The Report covers the borrowing calendar for Union G-secs for H2FY26 and for Union T-bills and SGS for Q3FY26. The fiscal position, while manageable, is increasingly worth monitoring with revenue receipts moderating amidst continued momentum in expenditures. Despite this, Union G-sec borrowings remain in check for FY26 as per the calendar launched. T-bill borrowings could be higher than budgeted for FY26, even as outstanding figures remain well below past highs. State borrowings show a contrasting trend, with a healthy rise expected on year in FY26, as several States grapple with the end of the GST compensation cess. The Report concludes with a view on yields and spreads based on the insights from the borrowing calendar.
