GoI’s Dated Market Borrowings For H2 FY22 Placed At Budgeted Rs 5.0 Trillion: ICRA

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ICRA Research Report

The Government of India's borrowing calendar for H2 FY22 has been pegged at Rs 5.03 trillion, 16% lower than the funds raised in H2 FY21.

Adding the actual borrowing of Rs 7.02 trillion undertaken in H1 FY22, the full year borrowings are placed at Rs 12.05 trillion, in line with the level that had been projected in the FY22 budget estimates.

Importantly, no additional funds are to be borrowed in H2 FY22 for providing the back-to-back goods and service tax compensation loan to the states, in line with the trend in H1 FY22, implying that this entire loan of Rs 1.59 trillion has been absorbed by the GoI within its original budgeted borrowings.

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