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ICRA Research Report
After the 12.6% contraction in the gross state development loan issuance to Rs 3.1 trillion in H1 FY22, the Reserve Bank of India has pegged the same at Rs 2.0 trillion for Q3 FY22, similar to the level in Q3 FY21.
Factoring in our expectation of higher-than budgeted central tax devolution in FY22,we project the net SDL issuance at Rs 1.7 trillion in Q4 FY22, 15.3% lower than Rs 2.0 trillion in Q4 FY21.
For FY22, we estimate net and gross SDL issuance at Rs 5.5 trillion and Rs 7.6 trillion, respectively, 15.3% and 4.7% lower than the year-ago levels.
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