The Report discusses the fiscal position of the Union at the end of 11MFY25 and portends that the path of fiscal consolidation set out would be achieved in both FY25 and FY26. Correspondingly, it outlines the light borrowing programme for both Union G-secs and T-bills laid out. It corroborates the changing tenor mix to altered investor preferences as pension funds, mutual funds, and FPIs emerge as big investors. The Report concludes with an overview of SGS borrowing for Q1FY26, providing State wise details. On yields, the Report indicates that there are several downward drivers of Union G-sec yields.
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