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Date : Dec 11, 2025

Table 178: Market Borrowings of State Governments

(₹ Crore) State/Union Territory 2017-18 2018-19 2019-20 Gross Amount Raised Repayments Gross Amount Raised Repayments Gross Amount Raised Repayments Andhra Pradesh 22,800 3,878 30,200 6,376 42,415 8,971 Arunachal Pradesh 888 185 719 26 1,366 79 Assam 7,760 963 10,595 2,506 12,906 1,910 Bihar 10,000 1,092 14,300 3,397 25,601 3,000 Chhattisgarh 8,100 - 12,900 - 11,680 700 Goa 1,800 400 2,350 500 2,600 600 Gujarat 24,000 8,215 36,971 9,534 38,900 10,300 Haryana 16,640 800 21,265 3,295 24,677 4,000 Himachal Pradesh 4,600 2,049 4,210 2,102 6,580 2,120 Jammu & Kashmir UT 6,200 2,226 6,684 1,757 7,869 1,109 Jharkhand 6,000 1,192 5,509 1,486 7,500 1,844 Karnataka 22,098 4,750 39,600 7,417 48,500 6,000 Kerala 20,500 4,297 19,500 5,516 18,073 5,456 Madhya Pradesh 15,000 1,875 20,496 5,495 22,371 5,821 Maharashtra 45,000 8,520 20,869 17,762 48,498 15,500 Manipur 525 247 970 303 1,757 503 Meghalaya 1,116 196 1,122 259 1,344 274 Mizoram 424 147 - 123 900 155 Nagaland 1,135 369 822 467 1,000 577 Odisha 8,438 - 5,500 1,000 7,500 1,000 Puducherry 825 337 825 350 970 500 Punjab 17,470 4,121 22,115 5,061 27,355 8,885 Rajasthan 24,914 8,137 33,178 12,992 39,092 14,406 Sikkim 995 250 1,088 293 809 328 Tamil Nadu 40,965 4,942 43,125 10,848 62,425 12,599 Telangana 24,600 2,772 26,740 4,557 37,109 6,412 Tripura 1,137 - 1,543 156 2,928 350 Uttarakhand 6,660 830 6,300 1,011 5,100 600 Uttar Pradesh 41,600 4,422 46,000 12,693 69,703 16,959 West Bengal 36,911 11,607 42,828 12,397 56,992 16,110 Total 4,19,100 78,819 4,78,323 1,29,680 6,34,521 1,47,067 TABLE 178: MARKET BORROWINGS OF STATE GOVERNMENTS (₹ Crore) State/Union Territory 2020-21 2021-22 2022-23 Gross Amount Raised Repayments Gross Amount Raised Repayments Gross Amount Raised Repayments Andhra Pradesh 50,896 10,398 46,443 9,798 57,478 11,664 Arunachal Pradesh 767 - 563 33 559 170 Assam 15,030 800 12,753 2,000 17,100 995 Bihar 27,285 2,600 28,489 4,156 36,800 9,333 Chhattisgarh 13,000 2,500 4,000 3,087 2,000 4,287 Goa 3,354 300 2,000 550 1,350 850 Gujarat 44,780 11,500 31,054 17,500 43,000 14,700 Haryana 30,000 4,450 30,500 9,817 45,158 16,520 Himachal Pradesh 6,000 2,245 4,000 2,125 14,000 2,059 Jammu & Kashmir UT 9,328 3,309 8,562 3,189 8,473 2,504 Jharkhand 9,400 500 5,000 1,809 4,000 4,155 Karnataka 69,000 7,100 59,000 10,000 36,000 10,000 Kerala 28,566 5,500 27,000 8,880 30,839 15,219 Madhya Pradesh 45,573 6,800 22,000 8,100 40,158 13,309 Maharashtra 69,000 18,979 68,750 27,960 72,000 29,185 Manipur 1,302 258 1,476 150 1,422 275 Meghalaya 1,777 190 1,608 310 1,753 398 Mizoram 944 267 747 300 1,315 186 Nagaland 1,721 355 1,727 505 1,854 655 Odisha 3,000 2,500 - 6,473 - 7,500 Puducherry 1,390 600 1,374 533 1,200 502 Punjab 32,995 9,528 25,814 13,386 45,500 11,840 Rajasthan 57,359 13,086 51,149 12,906 46,057 15,947 Sikkim 1,292 - 1,511 40 1,414 94 Tamil Nadu 87,977 11,181 87,000 14,500 87,000 21,278 Telangana 43,784 5,002 45,716 7,002 40,150 9,228 Tripura 1,916 285 300 300 - 645 Uttarakhand 6,200 992 3,200 1,400 3,200 1,750 Uttar Pradesh 75,500 16,315 62,500 20,145 55,612 13,815 West Bengal 59,680 9,500 67,390 22,191 63,000 20,500 Total 7,98,816 1,47,039 7,01,626 2,09,143 7,58,392 2,39,562 TABLE 178: MARKET BORROWINGS OF STATE GOVERNMENTS (Concld.) (₹ Crore) State/Union Territory 2023-24 2024-25* Gross Amount Raised Repayments Gross Amount Raised Repayments Andhra Pradesh 68,400 22,412 44,000 13,082 Arunachal Pradesh 902 230 - 146 Assam 18,500 2,500 7,750 950 Bihar 47,612 17,702 12,000 2,078 Chhattisgarh 32,000 5,787 3,500 2,800 Goa 2,550 990 650 600 Gujarat 30,500 18,553 4,500 4,000 Haryana 47,500 19,136 19,500 5,030 Himachal Pradesh 8,072 2,216 4,600 1,250 Jammu & Kashmir UT 16,338 2,434 9,350 900 Jharkhand 1,000 3,505 - - Karnataka 81,000 17,997 3,000 6,500 Kerala 42,438 15,800 24,253 9,400 Madhya Pradesh 38,500 12,236 15,000 4,600 Maharashtra 1,10,000 30,262 64,000 17,100 Manipur 1,426 350 600 60 Meghalaya 1,364 453 1,050 488 Mizoram 901 260 541 110 Nagaland 2,551 535 300 200 Odisha - 4,658 - 1,000 Puducherry 1,100 625 250 300 Punjab 42,386 12,869 26,893 4,454 Rajasthan 73,624 23,906 36,500 12,062 Sikkim 1,916 215 - 130 Tamil Nadu 1,13,001 37,031 50,000 15,375 Telangana 49,618 892 31,500 5,918 Tripura - 550 - - Uttarakhand 6,300 2,500 1,400 - Uttar Pradesh 97,650 12,315 - 4,233 West Bengal 69,910 21,000 24,500 9,600 Total 10,07,058 2,89,918 3,85,637 1,22,366 -: Nil. *: Data pertain to April-September. Note: The State of Jammu and Kashmir has ceased to exist constitutionally from October 31, 2019 and the liabilities of the State continue to remain as liabilities of the new UT of Jammu and Kashmir. Source: State Finances: A Study of Budgets, Reserve Bank of India, various issues.