PANAJI
The Goa government is poised to significantly increase its market borrowings in the first quarter of the current financial year, with plans to raise nearly 186 per cent more through bond sales compared to the same period last year.
While the State had borrowed Rs 350 crore in the corresponding quarter of the previous fiscal, it now aims to mobilise close to Rs 1,000 crore, reflecting a marked rise in dependence on market loans. The amount is set to be utilized for capital expenditure as well as on social welfare schemes.
According to the Reserve Bank of India’s (RBI) indicative calendar for April-June 2026, Goa plans to raise Rs 200 cr in April, followed by Rs 400 cr in May and Rs 300 cr June through bond issuances.
In contrast, during the same period last year, the State had initially projected borrowings of Rs 900 crore but ultimately raised only Rs 350 crore, with no borrowings undertaken in April and June. Overall, Goa’s total borrowing for the last financial year stood at Rs 1,250 crore, significantly below the Rs 4,500 crore borrowing limit set by the Centre.
The RBI has also been encouraging States to adopt the Benchmark Issuance Strategy (BIS) to improve transparency and provide clearer signals to investors. While the strategy is being rolled out on a pilot basis in select States such as Andhra Pradesh, Bihar, Chhattisgarh, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Telangana and Uttar Pradesh, Goa is expected to adopt it in the future.
Meanwhile, the State faces substantial repayment obligations this financial year, estimated at around Rs 5,320 crore. This includes Rs 1,320 crore towards maturing government securities and nearly Rs 4,000 crore in interest payments on State Development Loans (SDLs) and other internal borrowings.
The RBI has advised States to focus on fiscal consolidation, explore alternative funding avenues and strengthen cash management practices to ease financial pressure.
As of March 2026, Goa’s total outstanding liabilities stood at Rs 35,608 crore, with internal debt accounting for Rs 25,986.6 crore.
