New Delhi: Union Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the Budget Session of Parliament, in New Delhi on Thursday, January 29, 2026. The size of borrowings will be an important consideration for the bond markets, said a note by DBS Bank. “Given our underlying math and deficit target, we expect FY27 net borrowings to rise to Rs 12 lakh crore (vs Rs 11.4 lakh crore in FY26), which amounts to 73 per cent of the deficit next year. Assuming redemptions at around Rs 4.5 lakh crore (factoring in potential switches), gross borrowings are likely to rise to a fresh high of Rs 16.5 lakh crore,” explained Radhika Rao, Executive Director and Senior Economist at DBS Bank. “The FY28 maturities stand at Rs 6 lakh crore, which might be lowered through switches in the coming year.