{
 "name": "India State Development Loans (SDL) — Gross Market Borrowing by State Governments",
 "unit": "gross issuance in Rs lakh crore; spread in basis points over central G-Secs",
 "dashboard": "https://bankpulse.ai/dashboards/sdl/",
 "source": "RBI market-borrowing / State Finances data & RBI Handbook of Statistics on the Indian Economy, rbi.org.in",
 "reviewed_by": "Vikram Jain",
 "license": "https://creativecommons.org/licenses/by/4.0/",
 "updated": "2026-06-19T18:38:07+05:30",
 "dateModified": "2026-06-19T18:38:07+05:30",
 "note": "Official estimates, rounded and approximate. Later fiscal years are provisional and revised. SDL spread is an indicative range midpoint and varies by state, tenor and auction. Exact decimals pending reviewer sign-off; not in the public Verified-numbers ledger.",
 "series": [
  {
   "fiscal_year": "FY2019-20",
   "gross_sdl_lakh_crore": 6.3,
   "spread_over_gsec_bps": 65.0,
   "note": "Pre-pandemic baseline"
  },
  {
   "fiscal_year": "FY2020-21",
   "gross_sdl_lakh_crore": 8.0,
   "spread_over_gsec_bps": 70.0,
   "note": "COVID-19 — states borrowed more to fund relief & lost revenue"
  },
  {
   "fiscal_year": "FY2021-22",
   "gross_sdl_lakh_crore": 7.0,
   "spread_over_gsec_bps": 45.0,
   "note": "Spreads narrowed as system liquidity stayed ample"
  },
  {
   "fiscal_year": "FY2022-23",
   "gross_sdl_lakh_crore": 7.6,
   "spread_over_gsec_bps": 40.0,
   "note": "Issuance rose; spreads stayed compressed"
  },
  {
   "fiscal_year": "FY2023-24",
   "gross_sdl_lakh_crore": 10.1,
   "spread_over_gsec_bps": 35.0,
   "note": "Record gross issuance; tight spreads over G-Secs"
  },
  {
   "fiscal_year": "FY2024-25",
   "gross_sdl_lakh_crore": 11.0,
   "spread_over_gsec_bps": 40.0,
   "note": "Provisional — subject to revision"
  }
 ]
}