PANAJI
Despite planning to mobilise Rs 900 crore through market borrowings during the first quarter of the 2026-27 financial year, the Goa government did not raise a single rupee through the issuance of security bonds between April and June.
According to the Reserve Bank of India's (RBI) indicative borrowing calendar for April-June 2026, Goa had proposed to borrow Rs 200 crore in April, Rs 400 crore in May and Rs 300 crore in June through State Development Loan (SDL) issuances. However, the RBI's monthly monetary calendar shows no bond issuances by Goa in any of the three months, with no further listings scheduled for June.
The decision marks a significant departure from the previous financial year when the State had borrowed Rs 350 crore during the corresponding quarter, against a projected borrowing of Rs 900 crore. The borrowings are typically utilised for capital expenditure and funding social welfare schemes.
Sources said the State has prioritised meeting its repayment obligations, including maturing government securities and interest payments, while managing expenditure through internal revenue mobilisation and Central tax devolution.
Goa faces repayment liabilities estimated at around Rs 5,320 crore this financial year. This includes Rs 1,320 crore towards maturing government securities and nearly Rs 4,000 crore in interest payments on SDLs and other internal borrowings.
The Centre has fixed Goa's borrowing limit for the current fiscal at Rs 4,000 crore. Last fiscal, however, the State borrowed only Rs 1,250 crore, substantially lower than its permitted borrowing ceiling of Rs 4,500 crore.
As of March 2026, Goa's total outstanding liabilities stood at Rs 35,608 crore, including internal debt of Rs 25,986.6 crore. The State is also expected to adopt the RBI-mandated Benchmark Issuance Strategy (BIS) to improve transparency and provide clearer signals to investors.
“The RBI has advised states to pursue fiscal consolidation, explore alternative funding avenues and strengthen cash management practices to ease financial pressures. And the State is following it up to some extent,” sources said.
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