State governments are expected to raise between Rs 13.4 lakh crore and Rs 14 lakh crore in the current financial year FY2027, marking a growth of 5 to 9 per cent compared to the previous year, according to a report by ICRA. The report noted that after accounting for redemptions of Rs 4.2 trillion in FY2027, the net State Government Securities (SGS) issuance is estimated to be in the range of Rs 9.2-9.7 trillion (1 trillion = 1 lakh crore).