities Treasury Treasury Treasury Loans Treasury Securities n and Other Securities Small [=sum (6:12)] (Historical (Current Debt Debt Bills Bills Bills (2+3+4+5) Bills Issued in Bonds Issued to Savings Exchange Exchange (external (external Conversion International Fund Rates) Rates) debt at debt at of Treasury Financial historical current Bills Institutions exchange exchange rate) rate) (13+14) (13+15) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2002-03 673684 9673 0 26122 709480 5628 61818 27624 23617 188505 4017 1020689 59612 196068 1080301 1216756 2003-04 824314 7184 0 26132 857630 7253 0 48347 22139 202271 4064 1141704 46124 184203 1187828 1325907 2004-05 895347 27586 0 46111 969044 14607 0 66424 21644 202271 1983 1275971 60877 191271 1336849 1467242 2005-06 976717 16364 9689 44159 1046929 39340 0 72761 25152 203618 1960 1389758 94243 194199 1484001 1583957 2006-07 1103346 45011 16931 52458 1217746 39475 0 62096 25798 206602 1966 1553683 102716 201199 1656399 1754882 2007-08 1332435 40003 16785 57201 1446424 68630 0 71325 24719 195299 1962 1808359 112031 210086 1920390 2018445 2008-09 1512873 75595 20175 54546 1663188 98663 0 47506 23085 193997 2110 2028549 123046 264059 2151595 2292609 2009-10 1834225 71549 21500 41493 1968767 95668 0 38732 24483 207252 2146 2337047 134083 249306 2471130 2586353 2010-11 2156915 70391 22001 42478 2291783 103100 0 31005 29315 218485 2134 2675823 157639 278877 2833462 2954700 2011-12 2593331 124656 52001 90378 2860366 97800 0 18719 29626 208183 15928 3230622 170088 322897 3400710 3553519 2012-13 3060713 105142 64196 130467 3360518 118380 0 13837 32226 216808 22796 3764566 177289 332004 3941855 4096570 2013-14 3514459 125761 76417 136956 3853399 86816 0 13628 35181 229165 22383 4240767 184581 374483 4425348 4615250 2014-15 3959552 128961 77337 143152 4309003 85678 0 13440 46395 261391 22383 4738291 197514 366384 4935805 5104675 2015-16 4363602 132855 77807 154033 4728297 121127 0 12446 106726 313856 22383 5304835 210262 406589 5515098 5711424 2016-17 4714305 106840 85436 142526 5049107 156570 0 25108 108740 381291 20894 5741710 228259 408108 5969968 6149818 2017-18 5124562 138726 86872 159685 5509845 151038 0 51209 104370 483919 100894 6401275 250090 445282 6651365 6846557 2018-19 5547829 92183 119802 208896 5968710 122336 0 57059 106523 608919 211394 7074941 269961 474439 7344902 7549380 2019-20 6021815 82583 158157 217670 6560225* 154911 0 67285 101909 848919 287242 8020491 299250 544394 8319741 8564885 2020-21 7168555 93297 139414 458240 7859506 205576 0 104267 100301 1332652 307242 9909543 388472 614829 10298015 10524372 2021-22 8060085 138736 210666 407796 8817283 216766 0 131202 101329 1883921 311841 11462343 439355 658334 11901698 12120677 2022-23 9165921 114938 263092 445284 9989233 213984 0 133591 96625 2279780 360518 13073732 493157 748456 13566889 13822188 2023-24 10265571 135101 279074 457487 11137233 267517 0 143420 106987 2731179 311841 14698177 566269 796078 15264446 15494255 2024-25 11216852 207815 223178 359389 12007233 188644 0 148719 108830 3160681 311841 15925949 631733 874300 16557681 16800249

Source: CGA, Budget and Finance accounts, # Others include market loans in course of repayment, Other Special Securities Issued to Reserve Bank, special bearer bonds and Ways and Mean Advances

(WMA), *Includes Cash Management Bills of amount ₹ 80000 crores 92Table HB-1B: Outstanding Central Government Debt - Other Liabilities (Amount in ₹ crore) Other Accounts Reserve Funds Deposits Total Small Y ( MEe ana rdr c- h ) NS Sa S Fa av mt v uii io nn a nn dg l glas s/ l S P Ft r ua o nt v de i sd ent S CFp I aoOse e nmsc rM dui t pa e i FlC adl i Cs nS st e i,e Io r e c s. d N P Fe oS r up onp no v-e ds G ic i d ti eoa es tv nl co t .tf . O Iteth me sr T (4o +t 5a +l 6) B ine ta err ein stg N b ineo ta et r- r i en sg t T (8o +t 9a )l B ine ta err ein stg N b ineo ta et r- r i en sg t T (1o 1t +a 1l 2) T L (2o i +at 3ba +il l 7O it +it e 1h s 0e +r 13) D Te aP 1b bu 6t lb e ( o l C 1i fc Ao l ). T L (1io 4at +ba 1il l 5it )i es L ( eE cD xia u c rx eb r h at be ri tal tr eei n n )t na gi ta te e s l 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2002-03 175885 50515 9385 120125 47374 176884 4600 7144 11744 32526 35857 68382 483411 1080301 1563712 1700167 2003-04 232971 55407 9734 119748 51965 181447 6585 7665 14250 39943 38134 78076 562151 1187828 1749979 1888058 2004-05 329760 60717 9349 118641 57670 185660 9318 8632 17950 36885 38155 75039 669125 1336849 2005974 2136367 2005-06 414552 66262 26611 118257 60609 205477 12649 10094 22743 40901 45717 86619 795653 1484001 2279654 2379610 2006-07 468010 71440 40322 117698 79570 237590 16602 17850 34451 46162 50682 96844 908335 1656399 2564734 2663217 2007-08 478290 75336 81638 116452 68047 266137 22348 32497 54845 50715 31226 81941 956549 1920390 2876939 2974994 2008-09 470141 83377 177580 114119 58200 349899 15627 18621 34247 62757 31677 94435 1032099 2151595 3183694 3324708 2009-10 521194 99433 187886 111980 58777 358644 4848 15822 20670 68027 30757 98783 1098724 2471130 3569854 3685077 2010-11 568614 111947 182123 108260 58778 349161 473 21143 21617 69948 37197 107145 1158484 2833462 3991946 4113184 2011-12 582011 122751 172091 102636 58877 333604 2392 24899 27290 72021 34565 106586 1172243 3400710 4572953 4725762 2012-13 597737 133672 166329 102171 58400 326901 5283 21597 26880 78588 34436 113024 1198213 3941855 5140068 5294783 2013-14 629184 143425 166328 102662 46431 315421 8226 22116 30342 87252 38456 125708 1244080 4425348 5669428 5859330 2014-15 646895 155334 162828 103597 49205 315630 9872 25579 35451 98895 54510 153405 1306715 4935805 6242520 6411390 2015-16 701369 167193 162828 103597 53375 319800 13842 18287 32130 110397 55985 166383 1386874 5515098 6901972 7098298 2016-17 751199 184938 162828 102928 56101 321857 6668 18996 25665 122313 60122 182435 1466093 5969968 7436061 7615911 2017-18 805685 200737 162828 102671 122502 388001 8328 35760 44088 135580 73089 208669 1647180 6651365 8298545 8493737 2018-19 892689 216795 162828 102014 135180 400022 13006 13084 26090 198430 77990 276420 1812016 7344902 9156918 9361396 2019-20 932964 228430 162828 101466 148601 412895 -13792 50294 36502 174654 93287 267941 1878732 8319741 10198473 10443617 2020-21 754795 246944 162828 100702 162056 425586 17004 24043 41047 198476 94426 292901 1761273 10298015 12059288 12285645 2021-22 536722 257260 124105 100240 206124 430469 13173 70027 83200 235674 100892 336566 1644218 11901698 13545915 13764894 2022-23 446232 262349 110831 99606 199643 410080 13843 138160 152003 249948 136187 386134 1656799 13566889 15223688 15478986 2023-24 416511 267408 91365 97701 202258 391324 23066 216165 239232 275933 123246 399179 1713654 15264446 16978100 17207908 2024-25 325995 271407 46664 96994 212373 356032 26511 352915 379426 266190 139202 405392 1738251 16557681 18295933 18538500 93Table HB-2: Outstanding Central Government Securities details for last 10 years (Amount in ₹ crore) Date of Date of First Name of Security Outstanding Amount at End-March Maturity Issue 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4 5 6 7 8 9 10 11 12 13

7.59% GS 2016 12-Apr-16 12-Apr-06 35149

10.71% GS 2016 19-Apr-16 19-Apr-01 8465 FRB 2016 7-May-16 7-May-04 6000

5.59% GS 2016 4-Jun-16 4-Jun-04 6000

12.30% GS 2016 2-Jul-16 2-Jul-99 13130

7.02% GS 2016 17-Aug-16 17-Aug-09 38093

8.07% GS 2017 15-Jan-17 15-Jan-02 66965

7.49% 2017 (con) 16-Apr-17 16-Apr-02 58000 36767 FRB 2017 2-Jul-17 2-Jul-02 3000 3000

8.07% GS 2017 JUL 3-Jul-17 3-Jul-12 50000 27240

7.99% GS 2017 9-Jul-17 9-Jul-07 71000 35385

7.46% GS 2017 28-Aug-17 28-Aug-02 57887 37327

6.25% 2018 (conv) 2-Jan-18 2-Jan-03 16887 16887

7.83% GS 2018 11-Apr-18 11-Apr-11 73000 73000 40518

8.24% GS 2018 22-Apr-18 22-Apr-08 75000 75000 27204

10.45% GS 2018 30-Apr-18 30-Apr-01 3716 3716 3716

5.69 % GS 2018(Conv)] 25-Sep-18 25-Sep-03 16130 16130 16130

12.60% GS 2018 23-Nov-18 23-Nov-98 12632 12632 12632

5.64% GS 2019 2-Jan-19 2-Jan-04 10000 10000 10000

6.05% GS 2019 2-Feb-19 2-Feb-09 53000 53000 53000

7.28% GS 2019 3-Jun-19 3-Jun-13 53000 53000 53000 42038

6.05% GS 2019 (con) 12-Jun-19 12-Jun-03 11000 11000 11000 11000

6.90% GS 2019 13-Jul-19 13-Jul-09 45000 45000 45000 42840

10.03% GS 2019 9-Aug-19 9-Aug-01 6000 6000 6000 6000

6.35% GS 2020 (con) 2-Jan-20 2-Jan-03 61000 61000 61000 61000

8.19% GS 2020 16-Jan-20 16-Jan-12 74000 74000 74000 74000

6.65% GS 2020 9-Apr-20 9-Apr-18 43546 29608

10.70% GS 2020 22-Apr-20 22-Apr-00 6000 6000 6000 6000 6000

7.80% GS 2020 3-May-20 3-May-10 75000 75000 75000 75000 49962

8.27% GS 2020 9-Jun-20 9-Jun-14 73000 73000 73000 73000 52868

8.12% GS 2020 10-Dec-20 10-Dec-12 76000 76000 76000 76000 49493 FRB 2020 21-Dec-20 21-Dec-09 13000 13000 13000 13000 13000

11.60% GS 2020 27-Dec-20 27-Dec-00 5000 5000 5000 5000 5000

7.00% GS 2021 21-Jan-21 21-Jan-19 12000 29145

7.80% GS 2021 11-Apr-21 11-Apr-11 48000 66000 66000 67493 67048 53272 94(Amount in ₹ crore) Date of Date of First Name of Security Outstanding Amount at End-March Maturity Issue 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4 5 6 7 8 9 10 11 12 13

7.94% GS 2021 24-May-21 24-May-06 49000 49425 49425 49425 48555 38701

10.25% GS 2021 30-May-21 30-May-01 26213 26213 26213 26213 26213 13213

6.17% GS 2021 15-Jul-21 15-Jul-19 41207 34070

8.79% GS 2021 8-Nov-21 8-Nov-11 83000 83000 83000 83000 82330 75300

8.20% GS 2022 15-Feb-22 15-Feb-07 57632 57632 57632 57632 53617 49722

5.09% GS 2022 13-Apr-22 13-Apr-20 59055 27355

8.35% GS 2022 14-May-22 14-May-02 77000 77000 77000 77000 77000 51095 47966

8.15% GS 2022 11-Jun-22 11-Jun-12 83000 83000 83000 83000 79000 73786 59669

8.08% GS 2022 2-Aug-22 2-Aug-07 68969 68969 68969 68969 68969 63989 38697

5.87% GS 2022 (conv) 28-Aug-22 28-Aug-03 11000 11000 11000 11000 11000 8723 8672

8.13% GS 2022 21-Sep-22 21-Sep-07 70495 70495 70495 70495 70495 63807 45002

3.96% GS 2022 9-Nov-22 9-Nov-20 19545 28410

6.84% GS 2022 19-Dec-22 12-Sep-16 0 26000 87000 99000 99000 88348 56968

6.30% GS 2023 9-Apr-23 9-Apr-03 13000 13000 13000 13000 13000 12710 12710 12710

7.37% GS 2023 16-Apr-23 16-Apr-18 39988 39988 35783 35643 27849

4.26% GS 2023 17-May-23 17-May-21 38887 38887

7.16% GS 2023 20-May-23 20-May-13 77000 77100 77100 77100 77100 77100 74275 66165

1.44% II GS 2023 5-Jun-23 5-Jun-13 1153 1153 1235 1235 1235 1153 1153 1235

6.17% GS 2023 (conv) 12-Jun-23 12-Jun-03 14000 14000 14000 14000 14000 12000 12000 12000

4.48% GS 2023 2-Nov-23 2-Nov-20 55925 55925 53925

8.83% GS 2023 25-Nov-23 25-Nov-13 83000 83000 83000 83000 83000 68642 63142 56573

4.56% GS 2023 29-Nov-23 26-Nov-21 12500 32500

7.68% GS 2023 15-Dec-23 27-Apr-15 65132 88132 88132 88132 88132 88132 87089 78834 IINSS -Cumulative 1.5% GS 25-Dec-23 25-Dec-13 65 65 71 69 66 64 64 64 2023

7.32% GS 2024 28-Jan-24 28-Jan-19 18000 87000 72710 66060 59533

7.35% GS 2024 22-Jun-24 22-Jun-09 65168 90168 90168 90168 52448 52448 52448 52448 51838

6.69% GS 2024 27-Jun-24 27-Jun-22 56000 56000

8.40% GS 2024 28-Jul-24 28-Jul-14 90000 90000 90000 90000 79534 79534 79534 70960 65265

6.18% GS 2024 4-Nov-24 4-Nov-19 48553 102090 102090 79480 79480 FRB 2024 7-Nov-24 7-Nov-16 0 43730 110965 116965 116965 116965 89635 60635 18826

9.15% GS 2024 14-Nov-24 14-Nov-11 92000 92000 92000 92000 84063 84063 84063 78013 78013

6.89% GS 2025 16-Jan-25 16-Jan-23 12000 12000

7.72% GS 2025 25-May-25 25-May-15 86000 86000 86000 90032 90032 90032 90032 90032 76835 55367

5.22% GS 2025 15-Jun-25 15-Jun-20 118000 118000 118000 118000 79718

8.20% GS 2025 24-Sep-25 24-Sep-12 90000 90000 90000 90000 90000 90000 90000 90000 78775 54928

5.97 % GS 2025 (Conv) 25-Sep-25 25-Sep-03 16688 16688 16688 16688 16688 16688 16688 16688 16688 16688

5.15% GS 2025 9-Nov-25 9-Nov-20 116465 116465 116465 116465 98178

7.59% GS 2026 11-Jan-26 8-Jan-16 23000 87000 87000 119000 119000 119000 119000 119000 116797 90786 95(Amount in ₹ crore) Date of Date of First Name of Security Outstanding Amount at End-March Maturity Issue 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4 5 6 7 8 9 10 11 12 13

7.27% GS 2026 8-Apr-26 8-Apr-19 55000 60249 60249 60249 60249 56249

5.63% GS 2026 12-Apr-26 12-Apr-21 149503 149503 149453 136359

6.99% GS 2026 17-Apr-26 17-Apr-23 53745 49299

8.33% GS 2026 9-Jul-26 9-Jul-12 90000 90000 90000 90000 87000 87000 87000 87000 85905 68672

6.97% GS 2026 6-Sep-26 6-Sep-16 0 76000 91000 91578 89743 89743 89743 89743 89743 89243

10.18% GS 2026 11-Sep-26 11-Sep-01 15000 15000 15000 15000 15000 15000 15000 15000 15000 15000

7.33% GS 2026 30-Oct-26 30-Oct-23 40000 52000

5.74% GS 2026 15-Nov-26 15-Nov-21 36000 81000 63916 59766

8.15% GS 2026 24-Nov-26 24-Nov-14 86489 86489 86489 86489 82964 82964 82964 82964 79154 76794

8.24% GS 2027 15-Feb-27 15-Feb-07 93389 93389 93389 111389 111389 111389 111389 111389 107428 98828

6.79% GS 2027 15-May-27 15-May-17 121000 121000 121000 121000 121000 121000 121000 119500

7.02% GS 2027 27-May-27 27-May-24 38000

7.38% GS 2027 20-Jun-27 20-Jun-22 142000 142000 110100

8.26% GS 2027 2-Aug-27 2-Aug-07 73427 73427 73427 73728 97727 97727 97727 97727 97727 89382

8.28% GS 2027 21-Sep-27 21-Sep-07 89252 89252 89252 90001 90001 90001 91866 91866 91866 84680

6.64% GS 2027 9-Dec-27 9-Dec-24 21000

7.17% GS 2028 8-Jan-28 8-Jan-18 33000 113148 113148 113148 115584 115584 115584 111633

7.10% GOI SGrB 2028 27-Jan-28 27-Jan-23 8000 8000 8000

6.01% GS GS 2028 (C 25-Mar-28 8-Aug-03 15000 15000 15000 15000 15000 15000 15000 15000 15000 15000 Align)

7.06% GS 2028 10-Apr-28 10-Apr-23 111000 111000

8.60% GS 2028 2-Jun-28 2-Jun-14 84000 84000 84000 84000 84000 84000 106230 106230 106230 106230

6.13% GS 2028 4-Jun-28 4-Jun-03 11000 11000 11000 11000 11000 11000 11000 11000 11000 11000 FRB 2028 4-Oct-28 4-Oct-21 28816 52816 52816 52816

7.37% GS 2028 23-Oct-28 23-Oct-23 63000 75000

7.25% GOI SGrB 2028 13-Nov-28 13-Nov-23 5000 5000

7.26% GS 2029 14-Jan-29 14-Jan-19 28000 118831 118831 130709 130709 130709 130709

7.59% GS 2029 20-Mar-29 16-Oct-15 33000 88000 96237 96237 96237 96237 124321 132854 132854 132854

7.10% GS 2029 18-Apr-29 18-Apr-22 158598 158598 158598

7.04% GS 2029 3-Jun-29 3-Jun-24 88000

6.45% GS 2029 7-Oct-29 7-Oct-19 95840 114840 114840 114840 114840 114840

6.75% GS 2029 23-Dec-29 23-Dec-24 42000

6.79% GS 2029 26-Dec-29 26-Dec-16 0 36895 118801 118801 118801 118801 118801 119830 119830 119830

7.88% GS 2030 19-Mar-30 8-May-15 89000 89000 89000 89000 89000 89000 117289 128714 128714 128714

7.17% GS 2030 17-Apr-30 17-Apr-23 103000 103000

7.61% GS 2030 9-May-30 9-May-16 0 85000 85000 85000 100989 100989 100989 100989 100989 100989

5.79% GS 2030 11-May-30 11-May-20 111619 111619 111619 111619 111619

5.77% GS 2030 3-Aug-30 3-Aug-20 123000 123000 123000 123000 123000

9.20% GS 2030 30-Sep-30 30-Sep-13 61885 61885 61885 61885 61885 61885 61885 61885 65560 65560 96(Amount in ₹ crore) Date of Date of First Name of Security Outstanding Amount at End-March Maturity Issue 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4 5 6 7 8 9 10 11 12 13

7.32% GS 2030 13-Nov-30 13-Nov-23 48000 70000

5.85% GS 2030 1-Dec-30 1-Dec-20 74405 119271 119271 120832 120832

8.97% GS 2030 5-Dec-30 5-Dec-11 90000 90000 90000 90000 90000 90000 90000 90000 93710 93710

7.02% GS 2031 18-Jun-31 18-Jun-24 64000

6.10% G.S. 2031 12-Jul-31 12-Jul-21 148000 148086 148086 152366

6.68% GS 2031 17-Sep-31 4-Sep-17 85252 93252 93252 105398 105398 108957 113083 118723 FRB 2031 7-Dec-31 7-May-18 46000 106000 120000 139916 139916 139916 139916

6.79% GS 2031 30-Dec-31 30-Dec-24 30000

6.54% GS 2032 17-Jan-32 17-Jan-22 39000 156000 156000 156000

8.28% GS 2032 15-Feb-32 15-Feb-07 90687 90687 90687 90687 90687 90687 90687 111713 123793 131247

8.32% GS 2032 2-Aug-32 2-Aug-07 89434 89434 89434 89434 89434 89434 89434 89434 104790 107904

7.26% GS 2032 22-Aug-32 22-Aug-22 148000 148000 148000

7.95% GS 2032 28-Aug-32 28-Aug-02 89000 89000 89000 115000 121000 121000 121000 140506 142914 149380

8.33% GS 2032 21-Sep-32 21-Sep-07 1522 1522 1522 1522 1522 1522 1522 1522 1522 1522

7.29% GOI SGrB 2033 27-Jan-33 27-Jan-23 8000 8000 8000

7.26% GS 2033 6-Feb-33 6-Feb-23 24000 150000 150000

7.57% GS 2033 17-Jun-33 20-May-19 94791 120791 120791 133292 134444 134444

7.18% GS 2033 14-Aug-33 14-Aug-23 201000 201000 FRB 2033 22-Sep-33 22-Jun-20 94581 149482 149482 149482 149482

8.24% GS 2033 10-Nov-33 10-Nov-14 87000 87275 87275 99275 99275 99275 99275 99579 103328 105189

6.57% GS 2033 5-Dec-33 5-Dec-16 0 10000 47000 66656 66656 95960 95960 95960 95960 108356

7.24% GOI SGrB 2033 11-Dec-33 11-Dec-23 5000 5000

7.10% GS 2034 8-Apr-34 8-Apr-24 180000

6.90% GOI SGrB 2034 5-Aug-34 5-Aug-24 1697

7.50% GS 2034 10-Aug-34 10-Aug-04 60000 90000 90000 99101 99101 99101 99101 101255 104484 110653

6.19% GS 2034 16-Sep-34 1-Jun-20 127000 127000 127000 128749 129175

6.79% GS 2034 7-Oct-34 7-Oct-24 154000 FRB 2034 30-Oct-34 29-Aug-21 42800 54800 54800 54800

6.79% GOI SGrB 2034 2-Dec-34 2-Dec-24 10000

7.73% GS 2034 19-Dec-34 12-Oct-15 20000 62000 98000 100000 100000 100000 100000 104001 108785 112547 FRB 2035 25-Jan-35 25-Jan-05 350 350 350 350 350 350 350 350 350 350

6.22% GS 2035 16-Mar-35 2-Nov-20 112655 112655 112655 113756 116919

6.64% GS 2035 16-Jun-35 12-Apr-21 145354 145354 146431 157284

7.40% GS 2035 9-Sep-35 9-Sep-05 52000 52245 53245 97245 99245 99245 99245 99245 120664 153222

6.67% GS 2035 15-Dec-35 13-Sep-21 121421 153550 153550 164002

7.54% GS 2036 23-May-36 23-May-22 149000 149009 153904

8.33% GS 2036 7-Jun-36 7-Jun-06 86000 86000 86000 86000 86000 86000 86000 86000 88525 89124

7.41% GS 2036 19-Dec-36 19-Dec-22 66000 150000 155080

7.18% GS 2037 24-Jul-37 24-Jul-23 172000 172000 97(Amount in ₹ crore) Date of Date of First Name of Security Outstanding Amount at End-March Maturity Issue 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4 5 6 7 8 9 10 11 12 13

6.83% GS 2039 19-Jan-39 19-Jan-09 13000 13000 13000 13000 13000 13000 13000 13000 13000 18645

7.23% GS 2039 15-Apr-39 15-Apr-24 117000

7.62% GS 2039 15-Sep-39 8-Apr-19 38151 38151 38151 38151 38151 38151

6.92% GS 2039 18-Nov-39 18-Nov-24 74000

8.30% GS 2040 2-Jul-40 2-Jul-10 90000 90000 90000 90000 90000 90000 90000 92941 93016 93016

8.83% GS 2041 12-Dec-41 12-Dec-11 90000 90000 90000 90000 90000 90000 90000 91771 91771 91771

8.30% GS 2042 31-Dec-42 31-Dec-12 90000 90000 104529 104529 104529 104529 104529 105700 105700 105700

7.69% GS 2043 17-Jun-43 30-Apr-19 37000 37000 37000 37000 38364 38920

9.23% GS 2043 23-Dec-43 23-Dec-13 79472 79472 79472 79472 79472 79472 79472 79472 79472 79472

8.17% GS 2044 1-Dec-44 1-Dec-14 74000 86000 86000 97000 97000 97000 97000 97000 97773 98959

8.13% GS 2045 22-Jun-45 22-Jun-15 48000 73000 73000 98000 98000 98000 98000 98000 98000 98000

7.06% GS 2046 10-Oct-46 10-Oct-16 0 22000 55000 100000 100000 100000 100000 100000 101592 105500

7.72% GS 2049 15-Jun-49 15-Apr-19 84000 84000 84000 84000 84540 84540

7.16% GS 2050 20-Sep-50 20-Apr-20 99798 99798 99798 102696 102696

6.67% GS 2050 17-Dec-50 2-Nov-20 43664 149162 149162 149162 149162

6.62% GS 2051 28-Nov-51 28-Nov-16 0 10000 46000 55000 55000 55000 55000 55000 57123 62697

6.99% GS 2051 15-Dec-51 15-Nov-21 50525 146525 146835 148359

7.36% GS 2052 12-Sep-52 12-Sep-22 106000 161000 161967

7.30% GS 2053 19-Jun-53 19-Jun-23 158000 195000

7.37% GOI SGrB 2054 23-Jan-54 23-Jan-24 10000 10000

7.09% GS 2054 5-Aug-54 5-Aug-24 100000

6.98% GOI SGrB 2054 16-Dec-54 16-Dec-24 10000

7.72% GS 2055 26-Oct-55 26-Oct-15 9000 29000 46000 92000 100000 100000 100000 100969 100969 100969

7.63% GS 2059 17-Jun-59 6-May-19 83462 83462 83462 83462 83462 83462

7.19% GS 2060 15-Sep-60 13-Apr-20 98381 98381 98381 98381 98381

6.80% GS 2060 15-Dec-60 31-Aug-20 101176 101176 101176 105310 105856

6.76% GS 2061 22-Feb-61 22-Feb-21 12859 147000 147578 149022 149022

6.95% GS 2061 16-Dec-61 22-Nov-21 48000 148236 149560 157283

7.40% GS 2062 19-Sep-62 19-Sep-22 108549 156549 156549

7.25% GS 2063 12-Jun-63 12-Jun-23 228000 240000

7.34% GS 2064 22-Apr-64 22-Apr-24 239000

7.46% GS 2073 6-Nov-73 6-Nov-23 30000 117000

7.09% GS 2074 25-Nov-74 25-Nov-24 50000 Total 4363477 4714178 5124541 5547808 6021796 7168450 8059986 9165905 10265926 11216836 98Table HB-3: Donor-wise Sovereign External Debt as a percentage of Total External Assistance at end-March Category 2015 2016 2017 2018 2019 2020 2021 2022 2023 R 2024 PR 2025 P 1 2 3 4 5 6 7 8 9 10 11 12 I. External Debt on Government Account under External 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Assistance (A+B) A. Multilateral (1 to 5) 73.59 72.34 70.63 68.4 67.50 66.48 68.24 69.89 69.67 69.86 68.37

1. IDA 41.53 40.28 37.75 36.15 33.12 29.84 26.27 23.86 20.53 17.34 14.15

2. IBRD 15.59 15.14 14.87 13.85 14.17 15.20 16.15 17.24 18.13 19.70 20.79

3. ADB 15.81 16.25 17.19 17.25 18.46 18.93 19.07 20.52 21.53 22.51 22.44

4. IFAD 0.59 0.6 0.59 0.62 0.63 0.66 0.59 0.57 0.52 0.51 0.48

5. Others 0.07 0.07 0.23 0.53 1.11 1.85 6.16 7.71 8.97 9.81 10.50 B. Bilateral (1 to 6) 26.41 27.66 29.37 31.6 32.50 33.52 31.76 30.11 30.33 30.14 31.63

1. Japan 20.54 22.16 23.88 25.3 25.81 26.53 24.02 22.52 22.62 21.71 22.87

2. Germany 3.44 3.34 3.09 3.46 3.26 3.20 3.73 3.30 3.02 3.00 3.04

3. Russian Federation 1.5 1.25 1.43 1.67 2.24 2.50 2.56 2.98 3.40 4.06 4.30

4. France 0.56 0.61 0.72 0.98 1.04 1.18 1.38 1.25 1.26 1.24 1.30

5. USA 0.36 0.3 0.25 0.19 0.15 0.11 0.07 0.05 0.04 0.02 0.01

6. Korea 0.00 0.00 0.10 0.10

7. Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Memo items:

Multilateral (per cent to total External Assistance) 73.60 72.30 70.60 68.40 67.50 66.50 68.24 69.89 69.67 69.86 68.37 Bilateral (per cent to total External Assistance) 26.40 27.70 29.40 31.60 32.50 33.50 31.76 30.11 30.33 30.14 31.63 Exchange Rates as per Finance Accounts 62.60 66.60 64.90 64.90 68.90 74.87 72.69 76.00 82.18 83.39 85.79

Source: External Debt Report and Finance Accounts of Government of India, various years.

99Table HB-4: Currency Composition of Sovereign External Debt (Amount in ₹ crore) Currency 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3 4 5 6 7 8 9 10 11 12 Special Drawing Rights 138542 150676 141998 149842 144381 147376 142431 135658 129859 114595 100985 US Dollar 137158 149033 151752 160798 184350 224414 288182 338153 408411 463523 516955 Japanese Yen 75252 90112 97433 112650 122498 144445 147570 148390 169246 172802 204398 Euro 14671 16044 16258 21354 22709 27586 36103 35628 40471 43889 51563 INR 619 592 564 536 509 481 453 426 398 370 343 GBP 135 130 103 109 99 91 89 79 71 64 57 SW Francs - 2 0 0 - - - - - - - - SK Won - - - - - - - - - 834 Can. Dollar - - - - - - - - - - - D.Kroner - - - - - - - - - - - Kuwaiti Dinar - - - - - - - - - - - Saudi Riyal - - - - - - - - - - -

Total: 366377 406589 408108 445289 474545 544394 614829 658334 748456 796078 874300

Source: Finance Accounts of Government of India, various years 100Table HB-5: Ownership Pattern of Government of India Dated Securities (Face Value) over the last 10 years (Per cent of Total) Non- Foreign Reserve Bank Co- Commercial Insurance Mutual Financial Institutional Provident Bank of Total Period Primary operative Corporates Others Banks Companies Funds Institutions Investors Funds India (=sum(2:12)) Dealers Banks

(FIIs) (RBI)

(PDs) 1 2 3 4 5 6 7 8 9 10 11 12 13 2015(End-June) 43.14 2.73 0.35 21.37 2.37 7.08 - 0.70 1.12 3.59 13.06 4.49 2015 (End-September) 43.03 2.64 0.54 22.09 2.69 7.17 - 0.60 0.84 3.57 12.08 4.75 2015 (End-December) 43.59 2.71 0.35 21.90 2.52 7.11 - 0.68 0.86 3.68 12.07 4.51 2015 (End-March) 41.81 2.75 0.33 22.18 2.09 6.01 - 0.72 1.28 3.65 13.47 5.72 2016(End-June) 39.90 2.68 0.45 22.63 2.09 5.89 - 0.71 1.31 3.63 14.88 5.83 2016 (End-September) 40.00 2.47 0.14 22.68 2.13 6.25 - 0.84 1.09 3.82 14.80 5.79 2016 (End-December) 40.92 2.63 0.28 22.55 1.96 6.24 - 0.86 1.05 3.13 14.61 5.77 2017 (End-March) 40.46 2.70 0.16 22.90 1.49 6.27 - 0.81 1.05 3.53 14.65 5.98 2017 (End-June) 39.68 2.65 0.31 23.13 1.44 6.13 - 0.73 1.29 4.29 14.29 6.07 2017 (End September) 40.37 2.62 0.33 23.49 1.86 5.99 - 0.78 1.04 4.58 12.84 6.11 2017 (End December) 41.40 2.69 0.33 23.63 1.33 5.32 - 0.82 1.09 4.53 11.94 6.92 2018 (End March) 42.68 2.57 0.29 23.49 1.00 5.88 - 0.90 0.91 4.35 11.62 6.30 2018 (End-June) 41.84 2.59 0.33 24.24 1.13 5.79 - 0.93 1.09 3.84 11.63 6.58 2018 (End September) 41.41 2.51 0.37 24.61 1.41 5.71 - 0.97 1.01 3.65 11.76 6.58 2018 (End December) 40.51 2.38 0.33 24.57 0.64 5.54 - 1.01 1.05 3.60 13.81 6.55 2019 (End March) 40.28 2.29 0.31 24.34 0.35 5.47 - 1.05 0.97 3.22 15.27 6.46 2019 (End-June) 39.05 2.17 0.36 24.88 0.64 5.35 - 1.05 0.99 3.27 15.67 6.57 2019 (End September) 39.66 2.01 0.42 24.86 0.77 4.87 - 1.15 0.92 3.31 14.99 7.05 2019 (End December) 39.05 1.97 0.39 24.90 1.53 4.93 - 1.14 0.84 3.33 14.72 7.23 2020 (End March) 40.41 1.90 0.39 25.09 1.43 4.72 - 0.53 0.81 2.44 15.13 7.17 2020 (End-June) 38.98 1.86 0.36 26.24 2.02 4.96 - 1.19 0.78 1.79 14.70 7.11 2020 (End September) 38.55 1.86 0.34 25.33 2.42 4.77 - 1.42 0.94 2.05 15.00 7.32 2020 (End December) 37.81 1.83 0.25 25.64 2.62 4.61 - 1.00 1.05 2.10 15.71 7.37 2021 (End March) 37.77 1.82 0.27 25.30 2.94 4.44 - 1.00 1.06 1.87 16.20 7.33 2021 (End June) 35.99 1.82 0.34 25.83 2.82 4.04 - 1.43 1.39 1.79 17.11 7.43 101(Per cent of Total) Non- Foreign Reserve Bank Co- Commercial Insurance Mutual Financial Institutional Provident Bank of Total Period Primary operative Corporates Others Banks Companies Funds Institutions Investors Funds India (=sum(2:12)) Dealers Banks

(FIIs) (RBI)

(PDs) 1 2 3 4 5 6 7 8 9 10 11 12 13 2021 (End September) 37.82 1.50 0.35 24.18 2.91 3.77 - 1.17 0.72 1.81 16.98 8.79 2021 (End December) 35.40 1.82 0.27 25.74 3.08 4.33 - 1.69 1.37 1.66 16.92 7.73 2022 (End March) 35.93 1.81 0.29 25.89 2.91 4.60 3.50 0.94 1.47 1.56 16.62 4.46 2022 (End June) 36.16 1.84 0.33 26.34 2.32 4.77 3.61 1.09 1.52 1.43 16.06 4.57 2022 (End September) 36.44 1.80 0.38 25.94 2.58 4.66 3.84 0.98 1.58 1.38 15.28 5.14 2022 (End December) 36.13 1.70 0.44 26.14 2.87 4.67 3.91 1.07 1.57 1.31 14.73 5.45 2023 (End March) 36.61 1.64 0.49 25.97 2.81 4.71 3.98 0.98 1.62 1.36 14.26 5.57 2023 (End June) 36.58 1.56 0.73 26.21 2.69 4.59 4.18 1.20 1.22 1.59 13.78 5.67 2023 (End September) 37.96 1.52 0.66 26.05 3.02 4.42 4.32 0.54 1.21 1.61 13.06 5.64 2023 (End December) 37.55 1.49 0.67 26.16 3.03 4.57 4.44 0.55 1.33 1.92 12.54 5.74 2024 (End March) 37.66 1.47 0.66 25.98 2.90 4.47 4.52 0.55 1.35 2.34 12.31 5.79 2024 (End June) 37.52 1.42 0.70 26.11 2.87 4.41 4.74 0.57 1.44 2.34 11.92 5.97 2024 (End September) 37.55 1.35 0.77 25.95 3.14 4.25 4.86 0.63 1.60 2.80 11.16 5.92 2024 (End December) 37.98 1.36 0.65 26.14 3.11 4.25 5.05 0.64 1.45 2.81 10.55 6.01 2025 (End March) 36.18 1.29 0.76 25.81 2.68 4.24 4.91 0.71 1.49 3.12 12.78 6.01 102Table HB-6: Financing of Fiscal Deficit of the Central Government (Amount in ₹ crore) Fiscal Year Financing - Internal Deficit Financing - Market NSSF/Small State Provident Draw Down of Financing from External Special Deposits Borrowings* Savings Funds Cash Balances Other sources 1 2 3 4 5 6 7 8 9 2015-16 532791 451506 52465 11858 0 13170 -8956 12748 2016-17 535618 396691 67435 17745 0 -8895 44645 17997 2017-18 591064 427415 102628 15799 0 4092 33199 7931 2018-19 649418 471946 125000 16059 0 -1321 32215 5519 2019-20 933651 482742 240000 11635 0 4970 185622 8682 2020-21 1818291 1273477 483733 18514 0 -7188 -20425 70180 2021-22 1584520 653654 551269 10317 0 2543 330591 36147 2022-23 1737755 1145747 395860 5089 0 -1622 155558 37124 2023-24 1654643 1189958 451399 5059 0 794 -47688 55121 2024-25 1574431 1433901 429502 3999 0 608 -340850 47271 * Includes Market borrowing (net)/ dated securities and 364-day Treasury Bills.

103Table HB-7: Details of Central Government Market Borrowings - Dated Securities (Amount in ₹ Crores Total Competitive Cut Non- Non- Bid Green Gross Competitive Bids Competitive Bids and Non- Devolvement Cut off off Security Date of Competitive Competitive Cover shoe Amount Received Accepted Competitive (Amt.) Price Yield Nomenclature Maturity Bids Received Bids Accepted Ratio (Amt.) Raised Bids (%) Date of Date of Notified Accepted Auction Issue Amount No. Amt. No. Amt. No. Amt. No. Amt. Amt.

104 sDP no IBR no 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 5-Apr-24 8-Apr-24 6000 89 17081 4 19.479 33 5980.521 4 19.479 6000.00 2.85 0.00 0.00 6000.00 100.59 7.07 7.33% GS 2026 30-Oct-26 5-Apr-24 8-Apr-24 20000 350 75180.8 5 14.077 169 19985.923 5 14.077 20000.00 3.76 0.00 0.00 20000.00 100.00 7.10 7.10% GS 2034 8-Apr-34 5-Apr-24 8-Apr-24 12000 236 29442 3 12.85 96 11987.15 3 12.85 12000.00 2.45 0.00 0.00 12000.00 100.26 7.23 7.25% GS 2063 12-Jun-63 12-Apr-24 15-Apr-24 11000 162 23381 4 16.257 107 10983.743 4 16.257 11000.00 2.13 0.00 0.00 11000.00 100.65 7.19 7.32% GS 2030 13-Nov-30 12-Apr-24 15-Apr-24 10000 166 25665 4 6.913 86 9993.087 4 6.913 10000.00 2.57 0.00 0.00 10000.00 100.00 7.23 7.23% GS 2039 15-Apr-39 12-Apr-24 15-Apr-24 9000 193 22927 3 9.628 62 8990.372 3 9.628 9000.00 2.55 0.00 0.00 9000.00 100.05 7.29 7.30% GS 2053 19-Jun-53 19-Apr-24 22-Apr-24 12000 215 37964 3 13.495 47 11986.505 3 13.495 12000.00 3.16 0.00 0.00 12000.00 100.47 7.25 7.37% GS 2028 23-Oct-28 19-Apr-24 22-Apr-24 12000 265 48921 4 9.547 88 11990.453 4 9.547 12000.00 4.08 0.00 0.00 12000.00 100.00 7.34 7.34% GS 2064 22-Apr-64 26-Apr-24 29-Apr-24 20000 430 63576.54 7 12.273 168 19987.727 7 12.273 20000.00 3.18 0.00 0.00 20000.00 99.37 7.19 7.10% GS 2034 8-Apr-34 26-Apr-24 29-Apr-24 12000 309 36871 4 11.95 105 11988.05 4 11.95 12000.00 3.07 0.00 0.00 12000.00 101.67 7.33 7.46% GS 2073 6-Nov-73 3-May-24 6-May-24 6000 128 21569.19 3 12.617 32 5987.383 3 12.617 6000.00 3.59 0.00 0.00 6000.00 100.41 7.15 7.33% GS 2026 30-Oct-26 3-May-24 6-May-24 10000 321 37329 5 11.194 77 9988.806 5 11.194 10000.00 3.73 0.00 0.00 10000.00 100.29 7.20 7.23% GS 2039 15-Apr-39 3-May-24 6-May-24 12000 392 46685.303 3 13.609 58 11986.391 3 13.609 12000.00 3.89 0.00 0.00 12000.00 100.55 7.30 7.34% GS 2064 22-Apr-64 10-May-24 13-May-24 11000 234 42576 4 8.639 49 10991.361 4 8.639 11000.00 3.87 0.00 0.00 11000.00 100.97 7.13 7.32% GS 2030 13-Nov-30 10-May-24 13-May-24 9000 306 30974 5 11.758 77 8988.242 5 11.758 9000.00 3.44 0.00 0.00 9000.00 101.12 7.21 7.30% GS 2053 19-Jun-53 17-May-24 21-May-24 20000 361 52959.953 5 12.908 137 19987.092 5 12.908 20000.00 2.65 0.00 0.00 20000.00 100.37 7.05 7.10% GS 2034 8-Apr-34 17-May-24 21-May-24 11000 322 33389.473 4 9.31 84 10990.69 4 9.31 11000.00 3.04 0.00 0.00 11000.00 101.95 7.19 7.34% GS 2064 22-Apr-64 24-May-24 27-May-24 6000 119 22888 4 12.033 49 5987.967 4 12.033 6000.00 3.81 0.00 0.00 6000.00 100.00 7.02 7.02% GS 2027 27-May-27 24-May-24 27-May-24 12000 229 36358.469 6 10.553 13 11989.447 6 10.553 12000.00 3.03 0.00 0.00 12000.00 101.69 7.04 7.23% GS 2039 15-Apr-39 24-May-24 27-May-24 11000 215 25787 3 5.79 104 10994.21 3 5.79 11000.00 2.34 0.00 0.00 11000.00 104.18 7.15 7.46% GS 2073 6-Nov-73 31-May-24 3-Jun-24 12000 178 37264 5 8.491 56 11991.509 5 8.491 12000.00 3.11 0.00 0.00 12000.00 100.00 7.04 7.04% GS 2029 3-Jun-29 New GOI SGrB 31-May-24 3-Jun-24 6000 99 12677 3 1.771 0 0 0 0 0.00 2.11 0.00 0.00 0.00 0.00 0.00 2034 31-May-24 3-Jun-24 11000 293 28926 4 6.866 99 10993.134 4 6.866 11000.00 2.63 0.00 0.00 11000.00 102.35 7.16 7.34% GS 2064 22-Apr-64 7-Jun-24 10-Jun-24 20000 338 49274 4 6.559 169 19993.441 4 6.559 20000.00 2.46 0.00 0.00 20000.00 100.54 7.02 7.10% GS 2034 8-Apr-34(Amount in ₹ Crores Total Competitive Cut Non- Non- Bid Green Gross Competitive Bids Competitive Bids and Non- Devolvement Cut off off Security Date of Competitive Competitive Cover shoe Amount Received Accepted Competitive (Amt.) Price Yield Nomenclature Maturity Bids Received Bids Accepted Ratio (Amt.) Raised Bids (%) Date of Date of Notified Accepted Auction Issue Amount No. Amt. No. Amt. No. Amt. No. Amt. Amt.

105 sDP no IBR no 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 7-Jun-24 10-Jun-24 9000 259 27845 5 7.436 68 8992.564 5 7.436 9000.00 3.09 0.00 0.00 9000.00 101.96 7.14 7.30% GS 2053 19-Jun-53 14-Jun-24 18-Jun-24 11000 181 35814.5 5 15.834 78 10984.166 5 15.834 11000.00 3.26 0.00 0.00 11000.00 100.00 7.02 7.02% GS 2031 18-Jun-31 14-Jun-24 18-Jun-24 12000 181 22816.5 5 3.58 134 11996.42 5 3.58 12000.00 1.90 0.00 0.00 12000.00 101.77 7.03 7.23% GS 2039 15-Apr-39 14-Jun-24 18-Jun-24 11000 240 30102.569 3 5.678 25 10994.322 3 5.678 11000.00 2.74 0.00 0.00 11000.00 102.92 7.12 7.34% GS 2064 22-Apr-64 21-Jun-24 24-Jun-24 12000 260 42442.84 5 10.75 51 11989.25 5 10.75 12000.00 3.54 0.00 0.00 12000.00 100.20 6.99 7.04% GS 2029 3-Jun-29 21-Jun-24 24-Jun-24 11000 277 33702 4 6.994 15 10993.006 4 6.994 11000.00 3.06 0.00 0.00 11000.00 105.29 7.07 7.46% GS 2073 6-Nov-73 28-Jun-24 1-Jul-24 20000 267 47776.5 5 11.911 146 19988.089 5 11.911 20000.00 2.39 0.00 0.00 20000.00 100.55 7.02 7.10% GS 2034 8-Apr-34 28-Jun-24 1-Jul-24 11000 209 25570 4 6.472 109 10993.528 4 6.472 11000.00 2.32 0.00 0.00 11000.00 103.15 7.10 7.34% GS 2064 22-Apr-64 5-Jul-24 8-Jul-24 6000 116 29338 5 15.487 16 5984.513 5 15.487 6000.00 4.89 0.00 0.00 6000.00 100.15 6.96 7.02% GS 2027 27-May-27 5-Jul-24 8-Jul-24 12000 291 38400.5 6 16.079 80 11983.921 6 16.079 12000.00 3.20 0.00 0.00 12000.00 101.72 7.04 7.23% GS 2039 15-Apr-39 5-Jul-24 8-Jul-24 10000 320 30879.25 5 11.75 133 9988.25 5 11.75 10000.00 3.09 0.00 0.00 10000.00 102.64 7.08 7.30% GS 2053 19-Jun-53 12-Jul-24 15-Jul-24 11000 209 42357 6 23.267 43 10976.733 6 23.267 11000.00 3.85 0.00 0.00 11000.00 100.16 6.99 7.02% GS 2031 18-Jun-31 12-Jul-24 15-Jul-24 11000 350 34784.75 4 5.883 121 10994.117 4 5.883 11000.00 3.16 0.00 0.00 11000.00 103.12 7.10 7.34% GS 2064 22-Apr-64 19-Jul-24 22-Jul-24 20000 378 57108.689 6 16.135 146 19983.865 6 16.135 20000.00 2.86 0.00 0.00 20000.00 100.83 6.98 7.10% GS 2034 8-Apr-34 19-Jul-24 22-Jul-24 11000 252 33240.41 3 11.178 59 10988.822 3 11.178 11000.00 3.02 0.00 0.00 11000.00 104.98 7.09 7.46% GS 2073 6-Nov-73 26-Jul-24 29-Jul-24 12000 179 32732.13 6 29.993 57 11970.007 6 29.993 12000.00 2.73 0.00 0.00 12000.00 100.85 6.83 7.04% GS 2029 3-Jun-29 26-Jul-24 29-Jul-24 12000 247 31791.5 5 8.324 95 11991.676 5 8.324 12000.00 2.65 0.00 0.00 12000.00 102.30 6.98 7.23% GS 2039 15-Apr-39 26-Jul-24 29-Jul-24 11000 236 29772 4 5.317 97 10994.683 4 5.317 11000.00 2.71 0.00 0.00 11000.00 103.58 7.07 7.34% GS 2064 22-Apr-64 2-Aug-24 5-Aug-24 6000 150 33781.13 6 16.668 30 5983.332 6 16.668 6000.00 5.63 0.00 0.00 6000.00 100.52 6.81 7.02% GS 2027 27-May-27

6.90% GOI SGrB 2-Aug-24 5-Aug-24 6000 87 12268 3 2.398 17 1695 3 2.398 1697.40 2.04 0.00 0.00 1697.40 100.00 6.90 2034 5-Aug-34 2-Aug-24 5-Aug-24 10000 240 48550 5 11.69 130 9988.31 5 11.69 10000.00 4.86 0.00 0.00 10000.00 100.00 7.09 7.09% GS 2054 5-Aug-54 9-Aug-24 12-Aug-24 20000 385 66250.6 5 11.703 133 19988.297 5 11.703 20000.00 3.31 0.00 0.00 20000.00 101.44 6.89 7.10% GS 2034 8-Apr-34 9-Aug-24 12-Aug-24 11000 293 30516 7 27.602 96 10972.398 7 27.602 11000.00 2.77 0.00 0.00 11000.00 103.45 7.08 7.34% GS 2064 22-Apr-64 16-Aug-24 19-Aug-24 11000 156 24727 4 5.619 64 10994.381 4 5.619 11000.00 2.25 0.00 0.00 11000.00 100.85 6.86 7.02% GS 2031 18-Jun-31 16-Aug-24 19-Aug-24 12000 259 39446 6 10.89 41 11989.11 6 10.89 12000.00 3.29 0.00 0.00 12000.00 102.47 6.96 7.23% GS 2039 15-Apr-39(Amount in ₹ Crores Total Competitive Cut Non- Non- Bid Green Gross Competitive Bids Competitive Bids and Non- Devolvement Cut off off Security Date of Competitive Competitive Cover shoe Amount Received Accepted Competitive (Amt.) Price Yield Nomenclature Maturity Bids Received Bids Accepted Ratio (Amt.) Raised Bids (%) Date of Date of Notified Accepted Auction Issue Amount No. Amt. No. Amt. No. Amt. No. Amt. Amt.

106 sDP no IBR no 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 16-Aug-24 19-Aug-24 11000 203 28143.208 4 8.531 63 10991.469 4 8.531 11000.00 2.56 0.00 0.00 11000.00 105.37 7.07 7.46% GS 2073 6-Nov-73 23-Aug-24 26-Aug-24 12000 181 34253.47 4 8.505 79 11991.495 4 8.505 12000.00 2.85 0.00 0.00 12000.00 101.02 6.78 7.04% GS 2029 3-Jun-29 23-Aug-24 26-Aug-24 11000 375 42647.15 5 12.142 84 10987.858 5 12.142 11000.00 3.88 0.00 0.00 11000.00 104.35 7.01 7.34% GS 2064 22-Apr-64 30-Aug-24 2-Sep-24 20000 376 63819 7 18.361 121 19981.639 7 18.361 20000.00 3.19 0.00 0.00 20000.00 101.58 6.87 7.10% GS 2034 8-Apr-34 30-Aug-24 2-Sep-24 10000 285 30109.211 6 16.293 115 9983.707 6 16.293 10000.00 3.01 0.00 0.00 10000.00 100.78 7.03 7.09% GS 2054 5-Aug-54 6-Sep-24 9-Sep-24 6000 121 37240.982 3 8.774 13 5991.226 3 8.774 6000.00 6.21 0.00 0.00 6000.00 100.67 6.74 7.02% GS 2027 27-May-27 6-Sep-24 9-Sep-24 12000 309 43547.436 7 12.36 98 11987.64 7 12.36 12000.00 3.63 0.00 0.00 12000.00 102.92 6.91 7.23% GS 2039 15-Apr-39 6-Sep-24 9-Sep-24 11000 253 27762.17 7 16.213 134 10983.787 7 16.213 11000.00 2.52 0.00 0.00 11000.00 104.31 7.02 7.34% GS 2064 22-Apr-64 13-Sep-24 17-Sep-24 11000 179 37960 5 9.093 22 10990.907 5 9.093 11000.00 3.45 0.00 0.00 11000.00 101.39 6.76 7.02% GS 2031 18-Jun-31 13-Sep-24 17-Sep-24 11000 220 29993 5 13.243 47 10986.757 5 13.243 11000.00 2.73 0.00 0.00 11000.00 106.67 6.98 7.46% GS 2073 6-Nov-73 20-Sep-24 23-Sep-24 20000 292 54628 9 47.845 98 19952.155 9 47.845 20000.00 2.73 0.00 0.00 20000.00 102.40 6.75 7.10% GS 2034 8-Apr-34 20-Sep-24 23-Sep-24 11000 290 31931.484 6 17.819 82 10982.181 6 17.819 11000.00 2.90 0.00 0.00 11000.00 105.12 6.96 7.34% GS 2064 22-Apr-64 27-Sep-24 30-Sep-24 12000 154 29613 6 7.771 86 11992.229 6 7.771 12000.00 2.47 0.00 0.00 12000.00 101.52 6.65 7.04% GS 2029 3-Jun-29 27-Sep-24 30-Sep-24 12000 196 22226.5 7 12.099 131 11987.901 7 12.099 12000.00 1.85 0.00 0.00 12000.00 104.07 6.78 7.23% GS 2039 15-Apr-39 27-Sep-24 30-Sep-24 10000 203 25241.845 6 9.044 93 9990.956 6 9.044 10000.00 2.52 0.00 0.00 10000.00 102.28 6.91 7.09% GS 2054 5-Aug-54 4-Oct-24 7-Oct-24 7000 84 29587 5 10.109 18 6989.891 5 10.109 7000.00 4.23 0.00 0.00 7000.00 100.78 6.69 7.02% GS 2027 27-May-27 4-Oct-24 7-Oct-24 22000 273 66692 5 9.571 186 21990.429 5 9.571 22000.00 3.03 0.00 0.00 22000.00 100.00 6.79 6.79% GS 2034 7-Oct-34 4-Oct-24 7-Oct-24 10000 167 20108.238 4 4.818 122 9995.182 4 4.818 10000.00 2.01 0.00 0.00 10000.00 106.67 6.98 7.46% GS 2073 6-Nov-73 11-Oct-24 14-Oct-24 14000 155 42584 5 8.833 72 13991.167 5 8.833 14000.00 3.04 0.00 0.00 14000.00 101.34 6.70 7.04% GS 2029 3-Jun-29 11-Oct-24 14-Oct-24 15000 369 43925.757 5 13.844 167 14986.156 5 13.844 15000.00 2.93 0.00 0.00 15000.00 104.77 6.98 7.34% GS 2064 22-Apr-64 18-Oct-24 21-Oct-24 10000 102 24236 6 8.202 41 9991.798 6 8.202 10000.00 2.42 0.00 0.00 10000.00 101.33 6.77 7.02% GS 2031 18-Jun-31 18-Oct-24 21-Oct-24 13000 231 41041 7 14.64 66 12985.36 7 14.64 13000.00 3.16 0.00 0.00 13000.00 103.37 6.86 7.23% GS 2039 15-Apr-39 18-Oct-24 21-Oct-24 10000 254 25707.298 5 10.674 139 9989.326 5 10.674 10000.00 2.57 0.00 0.00 10000.00 101.35 6.98 7.09% GS 2054 5-Aug-54 25-Oct-24 28-Oct-24 22000 301 52368.443 6 8.871 191 21991.129 6 8.871 22000.00 2.38 0.00 0.00 22000.00 99.96 6.79 6.79% GS 2034 7-Oct-34 25-Oct-24 28-Oct-24 10000 218 27612.195 4 7.218 73 9992.782 4 7.218 10000.00 2.76 0.00 0.00 10000.00 106.33 7.00 7.46% GS 2073 6-Nov-73 8-Nov-24 11-Nov-24 7000 133 33171 5 15.455 32 6984.545 5 15.455 7000.00 4.74 0.00 0.00 7000.00 100.69 6.72 7.02% GS 2027 27-May-27(Amount in ₹ Crores Total Competitive Cut Non- Non- Bid Green Gross Competitive Bids Competitive Bids and Non- Devolvement Cut off off Security Date of Competitive Competitive Cover shoe Amount Received Accepted Competitive (Amt.) Price Yield Nomenclature Maturity Bids Received Bids Accepted Ratio (Amt.) Raised Bids (%) Date of Date of Notified Accepted Auction Issue Amount No. Amt. No. Amt. No. Amt. No. Amt. Amt.

107 sDP no IBR no 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 8-Nov-24 11-Nov-24 15000 288 38223 5 15.952 141 14984.048 5 15.952 15000.00 2.55 0.00 0.00 15000.00 104.35 7.01 7.34% GS 2064 22-Apr-64 14-Nov-24 18-Nov-24 14000 123 32891 4 4.438 62 13995.562 4 4.438 14000.00 2.35 0.00 0.00 14000.00 100.91 6.80 7.04% GS 2029 3-Jun-29 14-Nov-24 18-Nov-24 13000 167 36091 4 2.958 92 12997.042 4 2.958 13000.00 2.78 0.00 0.00 13000.00 100.00 6.92 6.92% GS 2039 18-Nov-39 14-Nov-24 18-Nov-24 10000 228 23592.384 5 8.927 130 9991.073 5 8.927 10000.00 2.36 0.00 0.00 10000.00 100.68 7.03 7.09% GS 2054 5-Aug-54 22-Nov-24 25-Nov-24 22000 274 48506 6 5.977 158 21994.023 6 5.977 22000.00 2.20 0.00 0.00 22000.00 99.48 6.86 6.79% GS 2034 7-Oct-34 22-Nov-24 25-Nov-24 10000 185 34774 4 5.999 73 9994.001 4 5.999 10000.00 3.48 0.00 0.00 10000.00 100.00 7.09 7.09% GS 2074 25-Nov-74 29-Nov-24 2-Dec-24 10000 155 26959 6 9.572 51 9990.428 6 9.572 10000.00 2.70 0.00 0.00 10000.00 101.03 6.82 7.02% GS 2031 18-Jun-31

6.79% GOI SGrB 29-Nov-24 2-Dec-24 5000 73 9630 4 2.015 9 1500 4 2.015 1502.02 1.93 3497.99 0.00 5000.00 100.00 6.79 2034 2-Dec-34 29-Nov-24 2-Dec-24 15000 328 45710 6 12.726 126 14987.274 6 12.726 15000.00 3.05 0.00 0.00 15000.00 103.47 7.08 7.34% GS 2064 22-Apr-64 6-Dec-24 9-Dec-24 7000 73 21411 4 5.747 22 6994.253 4 5.747 7000.00 3.06 0.00 0.00 7000.00 100.00 6.64 6.64% GS 2027 9-Dec-27 6-Dec-24 9-Dec-24 13000 169 23251.218 6 4.712 134 12995.288 6 4.712 13000.00 1.79 0.00 0.00 13000.00 100.38 6.88 6.92% GS 2039 18-Nov-39 6-Dec-24 9-Dec-24 10000 218 25882.504 5 6.522 79 9993.478 5 6.522 10000.00 2.59 0.00 0.00 10000.00 100.93 7.01 7.09% GS 2054 5-Aug-54 13-Dec-24 16-Dec-24 22000 387 71330.4 7 11.873 101 21988.127 7 11.873 22000.00 3.24 0.00 0.00 22000.00 100.24 6.75 6.79% GS 2034 7-Oct-34

6.98% GOI SGrB 13-Dec-24 16-Dec-24 5000 98 15160 3 1.351 31 4998.649 3 1.351 5000.00 3.03 0.00 0.00 5000.00 100.00 6.98 2054 16-Dec-54 13-Dec-24 16-Dec-24 10000 192 28784 4 4.189 22 9995.811 4 4.189 10000.00 2.88 0.00 0.00 10000.00 101.07 7.01 7.09% GS 2074 25-Nov-74 20-Dec-24 23-Dec-24 14000 148 41417 6 11.06 47 13988.94 6 11.06 14000.00 2.96 0.00 0.00 14000.00 100.00 6.75 6.75% GS 2029 23-Dec-29 20-Dec-24 23-Dec-24 15000 312 39200.02 6 17.045 100 14982.955 6 17.045 15000.00 2.61 0.00 0.00 15000.00 103.62 7.07 7.34% GS 2064 22-Apr-64 27-Dec-24 30-Dec-24 10000 117 27449 7 31.442 46 9968.558 7 31.442 10000.00 2.74 0.00 0.00 10000.00 100.00 6.79 6.79% GS 2031 30-Dec-31 27-Dec-24 30-Dec-24 12000 211 39205 6 9.676 59 11990.324 6 9.676 12000.00 3.27 0.00 0.00 12000.00 100.09 6.91 6.92% GS 2039 18-Nov-39 27-Dec-24 30-Dec-24 10000 235 31018.05 5 16.46 38 9983.54 5 16.46 10000.00 3.10 0.00 0.00 10000.00 100.31 7.06 7.09% GS 2054 5-Aug-54 3-Jan-25 6-Jan-25 22000 400 71732.879 6 9.76 129 21990.24 6 9.76 22000.00 3.26 0.00 0.00 22000.00 99.93 6.80 6.79% GS 2034 7-Oct-34 3-Jan-25 6-Jan-25 10000 218 25785 5 4.416 81 9995.584 5 4.416 10000.00 2.58 0.00 0.00 10000.00 100.24 7.07 7.09% GS 2074 25-Nov-74 10-Jan-25 13-Jan-25 7000 137 27657 5 9.185 43 6990.815 5 9.185 7000.00 3.95 0.00 0.00 7000.00 99.86 6.69 6.64% GS 2027 9-Dec-27 10-Jan-25 13-Jan-25 15000 298 36509 7 23.752 116 14976.248 7 23.752 15000.00 2.43 0.00 0.00 15000.00 103.70 7.06 7.34% GS 2064 22-Apr-64 17-Jan-25 20-Jan-25 14000 124 22572.94 4 5.954 103 13994.046 4 5.954 14000.00 1.61 0.00 0.00 14000.00 100.08 6.73 6.75% GS 2029 23-Dec-29 17-Jan-25 20-Jan-25 12000 211 27947.193 8 24.585 132 11975.415 8 24.585 12000.00 2.33 0.00 0.00 12000.00 100.28 6.89 6.92% GS 2039 18-Nov-39 17-Jan-25 20-Jan-25 10000 240 28141.898 5 14.116 66 9985.884 5 14.116 10000.00 2.81 0.00 0.00 10000.00 100.27 7.07 7.09% GS 2054 5-Aug-54(Amount in ₹ Crores Total Competitive Cut Non- Non- Bid Green Gross Competitive Bids Competitive Bids and Non- Devolvement Cut off off Security Date of Competitive Competitive Cover shoe Amount Received Accepted Competitive (Amt.) Price Yield Nomenclature Maturity Bids Received Bids Accepted Ratio (Amt.) Raised Bids (%) Date of Date of Notified Accepted Auction Issue Amount No. Amt. No. Amt. No. Amt. No. Amt. Amt.

108 sDP no IBR no 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 24-Jan-25 27-Jan-25 22000 329 53466.647 5 13.228 171 21986.772 5 13.228 22000.00 2.43 0.00 0.00 22000.00 100.43 6.73 6.79% GS 2034 7-Oct-34 24-Jan-25 27-Jan-25 10000 166 21200.846 4 6.565 86 9993.435 4 6.565 10000.00 2.12 0.00 0.00 10000.00 100.86 7.03 7.09% GS 2074 25-Nov-74 31-Jan-25 3-Feb-25 10000 145 26468 4 3.127 61 9996.873 4 3.127 10000.00 2.65 0.00 0.00 10000.00 100.46 6.70 6.79% GS 2031 30-Dec-31

6.79% GOI SGrB 31-Jan-25 3-Feb-25 5000 59 7718.895 2 0.596 3 1053.895 2 0.596 1054.49 1.54 3945.51 0.00 5000.00 100.67 6.69 2034 2-Dec-34 31-Jan-25 3-Feb-25 15000 219 31118 5 11.425 147 14988.575 5 11.425 15000.00 2.07 0.00 0.00 15000.00 103.73 7.06 7.34% GS 2064 22-Apr-64 7-Feb-25 10-Feb-25 12000 210 26570.5 5 4.7 126 11995.3 5 4.7 12000.00 2.21 0.00 0.00 12000.00 100.57 6.86 6.92% GS 2039 18-Nov-39 7-Feb-25 10-Feb-25 10000 170 22296.5 4 4.006 117 9995.994 4 4.006 10000.00 2.23 0.00 0.00 10000.00 100.56 7.04 7.09% GS 2054 5-Aug-54 14-Feb-25 17-Feb-25 7000 86 22637 4 4.029 21 6995.971 4 4.029 7000.00 3.23 0.00 0.00 7000.00 100.06 6.61 6.64% GS 2027 9-Dec-27 14-Feb-25 17-Feb-25 22000 355 52976 6 39.357 159 21960.643 6 39.357 22000.00 2.41 0.00 0.00 22000.00 100.56 6.71 6.79% GS 2034 7-Oct-34 14-Feb-25 17-Feb-25 10000 190 25104 3 1.699 89 9998.301 3 1.699 10000.00 2.51 0.00 0.00 10000.00 100.21 7.07 7.09% GS 2074 25-Nov-74 21-Feb-25 24-Feb-25 14000 184 38111.088 4 3.174 106 13996.826 4 3.174 14000.00 2.72 0.00 0.00 14000.00 100.27 6.68 6.75% GS 2029 23-Dec-29

6.98% GOI SGrB 21-Feb-25 24-Feb-25 5000 67 8490 3 2.315 45 4997.685 3 2.315 5000.00 1.70 0.00 0.00 5000.00 98.41 7.11 2054 16-Dec-54 21-Feb-25 24-Feb-25 15000 264 36425 6 36.975 134 14963.025 6 36.975 15000.00 2.43 0.00 0.00 15000.00 102.92 7.12 7.34% GS 2064 22-Apr-64 28-Feb-25 3-Mar-25 10000 134 23824 3 1.094 72 9998.906 3 1.094 10000.00 2.38 0.00 0.00 10000.00 100.27 6.74 6.79% GS 2031 30-Dec-31 28-Feb-25 3-Mar-25 12000 188 32585 4 2.944 96 11997.056 4 2.944 12000.00 2.72 0.00 0.00 12000.00 100.12 6.91 6.92% GS 2039 18-Nov-39 28-Feb-25 3-Mar-25 10000 237 25094.276 4 16.4 127 9983.6 4 16.4 10000.00 2.51 0.00 0.00 10000.00 99.35 7.14 7.09% GS 2054 5-Aug-54Table HB-8: Issuance of 364-day Treasury Bills (Amount in ₹ crore) Bids Received Bids Accepted Total Competitive and Date of Notified Non- Total Non- Cut Cut off Issue Date Competitive Competitive Non- Maturity Auction Amount Number Competitive (Amount) Number Competitive off Yield

(Amount) (Amount) Competitive Date

(Amount) (5+6) (Amount) Price (%)

(Amount) (9+10) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 3-Apr-24 4-Apr-24 8000 94 17625 238 17863 69 7975 238 8213 93.44 7.0447 3-Apr-25 10-Apr-24 12-Apr-24 8000 116 23400 39 23439 70 7965 39 8004 93.43 7.0490 11-Apr-25 18-Apr-24 19-Apr-24 8000 135 24112 115 24227 54 7960 115 8075 93.42 7.0582 18-Apr-25 24-Apr-24 25-Apr-24 8000 138 23187 185 23372 73 7974 185 8159 93.41 7.0697 24-Apr-25 2-May-24 3-May-24 8000 116 22440 3263 25703 51 7948 3263 11211 93.41 7.0797 2-May-25 8-May-24 9-May-24 8000 124 20079 565 20644 90 7963 565 8528 93.40 7.0890 8-May-25 15-May-24 16-May-24 8000 93 22951 73 23024 18 7975 73 8048 93.41 7.0797 15-May-25 22-May-24 23-May-24 4000 110 18337 141 18477 19 3978 141 4119 93.46 7.0218 22-May-25 29-May-24 30-May-24 4000 101 13643 32 13676 40 3979 32 4011 93.44 7.0364 29-May-25 5-Jun-24 6-Jun-24 4000 96 16629 106 16735 31 3976 106 4082 93.44 7.0347 5-Jun-25 12-Jun-24 13-Jun-24 4000 137 24630 308 24938 14 3962 308 4270 93.47 7.0111 12-Jun-25 19-Jun-24 20-Jun-24 4000 117 21511 1434 22945 10 3981 1434 5416 93.49 6.9800 19-Jun-25 26-Jun-24 27-Jun-24 4000 99 15036 456 15492 6 3987 456 4443 93.51 6.9594 26-Jun-25 3-Jul-24 4-Jul-24 6000 136 23190 137 23326 50 5962 137 6099 93.52 6.9498 3-Jul-25 10-Jul-24 11-Jul-24 6000 144 28619 437 29056 28 5975 437 6412 93.55 6.9194 10-Jul-25 18-Jul-24 19-Jul-24 6000 125 29830 35 29865 10 5979 35 6014 93.58 6.8740 18-Jul-25 24-Jul-24 25-Jul-24 6000 125 27277 89 27367 27 5982 89 6071 93.62 6.8365 24-Jul-25 31-Jul-24 1-Aug-24 6000 120 25880 361 26241 45 5984 361 6345 93.65 6.7985 31-Jul-25 7-Aug-24 8-Aug-24 6000 124 37186 278 37464 10 5969 278 6247 93.71 6.7300 7-Aug-25 14-Aug-24 16-Aug-24 6000 107 26286 2777 29063 26 5987 2777 8764 93.72 6.7240 15-Aug-25 21-Aug-24 22-Aug-24 6000 103 25730 2033 27764 30 5985 2033 8019 93.71 6.7284 21-Aug-25 28-Aug-24 29-Aug-24 6000 104 27850 1127 28976 18 5985 1127 7112 93.72 6.7175 28-Aug-25 4-Sep-24 5-Sep-24 6000 93 24086 1368 25454 24 5956 1368 7325 93.72 6.7153 4-Sep-25 11-Sep-24 12-Sep-24 6000 104 28815 1753 30568 16 5981 1753 7734 93.73 6.7037 11-Sep-25 3-Oct-24 4-Oct-24 6000 89 19584 2921 22505 34 5956 2921 8877 93.87 6.5487 3-Oct-25 9-Oct-24 10-Oct-24 6000 113 26630 1815 28445 52 5974 1815 7789 93.89 6.5283 9-Oct-25 16-Oct-24 17-Oct-24 6000 88 23167 2526 25693 36 5974 2526 8500 93.87 6.5438 16-Oct-25 109(Amount in ₹ crore) Bids Received Bids Accepted Total Competitive and Date of Notified Non- Total Non- Cut Cut off Issue Date Competitive Competitive Non- Maturity Auction Amount Number Competitive (Amount) Number Competitive off Yield

(Amount) (Amount) Competitive Date

(Amount) (5+6) (Amount) Price (%)

(Amount) (9+10) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 23-Oct-24 24-Oct-24 6000 72 19741 358 20099 44 5983 358 6341 93.83 6.5991 23-Oct-25 30-Oct-24 31-Oct-24 6000 70 21019 694 21713 26 5986 694 6680 93.83 6.5991 30-Oct-25 6-Nov-24 7-Nov-24 6000 78 25666 676 26342 20 5970 676 6646 93.83 6.5991 6-Nov-25 13-Nov-24 14-Nov-24 6000 72 14515 288 14802 39 5979 288 6267 93.81 6.6145 13-Nov-25 21-Nov-24 22-Nov-24 6000 72 16105 113 16219 37 5986 113 6100 93.81 6.6200 21-Nov-25 27-Nov-24 28-Nov-24 6000 69 14513 119 14632 38 5994 119 6114 93.78 6.6545 27-Nov-25 4-Dec-24 5-Dec-24 6000 88 19692 119 19811 20 5986 119 6106 93.89 6.5295 4-Dec-25 11-Dec-24 12-Dec-24 6000 77 16529 1285 17814 37 5987 1285 7272 93.84 6.5780 11-Dec-25 18-Dec-24 19-Dec-24 6000 91 18029 137 18166 46 5965 137 6102 93.80 6.6300 18-Dec-25 26-Dec-24 27-Dec-24 6000 83 23340 1672 25012 16 5991 1672 7662 93.75 6.6878 26-Dec-25 1-Jan-25 2-Jan-25 8000 108 22719 176 22894 31 7986 176 8162 93.74 6.6998 1-Jan-26 8-Jan-25 9-Jan-25 8000 116 27817 203 28020 49 7968 203 8172 93.75 6.6895 8-Jan-26 15-Jan-25 16-Jan-25 8000 114 24784 1309 26094 45 7967 1309 9276 93.73 6.7038 15-Jan-26 22-Jan-25 23-Jan-25 8000 127 38752 1036 39788 15 7989 1036 9025 93.76 6.6789 22-Jan-26 29-Jan-25 30-Jan-25 8000 134 41006 2931 43937 23 7990 2931 10921 93.79 6.6345 29-Jan-26 5-Feb-25 6-Feb-25 8000 121 32756 174 32930 28 7987 174 8160 93.87 6.5440 5-Feb-26 12-Feb-25 13-Feb-25 8000 85 26315 318 26633 41 7968 318 8287 93.87 6.5500 12-Feb-26 20-Feb-25 21-Feb-25 7000 69 19287 46 19333 29 6990 46 7036 93.86 6.5638 20-Feb-26 27-Feb-25 28-Feb-25 7000 99 27673 239 27913 28 6988 239 7228 93.88 6.5409 27-Feb-26 5-Mar-25 6-Mar-25 7000 85 21815 127 21943 50 6989 127 7116 93.85 6.5710 5-Mar-26 12-Mar-25 13-Mar-25 7000 124 28468 1398 29866 44 6975 1398 8373 93.86 6.5649 12-Mar-26 19-Mar-25 20-Mar-25 7000 125 33136 198 33334 29 6996 198 7193 93.88 6.5397 19-Mar-26 26-Mar-25 27-Mar-25 7000 117 41077 269 41345 12 6996 269 7265 93.94 6.4698 26-Mar-26 110Table HB-9: Issuance of 182-day Treasury Bills (Amount in ₹ crore) Bids Received Bids Accepted AD ua cte ti oo nf Issue Date AN mot oif uie nd t Number C (o Am mp oe uti nti tv ) e ComN po en t- itive (AT mo ot ual n t) Number C (o Am mp oe uti nti tv ) e ComN po en t- itive NC oo nm -CpT e oto mit ta i pvl e e t ia tin vd e PC o rfu icft e C Y (u %it e lo )d f f MD aa tt ue r o itf y

(Amount) (5+6) (Amount)

(Amount) (9+10) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 3-Apr-24 4-Apr-24 7000 116 22617 36.10 22653.10 29 6,964 36 7000.00 96.62 7.0187 3-Oct-24 10-Apr-24 12-Apr-24 7000 96 18421.943 2696.03 21117.98 44 6,968 2,696 9664.16 96.61 7.0297 11-Oct-24 18-Apr-24 19-Apr-24 7000 122 24941.5 1763.39 26704.89 47 6,960 1,763 8723.75 96.61 7.0301 18-Oct-24 24-Apr-24 25-Apr-24 7000 117 24017.1 897.48 24914.58 28 6,975 897 7872.00 96.61 7.035 24-Oct-24 2-May-24 3-May-24 7000 104 20425 1523.77 21948.77 18 6,976 1,524 8500.00 96.61 7.0393 1-Nov-24 8-May-24 9-May-24 7000 90 14016.7 1512.10 15528.80 73 6,911 1,512 8422.78 96.59 7.0802 7-Nov-24 15-May-24 16-May-24 7000 115 15785.44 187.22 15972.66 77 6,964 187 7151.43 96.59 7.0847 14-Nov-24 22-May-24 23-May-24 4000 85 11060.39 2020.48 13080.87 31 3,980 2,020 6000.00 96.62 7.014 21-Nov-24 29-May-24 30-May-24 4000 106 15743 1033.52 16776.52 15 3,966 1,034 5000.00 96.62 7.008 28-Nov-24 5-Jun-24 6-Jun-24 4000 77 12948.2 1023.17 13971.37 35 3,977 1,023 5000.00 96.62 7.0189 5-Dec-24 12-Jun-24 13-Jun-24 4000 119 20217 1040.24 21257.24 27 3,960 1,040 5000.00 96.63 6.9925 12-Dec-24 19-Jun-24 20-Jun-24 4000 124 23845.9 4642.83 28488.73 9 3,907 4,643 8550.00 96.65 6.9601 19-Dec-24 26-Jun-24 27-Jun-24 4000 84 16912.65 54.88 16967.53 1 3,945 55 4000.00 96.67 6.9191 26-Dec-24 3-Jul-24 4-Jul-24 6000 149 27489.3 1034.58 28523.88 28 5,965 1,035 7000.00 96.67 6.9 2-Jan-25 10-Jul-24 11-Jul-24 6000 97 20506.55 81.18 20587.73 21 5,919 81 6000.00 96.69 6.8699 9-Jan-25 18-Jul-24 19-Jul-24 6000 91 18666.1 1575.69 20241.79 41 5,924 1,576 7500.00 96.70 6.8451 17-Jan-25 24-Jul-24 25-Jul-24 6000 113 19853.8 711.69 20565.49 40 5,943 712 6654.84 96.71 6.8249 23-Jan-25 31-Jul-24 1-Aug-24 6000 93 17547 1660.73 19207.73 47 5,964 1,661 7625.00 96.73 6.7885 30-Jan-25 7-Aug-24 8-Aug-24 6000 128 24361.5 1524.01 25885.51 45 5,976 1,524 7500.00 96.75 6.7284 6-Feb-25 14-Aug-24 16-Aug-24 6000 77 16568.8 1022.11 17590.91 29 5,978 1,022 7000.00 96.75 6.7282 14-Feb-25 21-Aug-24 22-Aug-24 6000 114 23019 1028.55 24047.55 36 5,971 1,029 7000.00 96.76 6.7239 20-Feb-25 28-Aug-24 29-Aug-24 6000 85 19913.5 167.61 20081.11 33 5,978 168 6145.33 96.76 6.721 27-Feb-25 4-Sep-24 5-Sep-24 6000 84 15896.75 626.24 16522.99 47 5,974 626 6600.00 96.76 6.7261 6-Mar-25 11-Sep-24 12-Sep-24 6000 88 15990.2 1716.69 17706.89 38 5,983 1,717 7700.00 96.76 6.7222 13-Mar-25 3-Oct-24 4-Oct-24 6000 62 14035 1564.73 15599.73 37 5,973 1,565 7538.02 96.83 6.563 4-Apr-25 9-Oct-24 10-Oct-24 6000 62 13434.25 21.36 13455.61 39 5,979 21 6000.00 96.84 6.5424 10-Apr-25 111(Amount in ₹ crore) Bids Received Bids Accepted AD ua cte ti oo nf Issue Date AN mot oif uie nd t Number C (o Am mp oe uti nti tv ) e ComN po en t- itive (AT mo ot ual n t) Number C (o Am mp oe uti nti tv ) e ComN po en t- itive NC oo nm -CpT e oto mit ta i pvl e e t ia tin vd e PC o rfu icft e C Y (u %it e lo )d f f MD aa tt ue r o itf y

(Amount) (5+6) (Amount)

(Amount) (9+10) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 16-Oct-24 17-Oct-24 6000 75 17880.5 2721.14 20601.64 22 5,986 2,721 8707.35 96.84 6.5493 17-Apr-25 23-Oct-24 24-Oct-24 6000 87 13089.15 2513.18 15602.33 55 5,987 2,513 8500.00 96.82 6.597 24-Apr-25 30-Oct-24 31-Oct-24 6000 67 10555 258.44 10813.44 50 5,986 258 6244.00 96.80 6.6404 1-May-25 6-Nov-24 7-Nov-24 6000 77 15931.5 1021.75 16953.25 42 5,978 1,022 7000.00 96.80 6.628 8-May-25 13-Nov-24 14-Nov-24 6000 111 19591.8 1519.51 21111.31 42 5,980 1,520 7500.00 96.81 6.6188 15-May-25 21-Nov-24 22-Nov-24 6000 68 10920.15 1421.70 12341.85 48 5,978 1,422 7400.00 96.79 6.6501 23-May-25 27-Nov-24 28-Nov-24 6000 91 20278.26 1014.85 21293.11 33 5,985 1,015 7000.00 96.79 6.6599 29-May-25 4-Dec-24 5-Dec-24 6000 62 22334.65 1530.01 23864.66 7 5,970 1,530 7500.00 96.84 6.5386 5-Jun-25 11-Dec-24 12-Dec-24 6000 73 13477.1 1216.33 14693.43 52 5,984 1,216 7200.00 96.81 6.61 12-Jun-25 18-Dec-24 19-Dec-24 6000 104 20487.3 818.53 21305.83 41 5,981 819 6800.00 96.80 6.64 19-Jun-25 26-Dec-24 27-Dec-24 6000 88 19875 2018.56 21893.56 28 5,981 2,019 8000.00 96.77 6.7 27-Jun-25 1-Jan-25 2-Jan-25 8000 94 21130 41.96 21171.96 36 7,958 42 8000.00 96.76 6.7199 3-Jul-25 8-Jan-25 9-Jan-25 8000 121 25862.55 1332.22 27194.77 35 7,968 1,332 9300.00 96.77 6.6995 10-Jul-25 15-Jan-25 16-Jan-25 8000 85 19631.3 779.67 20410.97 44 7,970 780 8750.00 96.76 6.7186 17-Jul-25 22-Jan-25 23-Jan-25 8000 98 20279.05 979.98 21259.03 38 7,978 980 8958.40 96.76 6.7068 24-Jul-25 29-Jan-25 30-Jan-25 8000 81 25021.5 1019.21 26040.71 38 7,981 1,019 9000.00 96.78 6.6691 31-Jul-25 5-Feb-25 6-Feb-25 8000 93 22885.5 714.69 23600.19 52 7,985 715 8700.00 96.82 6.5801 7-Aug-25 12-Feb-25 13-Feb-25 8000 67 16516.15 194.46 16710.61 39 7,984 194 8178.88 96.83 6.57 14-Aug-25 20-Feb-25 21-Feb-25 12000 69 20772 1016.05 21788.05 27-Feb-25 28-Feb-25 12000 89 23642.15 1775.18 25417.33 59 11,976 1,775 13750.99 96.81 6.5989 29-Aug-25 5-Mar-25 6-Mar-25 12000 86 30736.5 1718.41 32454.91 40 11,982 1,718 13700.00 96.81 6.607 4-Sep-25 12-Mar-25 13-Mar-25 12000 110 30622.15 2168.06 32790.21 57 11,982 2,168 14150.00 96.81 6.6103 11-Sep-25 19-Mar-25 20-Mar-25 12000 93 28823.7 1166.26 29989.96 41 11,984 1,166 13150.00 96.81 6.6079 18-Sep-25 26-Mar-25 27-Mar-25 12000 121 43554 162.54 43716.54 4 11,987 163 12150.00 96.85 6.5179 25-Sep-25 112Table HB-10: Issuance of 91-day Treasury Bills (Amount in ₹ crore) Bids Received Bids Accepted Total Competitive Date of Notified Non- Total Non- Cut Cut off Issue Date Competitive Competitive and Non- Maturity Auction Amount Number Competitive (Amount) Number Competitive off Yield

(Amount) (Amount) Competitive Date

(Amount) (5+6) (Amount) Price (%)

(Amount) (9+10) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 3-Apr-24 4-Apr-24 12000 68 25781.454 9539.32 35320.77 43 11960.68 9539.32 21500.00 98.31 6.8768 4-Jul-24 10-Apr-24 12-Apr-24 12000 90 30063 20971.50 51034.50 47 11938.5 20971.50 32910.00 98.32 6.8702 12-Jul-24 18-Apr-24 19-Apr-24 12000 94 25874.15 2553.40 28427.55 58 11946.601 2553.40 14500.00 98.31 6.8752 19-Jul-24 24-Apr-24 25-Apr-24 12000 109 26921.6 1235.91 28157.51 76 11964.091 1235.91 13200.00 98.30 6.9200 25-Jul-24 2-May-24 3-May-24 12000 70 19168 1962.15 21130.15 47 11937.846 1962.15 13900.00 98.29 6.9972 2-Aug-24 8-May-24 9-May-24 12000 127 30068.955 1050.02 31118.98 46 11949.979 1050.02 13000.00 98.28 6.9997 8-Aug-24 15-May-24 16-May-24 12000 116 34251.409 441.90 34693.31 50 11958.103 441.90 12400.00 98.29 6.9885 15-Aug-24 22-May-24 23-May-24 4000 96 32087.93 8330.80 40418.73 3 3969.202 8330.80 12300.00 98.32 6.8536 22-Aug-24 29-May-24 30-May-24 4000 65 14436.03 1529.26 15965.29 8 3970.741 1529.26 5500.00 98.32 6.8478 29-Aug-24 5-Jun-24 6-Jun-24 4000 62 12821.325 6536.72 19358.05 24 3963.276 6536.72 10500.00 98.32 6.8619 5-Sep-24 12-Jun-24 13-Jun-24 4000 88 17221.28 4541.10 21762.38 20 3958.9 4541.10 8500.00 98.32 6.8370 12-Sep-24 19-Jun-24 20-Jun-24 4000 77 24062.485 1261.33 25323.81 13 3938.672 1261.33 5200.00 98.33 6.8150 19-Sep-24 26-Jun-24 27-Jun-24 4000 78 21345.42 2035.43 23380.85 16 3964.572 2035.43 6000.00 98.33 6.8034 26-Sep-24 3-Jul-24 4-Jul-24 8000 87 29591.105 1965.29 31556.40 15 7934.71 1965.29 9900.00 98.34 6.7810 3-Oct-24 10-Jul-24 11-Jul-24 8000 93 30464.46 13565.49 44029.95 19 7934.51 13565.49 21500.00 98.34 6.7578 10-Oct-24 18-Jul-24 19-Jul-24 8000 84 31361.06 13580.84 44941.90 36 7959.158 13580.84 21540.00 98.35 6.7399 18-Oct-24 24-Jul-24 25-Jul-24 8000 94 30785.839 6053.63 36839.47 27 7946.374 6053.63 14000.00 98.35 6.7130 24-Oct-24 31-Jul-24 1-Aug-24 8000 88 19775.55 747.99 20523.54 40 7952.014 747.99 8700.00 98.36 6.6736 31-Oct-24 7-Aug-24 8-Aug-24 8000 87 24048.705 9056.77 33105.48 38 7943.229 9056.77 17000.00 98.37 6.6351 7-Nov-24 14-Aug-24 16-Aug-24 8000 84 19852.42 6085.30 25937.72 50 7961.697 6085.30 14047.00 98.38 6.6152 15-Nov-24 21-Aug-24 22-Aug-24 8000 84 20717.24 9094.31 29811.55 35 7905.686 9094.31 17000.00 98.37 6.6388 21-Nov-24 28-Aug-24 29-Aug-24 8000 75 20488.31 7043.63 27531.94 34 7956.375 7043.63 15000.00 98.37 6.6342 28-Nov-24 4-Sep-24 5-Sep-24 8000 94 25415.63 8560.58 33976.21 38 7940.419 8560.58 16501.00 98.37 6.6301 5-Dec-24 11-Sep-24 12-Sep-24 8000 79 17251.29 8339.54 25590.83 49 7960.464 8339.54 16300.00 98.37 6.6462 12-Dec-24 3-Oct-24 4-Oct-24 7000 70 23191.575 2477.73 25669.30 38 6822.272 2477.73 9300.00 98.41 6.4739 3-Jan-25 9-Oct-24 10-Oct-24 7000 79 23188.57 6572.30 29760.87 37 6912.702 6572.30 13485.00 98.42 6.4300 9-Jan-25 16-Oct-24 17-Oct-24 7000 70 21112.5 24058.47 45170.97 32 6941.526 24058.47 31000.00 98.42 6.4515 16-Jan-25 23-Oct-24 24-Oct-24 7000 36 24299.67 26209.83 50509.50 36 6940.169 26209.83 33150.00 98.41 6.4797 23-Jan-25 30-Oct-24 31-Oct-24 7000 76 16355.5 877.98 17233.48 45 6972.017 877.98 7850.00 98.40 6.5116 30-Jan-25 6-Nov-24 7-Nov-24 7000 98 30332.16 1372.99 31705.15 3 6927.01 1372.99 8300.00 98.42 6.4437 6-Feb-25 13-Nov-24 14-Nov-24 7000 107 30297.61 1911.41 32209.02 30 6962.347 1911.41 8873.76 98.42 6.4395 13-Feb-25 21-Nov-24 22-Nov-24 7000 102 27212.175 5435.59 32647.77 30 6964.407 5435.59 12400.00 98.42 6.4581 21-Feb-25 27-Nov-24 28-Nov-24 7000 87 19172.1 10028.18 29200.28 43 6971.824 10028.18 17000.00 98.41 6.4929 27-Feb-25 113(Amount in ₹ crore) Bids Received Bids Accepted Total Competitive Date of Notified Non- Total Non- Cut Cut off Issue Date Competitive Competitive and Non- Maturity Auction Amount Number Competitive (Amount) Number Competitive off Yield

(Amount) (Amount) Competitive Date

(Amount) (5+6) (Amount) Price (%)

(Amount) (9+10) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 4-Dec-24 5-Dec-24 7000 102 23634.1 9796.31 33430.41 24 6940.689 9796.31 16737.00 98.42 6.4287 6-Mar-25 11-Dec-24 12-Dec-24 7000 99 27635 9591.21 37226.21 25 6958.793 9591.21 16550.00 98.42 6.4478 13-Mar-25 18-Dec-24 19-Dec-24 7000 99 25391 9625.36 35016.36 26 6974.641 9625.36 16600.00 98.41 6.4726 20-Mar-25 26-Dec-24 27-Dec-24 7000 74 23077 13523.36 36600.36 26 6976.638 13523.36 20500.00 98.39 6.5489 28-Mar-25 1-Jan-25 2-Jan-25 12000 92 32114.7 26.39 32141.09 13 11973.61 26.39 12000.00 98.38 6.5961 3-Apr-25 8-Jan-25 9-Jan-25 12000 102 27051.47 6243.29 33294.76 47 11956.711 6243.29 18200.00 98.38 6.5940 10-Apr-25 15-Jan-25 16-Jan-25 12000 100 31166.08 13434.77 44600.85 45 11966.226 13434.77 25401.00 98.38 6.6036 17-Apr-25 22-Jan-25 23-Jan-25 12000 121 32847.03 7452.20 40299.23 68 11947.796 7452.20 19400.00 98.38 6.6089 24-Apr-25 29-Jan-25 30-Jan-25 12000 131 39832.67 2878.96 42711.63 37 11959.038 2878.96 14838.00 98.39 6.5625 1-May-25 5-Feb-25 6-Feb-25 12000 143 41861.1 6534.23 48395.33 36 11965.772 6534.23 18500.00 98.41 6.4681 8-May-25 12-Feb-25 13-Feb-25 12000 110 32651.76 1424.40 34076.16 56 11964.32 1424.40 13388.72 98.42 6.4445 15-May-25 20-Feb-25 21-Feb-25 14000 123 27118.105 5452.02 32570.13 27-Feb-25 28-Feb-25 14000 127 34623.72 6168.07 40791.79 65 13931.933 6168.07 20100.00 98.42 6.4490 30-May-25 5-Mar-25 6-Mar-25 14000 113 31323.71 7631.15 38954.86 61 13968.847 7631.15 21600.00 98.41 6.4896 5-Jun-25 12-Mar-25 13-Mar-25 14000 143 41698.7 1726.31 43425.01 60 13973.687 1726.31 15700.00 98.41 6.4900 12-Jun-25 19-Mar-25 20-Mar-25 14000 93 29487.79 46.53 29534.32 59 13953.474 46.53 14000.00 98.40 6.5050 19-Jun-25 26-Mar-25 27-Mar-25 14000 69 27422.5 713.20 28135.70 69 13973.59 713.20 14686.79 98.40 6.5199 26-Jun-25 114Table HB-11: Secondary Market Transactions in Government Securities for last 5 years (Amount in ₹ crore) Outright Repo Month G-secs T-Bills SDLs Total (2+3+4) G-secs T-Bills SDLs Total (6+7+8) 1 2 3 4 5 6 7 8 9 Apr-20 528736 221087 29688 779511 846414 178966 236738 1262118 May-20 792970 175422 41786 1010178 1176940 93312 298204 1568456 Jun-20 696027 183109 49432 928567 1348309 364954 414636 2127899 Jul-20 918434 163299 64820 1146554 1321928 277334 440185 2039447 Aug-20 670965 158690 37740 867395 1304100 212008 389471 1905579 Sep-20 661803 171755 47465 881023 1278569 394217 380574 2053360 Oct-20 692673 152771 55044 900488 1276252 420811 351717 2048780 Nov-20 557387 125632 44004 727023 1222247 217550 322849 1762646 Dec-20 596392 123769 52726 772886 1517111 202962 326212 2046285 Jan-21 493486 119336 45020 657843 1401010 230175 295246 1926431 Feb-21 520605 104761 56480 681845 1361025 211788 272517 1845330 Mar-21 466581 150202 62091 678873 1586468 264087 333661 2184216 Apr-21 505557 166641 67475 739673 1306975 257754 349395 1914124 May-21 527431 121058 62135 710624 1437291 326576 383003 2146870 Jun-21 548516 157326 68449 774291 1587756 365094 369163 2322013 Jul-21 525800 165601 53219 744620 1356732 262203 274860 1893795 Aug-21 548515 133274 48743 730532 1340788 121535 272015 1734338 Sep-21 978726 92406 56353 1127485 1537640 75684 334810 1948134 Oct-21 588230 111768 45939 745937 1425461 166934 329131 1921526 Nov-21 490827 82248 44756 617831 1599191 202841 344027 2146059 Dec-21 506734 90093 54276 651103 1971610 179495 378437 2529542 Jan-22 407046 108627 54050 569723 1598602 223849 341364 2163815 Feb-22 571801 97333 51903 721037 1547305 290130 300332 2137767 Mar-22 430900 157919 71624 660443 1877847 449862 339947 2667656 Apr-22 618710 137124 114494 870328 1491182 360928 304871 2156981 May-22 670861 118623 42605 832089 1793931 307118 376700 2477749 Jun-22 645027 151039 48344 844410 1943125 471199 396908 2811232 Jul-22 674629 128317 48259 851205 1906143 507978 474639 2888760 Aug-22 737287 109739 41806 888832 1800137 359186 474024 2633347 Sep-22 855605 133152 38569 1027326 2154721 360662 477767 2993150 Oct-22 553542 81786 37488 672816 1925050 329915 390361 2645326 Nov-22 635708 83081 40308 759097 2139111 410978 460164 3010253 115(Amount in ₹ crore) Outright Repo Month G-secs T-Bills SDLs Total (2+3+4) G-secs T-Bills SDLs Total (6+7+8) 1 2 3 4 5 6 7 8 9 Dec-22 587269 89077 34720 711066 2162741 422888 488662 3074291 Jan-23 645184 100483 40046 785713 1847475 399367 534608 2781450 Feb-23 753483 92977 49281 895741 2210225 485449 518241 3213915 Mar-23 672452 172941 106685 952078 2168316 627865 565561 3361742 Apr-23 888237 187285 83137 1158659 2379314 401134 537119 3317567 May-23 1119455 144683 62587 1326725 2821267 323157 716505 3860929 Jun-23 983236 266495 49309 1299040 2694170 214537 735416 3644123 Jul-23 1000728 163200 36318 1200246 2556727 135944 665879 3358550 Aug-23 902036 142201 31037 1075274 2313834 178243 637530 3129607 Sep-23 1048103 124779 38438 1211320 2137371 92799 583583 2813753 Oct-23 732387 128093 28869 889349 2220028 125710 531127 2876865 Nov-23 742848 139724 56810 939382 2071727 273783 617138 2962648 Dec-23 814477 129479 65161 1009117 2113120 299666 528840 2941626 Jan-24 900013 140401 60132 1100546 2253584 152881 631136 3037601 Feb-24 1056010 138212 78913 1273135 2542528 178048 567982 3288558 Mar-24 714078 145028 121951 981057 2394500 237620 486207 3118327 Apr-24 822158 166609 34673 1023440 2335480 433388 483140 3252008 May-24 1141780 157818 63605 1363203 2310593 468719 564824 3344136 Jun-24 1168224 128457 76105 1372786 2380966 308429 509099 3198494 Jul-24 1279215 165500 79406 1524121 2696161 335147 539055 3570363 Aug-24 1241551 139233 87435 1468219 2463426 190489 553877 3207792 Sep-24 1280458 103668 84219 1468345 2446283 88424 474087 3008794 Oct-24 1381522 157346 87530 1626398 2534923 171611 579250 3285784 Nov-24 703052 89753 54680 847485 2183474 94156 408653 2686283 Dec-24 1178870 85726 84185 1348781 2617021 109921 458938 3185880 Jan-25 1401595 136355 89316 1627266 3142109 91673 413715 3647497 Feb-25 889453 107034 92111 1088598 2590875 101721 262801 2955397 Mar-25 1023830 149750 123798 1297378 2785150 170557 344223 3299930

Source: CCIL 116Table HB-12A: Secondary Market Outright Transactions over the last 5 years- Central Government Dated Securities (Up to 15-years maturity) (Amount in ₹ crore) Maturity in years Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Apr-20 25192 19412 22845 71125 10354 49149 20768 10478 221350 3176 7191 7249 44532 5394 2202 May-20 31389 42798 33992 94590 10237 54578 23081 20373 317433 33429 9243 4242 85888 2848 3035 Jun-20 20410 39134 14469 75715 23773 61700 27813 17806 212857 90693 6915 3856 34617 48557 1065 Jul-20 26879 24476 23604 71497 54225 43318 24647 24541 165198 267614 9313 4035 25991 130342 2288 Aug-20 14823 23656 16648 41751 56907 25443 15453 12384 58377 237536 3454 4492 18798 119143 1981 Sep-20 8548 16662 7604 35322 60185 23855 21542 17455 43540 280020 2893 4381 10646 110615 1734 Oct-20 15626 18829 8816 24174 92231 24191 26717 13886 36162 287395 4764 1743 7798 108672 690 Nov-20 10932 15900 14892 35406 66661 14330 16389 10390 23328 205135 2367 3256 11999 80988 23277 Dec-20 8356 21121 7400 35886 72232 25378 14374 11294 19229 254863 1076 1324 6291 67779 29991 Jan-21 7978 14623 9413 23853 71425 6943 14422 7627 14405 232848 2497 818 3562 26009 42068 Feb-21 10775 6687 10644 13184 83999 11165 9719 9342 22852 250779 3532 1432 6514 9517 52781 Mar-21 34030 20211 21077 14181 61902 14209 8458 6499 22250 153559 2240 2420 10318 8622 66249 Apr-21 36451 14813 11779 73660 49949 17341 13397 22295 152173 2882 2730 8594 6522 74469 1871 May-21 26530 9441 16456 52374 63555 9916 11234 16614 161499 738 1055 8808 3745 119621 369 Jun-21 31759 19143 10861 44594 161428 11135 10641 8392 68181 1810 768 8173 4717 142285 219 Jul-21 31969 9832 20769 40539 187080 11305 10621 17299 14722 19139 1052 8676 1788 124299 789 Aug-21 18869 12561 13603 29565 157643 5705 10367 13603 10202 44814 932 15578 3236 175470 878 Sep-21 22315 9102 11255 28089 213167 4894 7340 16247 8515 304090 783 11451 3719 291073 1077 Oct-21 16941 9294 6235 16588 135940 4412 9823 8294 3471 249880 294 8235 2824 85529 882 Nov-21 18013 7313 8688 11534 103466 6872 5105 6921 2258 207031 638 5595 3534 78729 1620 Dec-21 21435 7500 14645 15759 102158 13986 6182 8006 4611 191089 1368 6689 3953 81635 405 Jan-22 27923 18358 4518 7734 65738 7937 6024 6024 2971 131842 31709 2035 1669 71152 122 Feb-22 17154 6461 6175 16239 89087 6576 4574 8062 3202 195899 112530 5432 2230 80910 57 Mar-22 27664 11936 10040 8790 57353 10859 7067 8747 2068 81182 121772 8101 5774 44426 259 Apr-22 28708 10951 16767 92559 11013 6001 12312 9095 65212 240864 3650 6187 88414 1423 62 May-22 21937 10533 12746 101300 8386 10264 15698 2348 30927 335565 4294 5031 72856 11270 201 Jun-22 20383 12965 5483 82821 12320 6386 6966 5741 12514 367020 2064 2838 32961 50893 194 Jul-22 10996 6679 6814 51609 32989 6274 21791 1687 6139 385213 2226 1687 13088 90940 405 Aug-22 10986 8331 3908 29934 76899 5677 26100 4276 5825 371298 3170 2433 8774 149448 221 Sep-22 12920 11722 6417 32000 92405 4021 33882 3508 7102 488123 6160 2567 8299 118758 342 117(Amount in ₹ crore) Maturity in years Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Oct-22 10351 13174 4927 16163 69470 6753 17104 1162 2823 318010 2878 2159 2546 64100 221 Nov-22 13604 15193 6929 15638 73170 8455 21995 1335 1399 341757 3115 3751 2988 107753 0 Dec-22 10571 15798 9984 20261 64189 3054 27249 1057 2232 297099 5285 881 4522 93728 235 Jan-23 7291 11871 10258 28130 91745 11936 41163 1419 968 322076 6323 2323 3226 72261 129 Feb-23 8665 10549 12282 21098 133291 6781 47695 1356 1055 326107 63519 1432 2486 89514 75 Mar-23 14458 11902 13718 22729 119898 6926 35842 3564 5514 289020 39607 4707 5245 63345 269 Apr-23 28735 12166 41017 127800 43913 49127 16337 1738 378534 237409 7763 9269 154797 463 463 May-23 31178 13400 36618 103617 63019 34229 35822 4511 154431 560939 4644 5572 201529 1061 1061 Jun-23 38581 23253 39101 94960 60795 20915 36763 2468 64302 648350 5976 8184 165368 779 779 Jul-23 14643 13443 38408 65173 98540 16923 45729 2641 22085 621247 6001 3841 159633 21004 600 Aug-23 19355 8280 29032 55269 57097 16022 27419 4839 24409 613443 6882 2151 53979 79785 538 Sep-23 23378 8237 28103 37551 58991 17201 35371 2423 25317 708380 7389 4118 19018 149356 848 Oct-23 29349 9516 26592 23479 55673 13073 37797 1156 13162 480159 5069 3557 11917 115437 178 Nov-23 25269 8267 35884 24988 69514 15688 28651 5636 24424 472697 3382 5354 9770 136680 282 Dec-23 15540 11201 43997 41475 86380 16650 49043 3936 27347 479936 3633 2926 17458 126745 404 Jan-24 20030 22231 33457 78139 22671 54697 4072 22231 539488 3192 5393 12656 176858 330 660 Feb-24 16933 30046 16678 79444 25717 50289 3056 33865 613142 4583 5984 17569 254627 382 2037 Mar-24 32179 35024 27568 81428 28941 27960 5003 28647 428820 10399 7456 23447 146472 0 294 Apr-24 20965 22445 22034 69801 14552 35928 4111 9537 379590 91095 1809 4275 75145 164 11592 May-24 14615 29686 14957 54349 18154 62570 3654 11646 419833 302115 3882 5595 58231 343 54805 Jun-24 15888 17757 17407 52804 31075 65070 12617 22897 278505 419042 3037 16355 73248 350 49766 Jul-24 10617 25968 19444 70101 36458 76497 29294 20595 201221 552109 8827 13048 51424 512 61658 Aug-24 25203 25824 17133 53511 29673 70520 31287 23589 157925 575831 11671 8443 36998 372 63940 Sep-24 11524 20359 26890 53139 47121 62486 37902 27018 140594 595669 16774 15878 32780 256 91297 Oct-24 17131 32189 20723 48215 79438 48768 23210 16578 107897 744364 9118 10638 28598 138 86345 Nov-24 11389 18842 13288 24396 29950 30934 9210 10616 47034 356236 3375 15889 14553 211 36348 Dec-24 11199 54464 30886 37488 76744 44679 42204 27821 70143 580476 6955 10728 15679 118 65781 Jan-25 13035 27611 21164 42468 93907 59007 18641 29854 49476 792742 5466 13455 13315 420 89141 Feb-25 6315 31042 27128 31131 69733 33710 18145 21080 47052 409059 4447 9250 13075 534 42783 Mar-25 19760 50987 16279 26415 58768 38496 34298 15562 63170 467993 6655 14436 19146 307 78425 118Table HB-12B: Secondary Market Outright Transactions over the last 5 years - Central Government Dated Securities (more than 15-years maturity) (Amount in ₹ crore) Maturity in years Month 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 >30 Apr-20 1133 0 0 1051 113 12 510 87 160 95 526 0 0 177 1278 3177 May-20 1059 55 55 4680 525 216 2701 3537 564 375 584 55 55 250 5399 5704 Jun-20 452 0 0 1435 44 322 364 298 93 450 871 0 0 129 6427 5762 Jul-20 397 171 171 1745 192 436 1106 575 561 628 516 171 171 171 5238 8217 Aug-20 270 154 154 544 324 390 813 1039 609 323 366 154 154 154 6202 8469 Sep-20 77 41 41 1027 295 297 264 1909 492 557 247 41 41 171 4372 6929 Oct-20 112 74 74 499 142 195 110 533 210 234 164 74 74 249 3203 15032 Nov-20 155 137 137 452 497 329 398 764 333 488 397 147 147 1280 5152 11324 Dec-20 178 156 156 1571 916 317 259 785 198 486 384 83 83 283 5663 8280 Jan-21 124 117 117 1320 694 2666 285 219 229 135 273 44 44 64 2452 6212 Feb-21 155 142 71 322 394 1021 1236 626 213 505 206 100 100 363 2352 9877 Mar-21 342 125 196 998 1283 1552 634 1163 1115 398 348 83 83 573 2868 8595 Apr-21 101 101 708 708 809 202 758 657 607 708 101 101 303 4297 708 5814 May-21 53 53 949 580 686 53 264 158 158 105 0 0 53 8439 105 13766 Jun-21 55 55 439 439 55 165 110 384 55 165 55 55 55 8228 110 14261 Jul-21 263 263 263 2419 210 263 368 789 210 315 105 158 473 8413 105 11620 Aug-21 219 219 823 274 603 603 329 1042 329 549 219 219 549 15852 274 13219 Sep-21 391 391 587 685 1468 881 881 783 979 587 391 391 1860 17519 783 17030 Oct-21 176 176 588 294 2059 235 1000 294 647 235 176 176 941 10176 235 12176 Nov-21 147 147 393 196 540 344 638 393 638 294 147 147 491 5497 2749 10602 Dec-21 355 304 507 405 709 304 811 1013 760 507 304 304 355 2483 4206 13986 Jan-22 41 41 204 326 366 488 244 407 326 529 41 41 244 3338 9362 5210 Feb-22 57 57 457 229 57 172 114 343 114 572 57 57 400 4689 2802 7090 Mar-22 86 86 431 172 733 259 129 259 172 862 86 86 646 7885 3275 9609 Apr-22 62 866 433 1609 1176 557 1237 495 247 62 62 495 5135 2599 62 10023 May-22 201 268 805 1073 671 335 671 201 335 201 201 470 2415 4562 201 14692 Jun-22 194 323 194 323 258 581 387 194 258 194 194 452 1419 8837 129 9546 Jul-22 405 742 405 540 472 944 1079 877 675 405 405 607 2766 13020 270 12616 Aug-22 221 295 442 664 590 369 737 369 295 221 221 442 1180 15188 221 8405 Sep-22 342 428 1198 513 342 599 599 856 342 342 342 684 1626 8984 1626 8813 Oct-22 221 554 664 387 221 830 277 498 554 221 221 664 1439 2823 3986 8082 Nov-22 0 191 64 191 1144 318 127 254 445 0 0 636 1399 3624 5340 4768 Dec-22 235 294 705 352 352 646 235 763 411 235 235 352 1527 2936 8633 13214 Jan-23 129 258 452 194 710 452 258 645 452 129 129 258 774 2387 12323 14581 Feb-23 75 151 603 226 904 151 603 75 151 75 75 377 1658 527 13111 8590 Mar-23 269 941 336 336 269 740 1278 403 941 269 269 403 1950 2085 10356 14996 Apr-23 811 579 2665 463 1043 2433 579 1043 348 348 579 1622 3128 18654 232 15063 May-23 2521 1194 1327 1459 1990 1194 1327 1592 1061 1194 1857 2919 3184 18176 663 33168 Jun-23 909 1039 1169 1559 1169 909 909 909 779 779 909 2598 4806 21044 12471 36633 Jul-23 1320 720 720 1080 960 1680 840 480 600 600 840 1920 4681 10562 14883 28806 Aug-23 860 645 538 1075 968 645 645 538 538 538 645 1720 2043 12043 23871 29355 Sep-23 969 848 848 1454 848 848 848 848 848 848 848 1211 2302 4966 24226 43123 Oct-23 534 356 623 978 178 356 267 534 178 178 267 1067 2312 11206 19832 24101 Nov-23 564 845 376 2161 752 282 282 845 282 282 470 2067 4885 6951 18788 33160 119(Amount in ₹ crore) Maturity in years Month 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 >30 Dec-23 706 605 605 1413 505 505 505 605 404 404 807 1312 2018 4743 24320 37539 Jan-24 330 440 660 330 1541 660 1211 330 330 330 660 3742 9575 41381 1761 41160 Feb-24 509 637 891 2292 1655 382 891 382 382 382 2037 9039 8530 33102 1146 56527 Mar-24 392 491 1079 491 687 196 589 0 0 196 4317 3434 7848 24134 392 53271 Apr-24 329 164 329 247 1151 164 247 164 164 164 1315 904 740 16114 740 36175 May-24 343 1370 2626 343 2169 571 571 343 343 343 1484 1370 1028 25005 343 49211 Jun-24 1519 467 3154 701 1051 350 935 467 350 1402 1752 3037 1168 24650 350 51752 Jul-24 512 512 768 768 1151 1279 768 512 640 1023 2942 3966 1663 31341 512 53599 Aug-24 621 497 1366 745 1117 497 621 372 372 621 1862 3352 1738 16264 13657 65430 Sep-24 384 256 256 512 1665 640 896 384 384 768 2305 2945 1793 13061 18695 56084 Oct-24 138 276 138 276 553 276 553 276 276 691 1658 1105 1934 11328 20861 67833 Nov-24 141 1406 633 281 2672 141 422 211 211 633 1406 773 1406 10265 15116 45136 Dec-24 354 1886 589 589 943 472 236 118 118 472 2004 1415 3654 8724 23342 59061 Jan-25 561 3504 701 561 981 561 561 420 420 981 2803 1822 3084 12614 22426 80452 Feb-25 1334 3113 1423 2757 2846 712 1779 445 445 978 1957 2046 3914 16900 20280 64219 Mar-25 512 2560 819 512 1331 410 512 307 307 717 2252 1741 3379 12798 23343 62044 120Table HB-13A: Category-wise Buying under Outright Transactions in Secondary Market over the last 5 years (Amount in ₹ crore) Categories-Wise Buying Public Sector Private Sector Foreign Primary Insurance Co-operative Financial Month Mutual Funds Others Banks Banks Banks Dealers Companies Banks Institutions 1 2 3 4 5 6 7 8 9 10 Apr-20 74995 234277 154701 63232 98347 13650 21117 1540 117651 May-20 165498 280410 197969 89421 152810 15663 37703 5915 64788 Jun-20 112037 252552 181767 77419 187152 23954 38968 14743 39976 Jul-20 176382 314192 222630 109132 182730 25912 56676 6915 51985 Aug-20 140354 205693 158010 77722 184553 26844 28216 4325 41679 Sep-20 162484 197731 157095 91159 145654 29106 27830 5495 64469 Oct-20 118379 248179 149445 88897 178883 20594 31047 11038 54024 Nov-20 106021 203386 115715 62322 158053 17220 23163 7371 33771 Dec-20 118691 193240 137477 78719 138973 21414 27539 14208 42626 Jan-21 115068 149475 128124 64805 119739 12680 20831 7265 39857 Feb-21 120379 141058 121362 66798 117544 20327 17695 6025 70656 Mar-21 118209 126835 140969 81616 124372 27424 15909 5575 37964 Apr-21 105024 198832 135401 69959 121208 28348 14955 2762 63185 May-21 98531 202671 126465 72291 117033 25121 20744 4940 42828 Jun-21 146926 176483 119424 80756 159446 20936 19990 10447 39885 Jul-21 128386 182416 136406 74042 132666 21649 20463 13605 34988 Aug-21 112406 188272 126456 84264 129800 28400 18653 7380 34900 Sep-21 191986 294885 221069 160591 121699 32757 36779 4357 63363 Oct-21 142953 170557 154815 87388 109037 19519 22186 1995 37487 Nov-21 87670 152295 138827 77167 87608 16002 19153 4634 34351 Dec-21 110308 145136 121460 80433 106556 21631 18845 7415 39318 Jan-22 70642 122399 130860 70250 112942 20936 11995 3412 26285 Feb-22 102491 154458 177705 96201 100029 24014 18998 2331 44810 Mar-22 102925 126795 162731 66298 108045 35970 18342 3273 36064 Apr-22 196484 217825 154037 109880 111867 25228 24387 975 29645 May-22 134497 204046 180934 125730 89738 29627 28691 2426 36401 Jun-22 109645 196990 187903 119163 122188 31524 26644 12630 37722 Jul-22 121023 225966 198349 103605 92067 32318 28438 3346 46092 Aug-22 140151 209594 197938 130000 101404 28564 32699 3325 45158 Sep-22 173354 256355 203981 151968 117187 25182 36800 7071 55428 Oct-22 99480 158661 147330 101272 80039 22448 22755 3566 37265 121(Amount in ₹ crore) Categories-Wise Buying Public Sector Private Sector Foreign Primary Insurance Co-operative Financial Month Mutual Funds Others Banks Banks Banks Dealers Companies Banks Institutions 1 2 3 4 5 6 7 8 9 10 Nov-22 96767 191374 153642 123934 88008 21653 27041 4975 51704 Dec-22 93945 173079 139127 113769 84966 25499 22569 10984 47127 Jan-23 98422 165124 217780 123614 76582 27056 20736 7620 48779 Feb-23 109983 176886 262598 141571 94096 26094 19156 5025 60331 Mar-23 110190 209535 259463 155989 93751 20086 23378 1190 78499 Apr-23 150660 191284 274793 146781 179656 23293 31835 1380 158977 May-23 213642 335526 294865 216163 114860 27129 40680 12907 70952 Jun-23 215197 327928 274202 177404 165944 21280 30305 14364 72415 Jul-23 202200 299243 246800 178627 126373 39216 26030 12440 69314 Aug-23 186841 258994 219648 181716 101046 34372 20448 7951 64257 Sep-23 165657 337773 197649 225176 124664 42474 27352 5635 84939 Oct-23 111146 249449 166499 152115 98605 23565 19556 7445 60968 Nov-23 104013 271378 196672 154525 88787 29581 19024 7801 67601 Dec-23 140783 275570 196263 164159 95504 38415 22723 13980 61719 Jan-24 138278 301840 244713 172144 104358 42318 19327 10706 66862 Feb-24 170685 353798 266459 183137 125185 47061 23756 12715 90338 Mar-24 132866 279076 199890 141782 98481 26227 20899 7275 74561 Apr-24 121692 290015 200182 146360 137301 35612 20818 8925 62534 May-24 204462 423966 231738 228506 112487 41819 25789 9350 85087 Jun-24 254612 355070 266642 227053 98563 40905 26298 12585 91059 Jul-24 293482 406877 284734 233617 117979 52194 28444 8455 98338 Aug-24 289044 400585 266819 239517 114260 34662 24803 9165 89365 Sep-24 346620 397013 251155 229246 90549 36604 30281 4260 82617 Oct-24 300779 464918 265798 264245 155115 46538 29676 9525 89802 Nov-24 152408 194559 156654 151371 94303 25760 16541 5960 49929 Dec-24 304235 332094 242310 214769 92740 39962 23010 12360 87301 Jan-25 262981 395022 293920 278661 121248 50816 30764 13010 180844 Feb-25 197868 236296 225446 170592 93897 33499 19188 8147 103663 Mar-25 251053 304532 271685 174655 111612 34408 23729 7480 118224 122Table HB-13B: Category-wise Selling under Outright Transactions in Secondary Market over the last 5 years (Amount in ₹ crore) Categories-Wise Selling Month Public Sector Private Sector Foreign Banks Primary Dealers Mutual Funds Insurance Co-operative Financial Others Banks Banks Companies Banks Institutions 1 2 3 4 5 6 7 8 9 10 Apr-20 144212 278502 163133 88364 55752 8303 18811 1105 21329 May-20 198578 304758 248474 118992 63067 9900 36718 2109 27583 Jun-20 132664 284630 204585 147077 78513 10251 37586 4691 28572 Jul-20 169598 329984 263684 175220 102043 8238 52796 7492 37498 Aug-20 130342 224707 194624 141009 112207 14772 21812 1490 26431 Sep-20 128914 202420 190502 148869 136333 15314 24999 5125 28548 Oct-20 158586 268526 156642 134294 102202 11434 31679 7179 29945 Nov-20 121140 232568 128808 103510 80473 10663 22210 2555 25097 Dec-20 98941 195192 143847 130507 131572 11817 24679 4590 31742 Jan-21 107576 171303 139124 93350 88078 7492 19142 4069 27709 Feb-21 141946 136430 159282 112477 76536 13322 15638 3300 22914 Mar-21 112213 117117 168865 126612 94925 14515 15987 5455 23186 Apr-21 154674 203030 156063 112989 60527 14667 13059 2025 22639 May-21 105765 195486 150855 132614 66730 16632 18979 840 22724 Jun-21 144823 168930 172373 147900 78734 27051 15537 97 18847 Jul-21 116048 218422 148373 122985 87062 12181 18508 3935 17107 Aug-21 121464 214623 127383 129352 73002 17817 19451 2645 24794 Sep-21 167242 306282 227368 207154 103915 23484 37298 4309 50431 Oct-21 117768 172013 173704 134619 81431 17035 19254 2350 27763 Nov-21 105031 137591 135058 112692 64502 15631 18164 989 28111 Dec-21 105014 151398 130555 132916 68226 11386 15659 1365 34583 Jan-22 79182 129984 139296 104283 65022 11950 9943 2795 27266 Feb-22 108437 146685 191109 105741 99351 16780 18920 5320 28696 Mar-22 105646 114240 188662 128178 80200 14913 13973 147 14484 Apr-22 203070 211426 169829 152398 69791 17171 20140 50 26453 May-22 108607 197856 194280 186739 70075 19514 24962 0 30055 Jun-22 107098 197123 212711 178625 76982 19324 25338 25 27182 Jul-22 112444 221801 191824 163508 67338 21864 27485 15 44924 Aug-22 132128 215687 198438 171745 71689 22673 31320 500 44652 Sep-22 141428 250535 220166 204869 106351 21059 33500 40 49378 Oct-22 79660 171578 151851 146116 57520 17318 21213 35 27526 123(Amount in ₹ crore) Categories-Wise Selling Month Public Sector Private Sector Foreign Banks Primary Dealers Mutual Funds Insurance Co-operative Financial Others Banks Banks Companies Banks Institutions 1 2 3 4 5 6 7 8 9 10 Nov-22 124629 192261 152385 156410 47986 18521 26851 50 40005 Dec-22 92826 152247 137444 172498 65201 19677 20898 0 50275 Jan-23 90489 156771 197672 191747 66803 17945 20305 25 43956 Feb-23 104546 171035 267501 200043 68596 20198 17918 0 45904 Mar-23 147548 181757 260597 172265 93578 19042 25649 0 51643 Apr-23 111210 218104 321071 275670 119473 24984 27615 0 60533 May-23 179179 352311 306945 285071 83133 30170 36577 2368 50968 Jun-23 184054 375780 259056 247091 118527 29266 25727 0 59538 Jul-23 171644 309758 244344 269408 94727 25071 24459 50 60784 Aug-23 152167 237578 223267 260849 107890 18995 18956 410 55163 Sep-23 147447 329363 204980 296997 109782 26129 25058 100 71464 Oct-23 95850 266468 151789 210927 76001 14290 16452 0 57573 Nov-23 106724 254956 190290 218373 82586 21187 17796 85 47384 Dec-23 144310 278612 178503 217435 90897 25391 19864 5 54097 Jan-24 149615 316748 208094 245697 80065 28473 18311 160 53383 Feb-24 191120 355042 265996 251996 86230 31507 22760 55 68430 Mar-24 129704 270000 229734 165164 102623 26040 16425 0 41367 Apr-24 100625 305112 230437 221908 76669 24432 15467 90 48698 May-24 236549 402817 226638 289135 87877 25185 26412 70 68519 Jun-24 267225 373622 223369 273232 106008 29712 25135 340 74144 Jul-24 320380 413409 268916 293806 73488 34308 27428 50 92335 Aug-24 313430 403832 249540 300254 68485 27762 25042 205 79669 Sep-24 345895 404253 231950 278607 75301 26787 29868 105 75580 Oct-24 273652 445075 304837 352542 106383 36037 27335 40 80497 Nov-24 140085 197086 179399 195645 53654 23787 14117 0 43712 Dec-24 312119 332235 251432 256484 74919 29685 23166 65 68676 Jan-25 304353 415025 295992 341499 107468 30135 31111 90 101592 Feb-25 193116 264054 246711 219498 63424 27917 16412 400 57065 Mar-25 237682 299527 292378 217107 124162 31456 24764 535 69767 124Table HB-14A: Instrument-Wise Breakup of Outright Trades (Amount in ₹ crore) Cen. Govt. Dated Securities Treasury Bills State Development Loans Settlement Period Value Avg. Value % Share Value Avg. Value % Share Value Avg. Value % Share

76.07 246703 845 21.75 24700 85 0.9 2004-05 862820 2955 76 189839 706 21.95 17700 66 2.18 2005-06 657213 2443

86.46 126956 679 12.43 11332 61 2.05 2006-07 883248 4723

88.74 171914 696 10.39 14234 58 1.11 2007-08 1467704 5942

90.52 170436 725 7.89 34385 146 0.86 2008-09 1955412 8321

85.14 363283 1526 12.47 69757 293 1.59 2009-10 2480850 10424

88.9 275095 1114 9.58 43677 177 2.39 2010-11 2552181 10333

88.85 345237 1451 9.9 43859 184 1.52 2011-12 3099108 13021

89.82 552943 2294 8.39 118159 490 1.26 2012-13 5920929 24568

88.97 833191 3443 9.3 154847 640 1.79 2013-14 7968661 32928

90.09 823470 3475 8.11 183083 773 1.73 2014-15 9149608 38606

87.96 854390 3545 8.78 316479 1313 1.8 2015-16 8557672 35509

90.07 1073461 4454 6.36 602213 2499 3.25 2016-17 15198472 63064

86.23 1006055 4175 8.83 563709 2339 3.57 2017-18 9830117 40789

84.53 938339 3877 10.03 509050 2104 4.94 2018-19 7907618 32676

84.65 1356141 5604 10.19 686469 2837 5.44 2019-20 11265755 46553

75.72 1849833 7581 18.44 586295 2403 5.16 2020-21 7596059 31131

75.4 1484295 6159 16.88 678923 2817 5.84 2021-22 6630083 27511

79.77 1398339 5731 13.86 642605 2634 6.37 2022-23 8049756 32991

80.97 1849581 7707 13.74 712661 2969 5.29 2023-24 10901607 45423

80.33 166609 9256 16.28 34673 1926 3.39 Apr-24 822158 45675

83.76 157818 7891 11.58 63605 3180 4.67 May-24 1141780 57089

85.1 128457 6761 9.36 76105 4006 5.54 Jun-24 1168224 61485 125Cen. Govt. Dated Securities Treasury Bills State Development Loans Settlement Period Value Avg. Value % Share Value Avg. Value % Share Value Avg. Value % Share

83.93 165500 7523 10.86 79406 3609 5.21 Jul-24 1279215 58146

84.56 139233 6630 9.48 87435 4164 5.96 Aug-24 1241551 59121

87.2 103668 5183 7.06 84219 4211 5.74 Sep-24 1280458 64023

84.94 157346 7152 9.67 87530 3979 5.38 Oct-24 1381522 62796

82.96 89753 4986 10.59 54680 3038 6.45 Nov-24 703052 39058

87.4 85726 4082 6.36 84185 4009 6.24 Dec-24 1178870 56137

86.13 136355 5928 8.38 89316 3883 5.49 Jan-25 1401595 60939

81.71 107034 5946 9.83 92111 5117 8.46 Feb-25 889453 49414

78.92 149750 7882 11.54 123798 6516 9.54 Mar-25 1023830 53886

84.15 1587248 6586 9.89 957062 3971 5.96 2024-25 13511708 56065 126Table HB-14B: Turnover Ratio for the last 3 years Month G-Sec SDLs T-Bills Special Outright Repo Apr-22 0.88% 0.29% 1.60% 0.01% 0.72% 4.07% May-22 0.81% 0.10% 1.29% 0.01% 0.60% 4.37% Jun-22 0.70% 0.09% 1.55% 0.02% 0.56% 4.27% Jul-22 0.79% 0.10% 1.04% 0.02% 0.58% 4.32% Aug-22 0.92% 0.10% 1.18% 0.01% 0.67% 4.46% Sep-22 0.89% 0.08% 1.33% 0.00% 0.65% 4.55% Oct-22 0.67% 0.09% 0.84% 0.00% 0.49% 4.91% Nov-22 0.68% 0.08% 0.94% 0.02% 0.50% 4.64% Dec-22 0.60% 0.06% 1.02% 0.01% 0.45% 6.29% Jan-23 0.70% 0.08% 0.98% 0.01% 0.51% 3.92% Feb-23 0.81% 0.13% 1.11% 0.03% 0.60% 4.85% Mar-23 0.77% 0.20% 2.24% 0.02% 0.66% 4.73% Apr-23 1.12% 0.19% 2.32% 0.02% 0.88% 6.08% May-23 1.16% 0.12% 1.65% 0.08% 0.84% 5.78% Jun-23 1.00% 0.09% 2.52% 0.03% 0.79% 5.48% Jul-23 0.98% 0.07% 1.44% 0.17% 0.71% 5.12% Aug-23 0.90% 0.06% 1.35% 0.04% 0.65% 4.56% Sep-23 1.06% 0.07% 1.40% 0.03% 0.76% 4.35% Oct-23 0.71% 0.07% 1.30% 0.13% 0.54% 4.46% Nov-23 0.76% 0.10% 1.58% 0.15% 0.59% 4.13% Dec-23 0.81% 0.12% 1.53% 0.07% 0.62% 4.03% Jan-24 0.85% 0.11% 1.60% 0.08% 0.64% 4.23% Feb-24 1.01% 0.14% 1.51% 0.08% 0.75% 4.97% Mar-24 0.77% 0.24% 1.82% 0.37% 0.65% 4.84% Apr-24 0.88% 0.08% 2.01% 0.06% 0.67% 4.68% May-24 1.11% 0.10% 1.71% 0.07% 0.80% 4.13% Jun-24 1.18% 0.14% 1.69% 0.05% 0.85% 4.39% Jul-24 1.12% 0.13% 1.71% 0.04% 0.81% 4.24% Aug-24 1.08% 0.14% 1.49% 0.01% 0.78% 4.01% Sep-24 1.19% 0.14% 1.48% 0.03% 0.84% 4.17% Oct-24 1.13% 0.13% 1.75% 0.02% 0.82% 3.66% Nov-24 0.77% 0.10% 1.28% 0.00% 0.56% 4.18% Dec-24 1.00% 0.15% 1.23% 0.05% 0.72% 4.26% Jan-25 1.12% 0.12% 1.41% 0.15% 1.12% 0.12% Feb-25 1.12% 0.12% 1.41% 0.15% 0.66% 5.01% Mar-25 0.98% 0.21% 2.14% 0.02% 0.76% 5.06% 127Table HB 15A: Secondary Market yield on Central Government Dated Securities over the last 5 years (Up to 15 years maturity) (per cent) End-Month Residual Maturity in years 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Apr-2020 3.92 4.47 4.71 5.22 5.74 5.80 6.16 6.31 6.12 6.48 6.48 6.67 6.53 6.62 6.66 May-2020 3.75 4.40 4.97 5.09 5.42 5.65 5.91 6.05 6.00 5.76 6.17 6.33 6.28 6.41 6.40 Jun-2020 3.73 4.23 4.79 4.97 5.07 5.49 5.81 5.97 5.98 5.88 6.23 6.36 6.37 6.26 6.43 Jul-2020 3.72 4.18 4.74 4.89 4.99 5.41 5.71 5.84 5.95 5.83 6.14 6.26 6.28 6.16 6.33 Aug-2020 3.75 4.51 4.98 5.01 5.49 5.85 6.11 6.22 6.25 6.09 6.40 6.54 6.52 6.46 6.60 Sep-2020 3.78 4.44 4.64 5.27 5.40 5.70 5.98 6.10 6.14 6.02 6.32 6.46 6.47 6.39 6.48 Oct-2020 3.66 4.22 4.61 4.93 5.16 5.42 5.69 5.82 5.96 5.87 6.06 6.26 6.29 6.21 6.34 Nov-2020 3.56 3.91 4.31 4.79 5.08 5.32 5.63 5.79 5.96 5.90 6.06 6.21 6.26 6.21 6.20 Dec-2020 3.61 3.93 4.34 4.41 5.03 5.31 5.60 5.72 5.97 5.91 6.02 6.13 6.20 6.26 6.27 Jan-2021 3.86 4.47 4.95 5.28 5.49 5.76 5.86 6.07 5.95 6.17 6.28 6.34 6.33 6.36 6.42 Feb-2021 3.88 4.80 5.04 5.76 6.02 6.24 6.39 6.50 6.30 6.62 6.69 6.73 6.76 6.80 6.82 Mar-2021 4.01 4.55 4.91 5.70 5.97 6.18 6.32 6.43 6.16 6.55 6.70 6.69 6.70 6.71 6.77 Apr-2021 3.87 4.40 4.77 5.42 5.60 6.04 6.18 6.42 6.04 6.48 6.57 6.65 6.68 6.62 6.68 May-2021 3.84 4.60 5.05 5.46 5.59 6.02 6.19 6.37 6.02 6.42 6.48 6.60 6.64 6.65 6.68 Jun-2021 4.02 4.84 5.24 5.61 5.72 6.14 6.28 6.37 6.05 6.74 6.66 6.67 6.74 6.72 6.75 Jul-2021 3.91 4.26 4.65 5.44 5.74 6.10 6.28 6.44 6.23 6.21 6.72 6.86 6.99 6.83 6.88 Aug-2021 3.73 4.18 4.44 5.33 5.64 5.90 6.09 6.25 6.31 6.22 6.54 6.63 6.76 6.77 6.77 Sep-2021 3.94 4.21 4.93 5.30 5.66 5.93 6.06 6.23 6.23 6.21 6.59 6.61 6.70 6.72 6.72 Oct-2021 4.15 4.73 4.88 5.41 5.75 6.04 6.19 6.30 6.36 6.38 6.75 6.76 6.79 6.84 6.85 Nov-2021 4.25 4.44 5.09 5.32 5.64 5.94 6.08 6.22 6.29 6.32 6.61 6.64 6.73 6.73 6.74 Dec-2021 4.40 4.74 5.27 5.70 5.80 6.12 6.28 6.41 6.42 6.46 6.61 6.70 6.85 6.91 6.91 Jan-2022 4.59 5.01 5.62 5.92 6.25 6.41 6.57 6.77 6.71 6.72 6.93 7.05 7.13 7.24 Feb-2022 4.60 4.83 5.77 5.96 6.30 6.41 6.62 6.70 6.77 6.76 6.93 7.01 7.00 7.10 Mar-2022 4.63 4.98 5.67 6.01 6.33 6.53 6.70 6.81 6.83 6.79 7.00 7.08 7.12 7.11 Apr-2022 4.93 5.49 6.22 6.68 6.84 6.97 7.07 7.25 7.20 7.15 7.30 7.31 7.34 7.32 May-2022 5.92 6.38 6.95 7.16 7.21 7.27 7.32 7.37 7.44 7.44 7.52 7.55 7.60 7.61 Jun-2022 6.28 6.56 6.95 7.18 7.23 7.29 7.37 7.38 7.43 7.43 7.48 7.53 7.57 7.62 Jul-2022 6.30 6.42 6.73 6.92 7.02 7.10 7.20 7.37 7.28 7.29 7.39 7.42 7.46 7.52 Aug-2022 6.38 6.59 6.78 6.93 7.00 7.06 7.11 7.16 7.18 7.21 7.25 7.30 7.28 7.37 Sep-2022 6.77 7.08 7.17 7.21 7.27 7.31 7.37 7.37 7.38 7.39 7.37 7.41 7.46 7.46 Oct-2022 6.97 7.00 7.24 7.30 7.37 7.39 7.43 7.44 7.39 7.44 7.47 7.53 7.46 7.53 128(per cent) End-Month Residual Maturity in years 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Nov-2022 6.93 6.87 6.96 7.08 7.14 7.18 7.28 7.27 7.29 7.29 7.39 7.35 7.38 7.39 Dec-2022 6.96 6.98 7.03 7.15 7.23 7.27 7.32 7.31 7.32 7.32 7.37 7.49 7.37 7.44 Jan-2023 7.03 7.08 7.14 7.24 7.26 7.34 7.34 7.36 7.37 7.27 7.43 7.45 7.46 Feb-2023 7.38 7.31 7.37 7.42 7.44 7.45 7.53 7.45 7.45 7.43 7.45 7.48 7.48 Mar-2023 7.23 7.09 7.16 7.17 7.17 7.22 7.28 7.28 7.30 7.30 7.33 7.34 7.36 Apr-2023 7.04 6.89 6.97 6.99 7.00 7.06 7.09 7.14 7.16 7.11 7.25 7.23 7.22 May-2023 6.98 6.87 6.88 6.92 6.92 6.98 6.99 7.02 7.03 6.99 7.12 7.08 7.08 Jun-2023 7.01 6.98 7.02 7.07 7.07 7.10 7.10 7.14 7.14 7.10 7.17 7.20 7.20 Jul-2023 7.02 7.08 7.11 7.15 7.15 7.18 7.16 7.18 7.20 7.17 7.16 7.22 7.24 7.24 Aug-2023 7.14 7.06 7.16 7.17 7.17 7.18 7.17 7.18 7.19 7.17 7.22 7.22 7.24 7.24 Sep-2023 7.17 7.19 7.28 7.24 7.24 7.26 7.26 7.27 7.27 7.26 7.28 7.34 7.34 7.34 Oct-2023 7.24 7.33 7.33 7.35 7.34 7.37 7.39 7.40 7.42 7.35 7.46 7.43 7.44 7.46 Nov-2023 7.22 7.18 7.24 7.26 7.25 7.29 7.29 7.33 7.34 7.27 7.36 7.42 7.37 7.39 Dec-2023 7.19 7.07 7.07 7.09 7.07 7.13 7.14 7.18 7.22 7.18 7.25 7.29 7.31 7.30 Jan-2024 7.17 7.03 7.03 7.03 7.08 7.10 7.14 7.17 7.14 7.20 7.32 7.22 7.23 Feb-2024 7.16 7.04 7.06 7.05 7.08 7.06 7.10 7.11 7.07 7.10 7.12 7.12 7.12 Mar-2024 7.12 7.03 7.05 7.04 7.05 7.05 7.07 7.08 7.04 7.08 7.10 7.11 7.09 Apr-2024 7.15 7.19 7.19 7.20 7.20 7.23 7.22 7.20 7.16 7.23 7.24 7.24 7.22 May-2024 7.12 7.03 7.05 7.04 7.05 7.05 7.06 7.07 7.05 6.99 7.08 7.08 7.07 7.04 Jun-2024 7.17 6.96 6.98 7.01 7.00 7.04 7.01 7.07 7.05 7.01 7.05 7.05 7.04 7.03 Jul-2024 7.13 6.82 6.84 6.84 6.83 6.89 6.88 6.94 6.96 6.93 7.00 6.98 6.98 7.00 Aug-2024 7.05 6.74 6.75 6.79 6.78 6.82 6.83 6.89 6.90 6.86 6.91 6.92 6.91 6.92 Sep-2024 6.89 6.66 6.67 6.66 6.67 6.69 6.70 6.73 6.76 6.75 6.80 6.80 6.80 6.79 Oct-2024 6.83 6.67 6.74 6.77 6.77 6.80 6.82 6.83 6.85 6.83 6.85 6.86 6.88 6.87 Nov-2024 6.67 6.70 6.69 6.71 6.72 6.79 6.80 6.82 6.84 6.80 6.87 6.88 6.89 6.88 Dec-2024 6.74 6.72 6.73 6.74 6.75 6.80 6.80 6.82 6.84 6.78 6.88 6.92 6.90 6.89 Jan-2025 6.75 6.56 6.42 6.44 6.63 6.66 6.70 6.74 6.75 6.72 6.78 6.67 6.90 6.82 Feb-2025 6.71 6.44 6.60 6.60 6.63 6.69 6.72 6.53 6.78 6.59 6.80 6.86 6.83 6.90 Mar-2025 6.61 6.57 6.62 6.46 6.50 6.50 6.74 6.61 6.69 6.66 6.81 6.69 6.69 129Table HB 15B: Secondary Market yield on Central Government Dated Securities over the last 5 years (more than 15 years maturity) (per cent) Residual Maturity in years End-Month 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 49 50 Apr-2020 6.69 6.69 6.72 6.75 6.76 6.77 6.76 6.79 6.81 6.85 6.92 6.62 6.89 6.92 6.93 May-2020 6.52 6.45 6.64 6.66 6.67 6.70 6.69 6.67 6.59 6.63 6.58 6.49 6.61 6.68 6.59 Jun-2020 6.38 6.46 6.47 6.60 6.58 6.58 6.59 6.53 6.54 6.65 6.55 6.52 6.63 6.63 6.52 Jul-2020 6.41 6.34 6.48 6.44 6.44 6.46 6.45 6.41 6.42 6.53 6.41 6.41 6.43 6.43 6.41 Aug-2020 6.74 6.72 6.72 6.70 6.74 6.68 6.75 6.74 6.70 6.75 6.76 6.73 6.76 6.75 6.76 Sep-2020 6.62 6.62 6.75 6.72 6.76 6.81 6.76 6.77 6.77 6.77 6.76 6.76 6.76 6.76 6.75 Oct-2020 6.44 6.45 6.61 6.75 6.57 6.63 6.67 6.62 6.74 6.68 6.66 6.58 6.66 6.82 6.65 Nov-2020 6.39 6.52 6.57 6.62 6.61 6.62 6.61 6.65 6.61 6.63 6.59 6.59 6.60 6.62 6.57 Dec-2020 6.43 6.45 6.59 6.51 6.64 6.64 6.54 6.54 6.54 6.65 6.54 6.53 6.64 6.64 6.53 Jan-2021 6.41 6.47 6.51 6.51 6.57 6.58 6.59 6.53 6.61 6.54 6.50 6.61 6.52 6.48 Feb-2021 6.85 6.95 6.87 6.89 6.93 6.88 6.91 6.87 6.88 6.81 6.82 6.92 6.89 6.80 6.80 Mar-2021 6.76 6.78 6.74 6.73 6.83 6.80 6.81 6.78 6.79 6.78 6.76 6.87 6.86 6.74 6.74 Apr-2021 6.67 6.74 6.80 6.76 6.87 6.83 6.77 6.79 6.77 6.77 6.74 6.72 6.83 6.80 6.80 May-2021 6.76 6.85 6.82 6.91 6.87 6.82 6.85 6.85 6.91 6.93 6.88 6.90 6.93 6.92 6.92 Jun-2021 6.92 6.95 6.98 7.03 6.91 7.05 6.95 7.06 7.08 7.10 7.06 7.07 7.21 7.10 7.10 Jul-2021 7.08 7.07 7.13 7.16 7.10 7.10 7.11 7.11 7.18 7.16 7.15 7.27 7.27 7.09 7.16 Aug-2021 6.88 7.00 6.98 7.00 7.04 7.04 7.04 7.06 7.11 7.09 7.08 7.20 7.20 7.20 7.09 Sep-2021 6.84 6.83 6.93 6.84 6.89 6.85 6.86 6.93 6.98 6.97 6.91 7.06 6.98 6.97 6.97 Oct-2021 6.94 6.92 7.02 6.99 7.04 7.04 7.02 7.02 7.07 7.06 7.06 7.17 7.17 7.06 7.06 Nov-2021 6.91 6.92 6.88 6.95 6.88 6.86 6.86 6.99 6.90 6.92 6.93 7.04 7.04 6.93 6.93 Dec-2021 6.99 6.96 6.97 6.98 6.99 7.02 7.03 7.12 7.07 7.08 7.06 7.12 7.08 7.08 7.08 Jan-2022 7.18 7.28 7.21 7.30 7.23 7.27 7.25 7.28 7.29 7.30 7.29 7.37 7.30 7.30 7.28 Feb-2022 7.09 7.16 7.08 7.08 7.16 7.07 7.07 7.07 7.11 7.11 7.11 7.17 7.11 7.10 7.12 Mar-2022 7.15 7.27 7.19 7.29 7.25 7.20 7.20 7.13 7.23 7.25 7.26 7.35 7.23 7.22 7.25 Apr-2022 7.35 7.33 7.33 7.33 7.48 7.38 7.49 7.39 7.41 7.42 7.42 7.41 7.44 7.43 7.43 May-2022 7.56 7.54 7.63 7.63 7.61 7.64 7.65 7.59 7.65 7.68 7.68 7.67 7.69 7.68 7.68 Jun-2022 7.68 7.67 7.65 7.66 7.64 7.60 7.67 7.61 7.69 7.70 7.70 7.81 7.81 7.70 7.71 Jul-2022 7.54 7.55 7.60 7.68 7.68 7.57 7.64 7.60 7.64 7.65 7.67 7.76 7.76 7.71 7.64 Aug-2022 7.48 7.38 7.40 7.52 7.42 7.43 7.44 7.42 7.46 7.46 7.48 7.58 7.47 7.49 7.51 Sep-2022 7.58 7.48 7.59 7.52 7.48 7.49 7.48 7.61 7.50 7.54 7.53 7.53 7.64 7.64 7.53 7.54 7.53 Oct-2022 7.63 7.61 7.59 7.59 7.52 7.54 7.53 7.53 7.55 7.53 7.57 7.56 7.67 7.67 7.56 7.56 7.56 130(per cent) Residual Maturity in years End-Month 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 49 50 Nov-2022 7.45 7.50 7.45 7.38 7.39 7.50 7.41 7.44 7.41 7.39 7.38 7.39 7.49 7.43 7.49 7.37 7.40 Dec-2022 7.47 7.45 7.50 7.43 7.43 7.44 7.44 7.43 7.43 7.44 7.43 7.45 7.55 7.49 7.50 7.45 7.45 Jan-2023 7.57 7.45 7.56 7.45 7.40 7.44 7.44 7.45 7.46 7.45 7.45 7.45 7.56 7.55 7.44 7.44 7.44 Feb-2023 7.52 7.53 7.50 7.49 7.53 7.44 7.43 7.42 7.43 7.43 7.43 7.43 7.47 7.49 7.42 7.43 7.43 Mar-2023 7.48 7.37 7.42 7.48 7.36 7.38 7.36 7.37 7.41 7.37 7.40 7.39 7.50 7.50 7.45 7.40 7.40 Apr-2023 7.31 7.32 7.34 7.36 7.26 7.25 7.29 7.23 7.27 7.26 7.27 7.27 7.37 7.26 7.29 7.26 7.27 May-2023 7.08 7.20 7.17 7.21 7.22 7.09 7.23 7.09 7.13 7.09 7.14 7.15 7.27 7.27 7.16 7.16 7.15 Jun-2023 7.27 7.35 7.27 7.25 7.25 7.25 7.26 7.29 7.32 7.34 7.35 7.35 7.36 7.46 7.33 7.34 7.28 7.34 7.33 Jul-2023 7.31 7.31 7.30 7.30 7.29 7.28 7.28 7.31 7.36 7.35 7.34 7.35 7.37 7.47 7.40 7.36 7.36 7.33 7.30 Aug-2023 7.27 7.38 7.30 7.29 7.40 7.30 7.41 7.30 7.31 7.32 7.29 7.33 7.33 7.44 7.44 7.33 7.32 7.33 7.33 Sep-2023 7.36 7.38 7.37 7.37 7.49 7.38 7.38 7.39 7.51 7.40 7.40 7.43 7.41 7.44 7.53 7.42 7.42 7.42 7.42 Oct-2023 7.57 7.45 7.58 7.48 7.59 7.59 7.49 7.60 7.50 7.50 7.50 7.51 7.51 7.62 7.63 7.63 7.52 7.52 7.52 Nov-2023 7.50 7.45 7.45 7.42 7.53 7.45 7.44 7.45 7.44 7.46 7.46 7.45 7.49 7.51 7.53 7.48 7.48 7.46 7.49 7.49 Dec-2023 7.32 7.33 7.41 7.33 7.45 7.46 7.46 7.47 7.48 7.38 7.37 7.39 7.41 7.42 7.52 7.41 7.41 7.41 7.41 7.39 Jan-2024 7.35 7.35 7.15 7.35 7.36 7.24 7.25 7.27 7.38 7.27 7.27 7.28 7.27 7.28 7.39 7.29 7.30 7.26 7.27 7.28 7.27 Feb-2024 7.13 7.24 7.19 7.24 7.20 7.13 7.13 7.10 7.14 7.14 7.14 7.14 7.15 7.15 7.15 7.15 7.15 7.15 7.15 7.15 7.14 Mar-2024 7.12 7.21 7.10 7.22 7.22 7.11 7.12 7.11 7.10 7.12 7.12 7.11 7.11 7.11 7.23 7.13 7.14 7.11 7.13 7.13 7.11 Apr-2024 7.24 7.25 7.26 7.26 7.28 7.28 7.27 7.26 7.28 7.29 7.29 7.29 7.26 7.40 7.29 7.31 7.31 7.31 7.31 7.31 7.31 May-2024 7.18 7.14 7.14 7.10 7.09 7.16 7.12 7.13 7.13 7.13 7.13 7.13 7.14 7.25 7.26 7.15 7.15 7.15 7.16 7.16 7.16 Jun-2024 7.04 7.05 7.04 7.07 7.05 7.16 7.05 7.03 7.06 7.05 7.05 7.05 7.07 7.17 7.07 7.08 7.08 7.09 7.09 7.09 7.09 Jul-2024 7.06 7.05 7.00 7.01 7.02 7.13 7.03 7.03 7.05 7.05 7.05 7.06 7.03 7.17 7.07 7.08 7.08 7.14 7.10 7.10 7.10 Aug-2024 6.95 6.96 6.95 7.01 6.96 7.07 6.96 6.97 6.98 6.99 6.99 7.00 7.01 7.11 7.13 7.02 7.02 7.02 7.04 7.03 7.04 Sep-2024 6.92 6.83 6.83 6.85 6.84 6.80 6.85 6.87 6.88 6.89 6.89 6.89 6.91 7.02 6.93 6.94 6.93 6.93 6.93 6.93 6.93 Oct-2024 6.91 7.00 6.90 6.90 6.91 6.90 6.92 6.93 6.95 6.96 6.97 6.97 6.98 7.09 7.10 6.99 6.99 7.02 6.99 7.00 7.00 Nov-2024 6.98 6.99 6.99 6.97 6.95 6.97 6.97 6.99 6.99 7.01 7.03 7.03 7.04 7.15 7.02 7.05 7.04 7.06 7.07 7.06 7.05 7.05 Dec-2024 6.91 6.94 7.05 7.01 6.96 7.08 6.99 7.01 7.02 7.02 7.03 7.04 7.05 7.03 7.16 7.05 7.05 7.06 7.06 7.06 7.07 7.07 Jan-2025 6.92 6.94 6.93 6.89 6.90 6.93 7.04 6.97 7.07 7.09 7.10 7.01 7.02 7.09 7.04 7.03 7.15 7.02 7.04 7.05 7.03 7.04 Feb-2025 6.72 6.75 7.06 7.03 6.94 6.99 6.98 7.01 6.89 6.90 6.92 7.12 7.13 6.97 7.12 7.15 6.95 7.12 7.15 7.14 7.15 6.95 Mar-2025 6.96 6.92 6.88 6.99 6.84 6.92 6.83 6.87 6.99 6.99 7.02 6.91 6.92 7.03 6.96 6.96 7.00 6.95 6.95 6.95 6.96 7.15 131Table HB-16: Maturity Profile of Outstanding Central Government Securities (Amount in ₹ crore) At end- Up to 1 % share 2-5 years % share 6-10 years % share 11-20 years % Above % share Total Total March year share 20 years (2+4+6+ 8+10) 1 2 3 4 5 6 7 8 9 10 11 12 13 2003 32693 4.9% 144991 21.5% 233388 34.6% 242612 36.0% 20000 3.0% 673684 100.0% 2004 34316 4.2% 161614 19.6% 265839 32.2% 304857 37.0% 57688 7.0% 824314 100.0% 2005 55631 6.2% 183572 20.5% 273269 30.5% 306839 34.3% 76038 8.5% 895348 100.0% 2006 44079 4.5% 208079 21.3% 309926 31.7% 313283 32.1% 101350 10.4% 976717 100.0% 2007 48876 4.4% 252785 22.9% 384475 34.8% 285174 25.8% 132037 12.0% 1103346 100.0% 2008 44028 3.3% 395694 29.7% 460175 34.5% 269544 20.2% 162994 12.2% 1332435 100.0% 2009 96625 6.4% 357534 23.6% 565644 37.4% 270066 17.9% 222994 14.7% 1512863 100.0% 2010 114323 6.2% 416229 22.7% 696625 38.0% 328066 17.9% 278994 15.2% 1834238 100.0% 2011 73581 3.4% 550892 25.5% 735381 34.1% 462066 21.4% 334994 15.5% 2156915 100.0% 2012 90616 3.5% 691401 26.7% 900097 34.7% 570908 22.0% 340307 13.1% 2593328 100.0% 2013 95009 3.1% 853166 27.9% 1069788 35.0% 700400 22.9% 342350 11.2% 3060712 100.0% 2014 138795 3.9% 913259 26.0% 1107902 31.5% 885400 25.2% 468822 13.3% 3514178 100.0% 2015 144366 3.6% 973581 24.6% 1201902 30.4% 1121123 28.3% 518472 13.1% 3959446 100.0% 2016 173802 4.0% 998251 22.9% 1290516 29.6% 1321436 30.3% 579472 13.3% 4363477 100.0% 2017 156607 3.3% 1023749 21.7% 1569378 33.3% 1381973 29.3% 582472 12.4% 4714178 100.0% 2018 163200 3.2% 1177735 23.0% 1646917 32.1% 1453688 28.4% 683002 13.3% 5124542 100.0% 2019 236878 4.3% 1331300 24.0% 1731423 31.2% 1442208 26.0% 806002 14.5% 5547811 100.0% 2020 235077 3.9% 1509520 25.1% 1807400 30.0% 1451338 24.1% 1018464 16.9% 6021799 100.0% 2021 264279 3.7% 1837852 25.6% 2077827 29.0% 1614150 22.50% 1374343 19.2% 7168450 100.0% 2022 312739 3.9% 2049252 25.4% 2322947 28.8% 1842541 22.9% 1532507 19.0% 8059986 100.0% 2023 440275 4.8% 2227746 24.3% 2638488 28.8% 2019086 22.0% 1840310 20.1% 9165905 100.0% 2024 361422 3.5% 2471939 24.1% 3214011 31.3% 1950579 19.0% 2267975 22.1% 10265926 100.0% 2025 395666 3.5% 2576096 23.0% 3719382 33.2% 1800249 16.0% 2725444 24.3% 11216836 100.0% 132Table HB-17: Budgeted and Actual Market Borrowings of the Central Government (Amount in ₹ crore) Budget Estimate Actuals Year Gross Market Gross Net Market Gross Market Gross Net Market Borrowing Borrowing Repayment Borrowing Borrowings Repayments 2002-03 123279 27420 95859 125000 27412 97588 2003-04 139887 32693 107194 135934 47074 88860 2004-05 149817 34316 115501 80350 34319 46031 2005-06 156467 55631 100836 131000 35626 95374 2006-07 152857 39079 113778 146000 35554 110446 2007-08 155455 45876 109579 168101 36333 131768 2008-09 145146 44575 100571 273000 39370 233630 2009-10 451093 53136 397957 451000 52576 398424 2010-11 457143 112133 345010 437000 111586 325414 2011-12 417128 74128 343000 509796 73585 436211 2012-13 569616 90616 479000 558000 90644 467356 2013-14 629009 145009 484000 595147 141597 453550 2014-15 600000 138795 461205 629374 184236 445138 2015-16 600000 143595 456405 623300 219250 404050 2016-17 600000 174819 425181 624670 275013 349657 2017-18 605000 256774 348226 647158 236902 410256 2018-19 633598 243478 390120 599590 176324 423266 2019-20 760000 336878 423122 874822 400835 473987 2020-21 1050000 539130 510870 1527366 380626 1146740 2021-22 1385500 467792 917708 1324276 432746 891530 2022-23 1595000 476388 1118612 1524066 418230 1105836 2023-24 1643000 540193 1102807 1643290 465536 1177754 2024-25 1551000 387818 1163182 1547491 472979 1074512

Source: Trends in Receipts, Union Budget 133Table HB-18: Yield Movement YTM Change in YTM (bps) Year March 28, February January December November October September August July 31, June 28, May 31, April 30, March 28, Month to Year on 2025 28, 2025 31, 2025 31, 2024 29, 2024 31, 2024 30, 2024 30, 2024 2024 2024 2024 2024 2024 Month Year 2025 6.71 6.75 6.74 6.67 6.83 6.89 7.05 7.13 7.17 7.12 2026 6.61 6.44 6.56 6.72 6.70 6.67 6.66 6.74 6.82 6.96 7.03 7.15 7.03 -12 -60 2027 6.57 6.60 6.42 6.73 6.69 6.74 6.67 6.75 6.84 6.98 7.05 7.19 7.05 -15 -63 2028 6.62 6.60 6.44 6.74 6.71 6.77 6.66 6.79 6.84 7.01 7.04 7.19 7.04 -16 -60 2029 6.46 6.63 6.63 6.75 6.72 6.77 6.67 6.78 6.83 7.00 7.05 7.20 7.05 -17 -59 2030 6.50 6.69 6.66 6.80 6.79 6.80 6.69 6.82 6.89 7.04 7.05 7.20 7.05 -19 -55 2031 6.50 6.72 6.70 6.80 6.80 6.82 6.70 6.83 6.88 7.01 7.06 7.23 7.07 -21 -57 2032 6.74 6.53 6.74 6.82 6.82 6.83 6.73 6.89 6.94 7.07 7.07 7.22 7.08 -21 -54 2033 6.61 6.78 6.75 6.84 6.84 6.85 6.76 6.90 6.96 7.05 7.05 7.20 7.04 -17 -43 2034 6.69 6.59 6.72 6.78 6.80 6.83 6.75 6.86 6.93 7.01 6.99 7.16 7.08 -13 -49 2035 6.66 6.80 6.78 6.88 6.87 6.85 6.80 6.91 7.00 7.05 7.08 7.23 7.10 -14 -44 2036 6.81 6.86 6.67 6.92 6.88 6.86 6.80 6.92 6.98 7.05 7.08 7.24 7.11 -18 -44 2037 6.69 6.83 6.90 6.90 6.89 6.88 6.80 6.91 6.98 7.04 7.07 7.24 7.09 -21 -40 2039 6.69 6.90 6.82 6.89 6.88 6.87 6.79 6.92 7.00 7.03 7.04 7.22 7.12 -21 -43 2040 6.96 6.72 6.92 6.91 6.98 6.91 6.92 6.95 7.06 7.04 7.18 7.24 7.21 -20 -49 2041 6.92 6.75 6.94 6.94 6.99 7.00 6.83 6.96 7.05 7.05 7.14 7.25 7.10 -19 -35 2042 6.88 7.06 6.93 7.05 6.99 6.90 6.83 6.95 7.00 7.04 7.14 7.26 7.22 -19 -34 2043 6.99 7.03 6.89 7.01 6.97 6.90 6.85 7.01 7.01 7.07 7.10 7.26 7.22 -14 -32 2044 6.84 6.94 6.90 6.96 6.95 6.91 6.84 6.96 7.02 7.05 7.09 7.28 7.11 -9 -26 2045 6.92 6.99 6.93 7.08 6.97 6.90 6.80 7.07 7.13 7.16 7.16 7.28 7.12 -7 -20 2046 6.83 6.98 7.04 6.99 6.97 6.92 6.85 6.96 7.03 7.05 7.12 7.27 7.11 -15 -28 2049 6.87 7.01 6.97 7.01 6.99 6.93 6.87 6.97 7.03 7.03 7.13 7.26 7.10 -14 -23 2050 6.99 6.89 7.07 7.02 6.99 6.95 6.88 6.98 7.05 7.06 7.13 7.28 7.12 -19 -23 2051 6.99 6.90 7.09 7.02 7.01 6.96 6.89 6.99 7.05 7.05 7.13 7.29 7.12 -19 -22 2052 7.02 6.92 7.10 7.03 7.03 6.97 6.89 6.99 7.05 7.05 7.13 7.29 7.11 -19 -19 2053 6.91 7.12 7.01 7.04 7.03 6.97 6.89 7.00 7.06 7.05 7.13 7.29 7.11 -20 -20 2054 6.92 7.13 7.02 7.05 7.04 6.98 6.91 7.01 7.03 7.07 7.14 7.26 7.11 -21 -19 2055 7.03 6.97 7.09 7.03 7.15 7.09 7.02 7.11 7.17 7.17 7.25 7.40 7.23 -11 -26 2059 6.96 7.12 7.04 7.16 7.02 7.10 6.93 7.13 7.07 7.07 7.26 7.29 7.13 -16 -17 2060 6.96 7.15 7.03 7.05 7.05 6.99 6.94 7.02 7.08 7.08 7.15 7.31 7.14 -19 -18 2061 7.00 6.95 7.15 7.05 7.04 6.99 6.93 7.02 7.08 7.08 7.15 7.31 7.11 -21 -16 2062 6.95 7.12 7.02 7.06 7.06 7.02 6.93 7.02 7.14 7.09 7.15 7.31 7.13 -17 -18 2063 6.95 7.15 7.04 7.06 7.07 6.99 6.93 7.04 7.10 7.09 7.16 7.31 7.13 -20 -18 2064 6.95 7.14 7.05 7.06 7.06 7.00 6.93 7.03 7.10 7.09 7.16 7.31 -19 2073 6.96 7.15 7.03 7.07 7.05 7.00 6.93 7.04 7.10 7.09 7.16 7.31 7.11 -19 -15 2074 7.15 6.95 7.04 7.07 7.05 -20 134