Government — Indian states face ₹24 trillion bond repayment burden over next five years

Indian state governments are facing a significant fiscal challenge, with nearly ₹24 trillion in state government securities (SGS) set to mature between FY28 and FY32, according to a report by ICRA. This redemption amount is 1.7 times the ₹14.3 trillion repaid in the five years to FY26, indicating elevated refinancing needs and sustained high bond issuances in the coming years. Uttar Pradesh, Tamil Nadu, Maharashtra, and Gujarat will account for 44% of the total redemptions.