Total gross liabilities of the government increased marginally to Rs 160.69 lakh crore at the end of December 2023 from Rs 157.84 lakh crore at September-end, the finance ministry said on Thursday.
This represented a quarter-on-quarter increase of 1.8% in the September quarter of 2023-24, said the public debt management quarterly report (October-December 2024).
Public debt accounted for 90% of total gross liabilities during the third quarter of the current fiscal year.
"During the quarter, the yield on Indian domestic bond initially rose but softened thereafter on account of decline in crude oil prices, lower than expected domestic CPI prints for October and November and news about possible inclusion of Indian Government Bonds in a major global emerging market index," the report said.
Further, an ultra-long 50-year G-sec was introduced to cater to the demand from long-term investors. On the other hand, U.S. treasury yields remained volatile during the quarter mostly affected by Federal Reserve action, inflation, and employment data.
The maturity profile of outstanding government debt as on end December 2023 mirrors elongation of maturity profile of outstanding government debt, the report said.
The proportion of debt (dated securities) maturing in less than one year stands at 4.1% at end-December 2023 (4.6% at end-September 2023).
The proportion of debt maturing within 1-5 years at 21.8% at the end of December 2023 was lower than 23% at September-end 2023.
Debt maturing in the next five years worked out to 25.9% of total outstanding debt at end-December 2023 -- 5.2% of outstanding stock, on an average, needs to be repaid every year over the next five years.
Thus, the roll-over risk in dated securities portfolio remains low, the report added.
The report gives an account of the public debt management and cash management operations during the quarter and provides detailed information on various aspects of debt management, the ministry said.
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