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States to raise more debt from market
Mint Hyderabad
|November 27, 2025
State borrowing through state development loans (SDLs), which had briefly eased in October after a surge earlier in the year, rose again in November as several major states returned to the market with large auctions, according to the latest Reserve Bank of India (RBI) data.
In November, several major states returned to the market with large auctions.
(MINT)
The reversal marks a sharp year-on-year swing. States borrowed ₹65,827 crore in November, compared with ₹55,006 crore a year ago and ₹6,000 crore in October, indicating that fiscal pressures have intensified as the calendar year draws to a close. States mobilized ₹84,842 crore in October 2024.
Between April and November (8MFY26), states raised ₹5.08 trillion against a scheduled ₹7.39 trillion for the period according to the borrowing calendar, but more than last year’s ₹5.01 trillion.
To be sure, November's issuance came mostly from a few large borrowers.
This story is from the November 27, 2025 edition of Mint Hyderabad.
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