The government today unveiled its fiscal year 2017 borrowing calendar, saying that it gross borrow Rs 3.55 lakh crore out of the Rs 6 lakh crore borrowing it has scheduled for the year.
"We will borrow 59 percent of the total gross borrowing target laid out for the year," Economic Affairs Secretary Shaktikanta Das said at a press conference. "At a net level, we will borrow Rs 2.48 lakh crore -- about 58 percent of the full year target."
He added that the government would conduct 24 auctions through the first half, aiming to raise about Rs 14,000-15,000 crore each at every sale.
More than half the government's requirement would raised through the 10- to 14-year maturity bucket, which includes its 10-year g-sec benchmark.
Das said that the government had increased the half-yearly limit of its ways and means advances (WMA) -- which enables it to borrow from the Reserve Bank to tide over temporary cash flow mismatches -- would be raised from Rs 45,000 crore to Rs 50,000 crore.
About Rs 27,000 crore would be net borrowed by t-bills during the first quarter, he added.
The secretary also said the government would set up a cash coordination committee, comprising of officials from the Finance Ministry, Reserve Bank and the Comptroller and Auditor-General (CAG), which will meet once a month to review the government's cash position.
"In December last year, we had issued a Medium Term Debt Management Strategy paper that outlined a framework for the government's borrowing calendar. We have met the targets laid out in the paper," he said.
Reacting to the calendar, Barclays Economist Siddhartha Sanyal said the calendar was not surprising.
"We will focus more on the level of state borrowing and liquidity infusion via open market operations," he said.