Punjab's government plans to borrow over ₹12,000 crore from the open market in the last quarter of the 2025-26 financial year to address fiscal challenges. The funds will be raised through state securities, with amounts allocated for January, February, and March. While within approved limits, the state's increasing debt, projected to reach ₹4.17 lakh crore by March 2026, and a debt-GSDP ratio of 46% raise concerns. A significant portion of borrowing is used for debt servicing, exceeding net borrowing for FY26.