The central government is expected to borrow between Rs 16–17 lakh crore through debt securities in FY27, according to economists. The elevated supply outlook is primarily due to a sizeable Rs 5.5 lakh crore redemption profile during the year. Market participants project the debt-to-GDP ratio to ease to around 55% in FY27, marginally down from 56% in FY26. Importantly, from FY27 onwards, the Centre will anchor fiscal consolidation to debt-to-GDP rather than the fiscal deficit.