Citi, DBS eye nearly 12 trillion rupees of India net borrowing in FY27

• Foreign lenders Citi and DBS are expecting a rise in India's net borrowing for the next financial year

• While DBS sees net supply at 12 trillion Indian rupees ($131.79 billion), Citi expects the same at 11.8 trillion rupees, from around 11.4 trillion rupees in FY26

• "Bond demand-supply balance to remain under pressure, likely needing further OMOs," Citi economists say, and expect gross borrowing at record 16.8 trillion rupees

• DBS, on the other hand, eyes gross borrowing at 16.5 trillion rupees as it expects authorities to opt for more switches to push out part of FY27 maturities for longer-out tenors

• India to detail budget for FY27 on February 1, with major focus on borrowing and fiscal deficit along with the targeted debt to GDP ratio

($1 = 91.0540 Indian rupees)