New Delhi, July 27 -- The redemption profile of state government securities remains highly front-ended, with an estimated Rs 24 trillion set to mature between FY2028 and FY2032, according to an ICRA report.

The report showed that gross market borrowings through state government securities, which serve as the chief source of funding the fiscal deficit of India's state governments, are projected to stay elevated over the next five years. Redemptions during the FY2028-FY2032 period will be dominated by states including Uttar Pradesh, Tamil Nadu, Maharashtra, and Gujarat.

ICRA estimated that the stock of outstanding state government securities more than doubled to Rs 73.0 trillion as on March 31, 2026, up from Rs 32.7 trillion recorded on M...