The Centre will raise Rs 8.2 lakh crore, or 51% of the revised annual gross borrowing target of Rs 16.09 lakh crore, from the market in the first half of 2026-27, including Rs 15,000 crore through sovereign green bonds. The H1FY27 share in annual borrowings is lower than in recent years; it was 54% in H1FY26. Easing the Pressure “The GMB programme for H1 FY2027 is less front-loaded than that seen in recent years, which may help to cool the recent spike in yields,” ICRA chief economist Aditi Nayar said, adding that this is accompanied by a higher Ways and Means Advances (WMA) limit. To manage temporary mismatches, the RBI has set the WMA limit for H1FY27 at Rs 2.5 lakh crore, up from Rs 1.5 lakh crore a year ago.