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Government's total debt increased by 2.1% in the third quarter ended December 31, over the previous 3-month period of the current financial year.
"The public debt (excluding liabilities under the 'Public Account') of the Central Government provisionally increased by 2.1% in Q3 of FY15 on Q-o-Q basis as compared with an increase of 2.3% in the previous quarter (Q2 of FY15)," an official statement said.
Internal debt constituted 91.9% of public debt as at December-end, it said. It comprises government borrowing from the market to bridge fiscal deficit.
The gross borrowing during the April-December period was Rs 4.97 lakh crore (82.8% of Budget Estimate), as compared to Rs 5.09 lakh crore (87.9%) in the 9-month period of the previous fiscal, the statement said.
Net borrowing during April-December in 2014-15 was Rs 3.62 lakh crore or 78.5% of BE, lower than Rs 4.34 lakh crore or 89.7% of BE in the previous fiscal.
About 26.5% of outstanding stock has a residual maturity of up to 5 years, which implies that over the next five years, on an average, 5.3% of outstanding stock needs to be rolled over every year.
"Thus, the rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming years is expected to reduce roll over risk further," the statement said.
Meanwhile, marketable securities accounted for 84.7% of the public debt.
Overall bonds yields moderated across the curve in third quarter of the current fiscal, compared to previous quarter and the yield curve flattened at the longer end of the curve, it added.
Trading volumes, on an outright basis, were higher by 44.55% over the previous quarter, due to higher trading on account of Central government dated securities.
The annualised outright turnover ratio for central government dated securities for the third quarter of FY'15 increased to 10.47 from 8.27 during the previous quarter, the statement said.
