A strong corporate bond market will be as important as a strong banking system in supporting India’s next phase of economic growth, said Maharashtra Minister of State for Finance Ashish Jaiswal at the 9th National Summit & Awards on Corporate Bond Market organised by ASSOCHAM.
The summit, held under the theme “Building a Resilient Corporate Bond Market: A Key Enabler of Viksit Bharat@2047,” brought together policymakers, regulators, financial institutions and industry leaders to discuss ways to deepen India’s corporate bond ecosystem and improve long-term capital availability.
Addressing the gathering, Ashish Jaiswal highlighted the need for a stronger debt market to support India’s journey towards becoming a developed economy. He said that a well-developed corporate bond market would play a key role in financing infrastructure projects, sustainable development and long-term economic expansion.
He also pointed out the growing financing needs of Maharashtra’s rapidly developing cities, including Mumbai, Pune, Nagpur, Nashik and Thane. According to him, sectors such as public transportation, water supply, affordable housing, waste management and climate-resilient infrastructure require innovative financing solutions. He added that municipal bonds could become an important source of funding for urban local bodies while reducing pressure on public finances.
The summit also focused on improving liquidity, increasing investor participation, strengthening market infrastructure and using technology to make bond markets more accessible.
K. Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA), said collaborative efforts among regulators, industry participants, investors and financial institutions would be essential to build a bond market capable of meeting India’s long-term requirements. He emphasised the need to reduce business costs and improve ease of doing business to support market growth.
Amarjeet Singh, Whole Time Member of the Securities and Exchange Board of India (SEBI), said the objective is to create a corporate bond market that is deeper, more liquid, diversified, accessible and trusted. He added that SEBI would continue working with stakeholders through consultations and outreach programmes to strengthen the market.
Nipa Sheth, Chairperson of ASSOCHAM National Council for Corporate Bond Market and Founder and Director of Trust Group, highlighted the importance of a deep and efficient bond market in mobilising long-term capital. She noted that while India’s bond market has expanded significantly, secondary market activity remains an area requiring further development.
Vijay Chandok, Managing Director and CEO of National Securities Depository Ltd. (NSDL), said India’s ambition of becoming a developed economy would require significant long-term capital. He identified challenges such as limited liquidity, lower retail participation and market fragmentation, calling for stronger price discovery mechanisms and wider investor involvement.
Nehal Vora, Managing Director and CEO of Central Depository Services Ltd. (CDSL), stressed the need to make corporate bonds easier for retail investors to understand and access. He said debt investments provide safety, regular income and diversification, but greater awareness and transparency around risks are needed to increase participation.
Rajkiran Rai G, Managing Director of National Bank for Financing Infrastructure and Development (NaBFID), said infrastructure and capital expenditure would be key drivers of India’s growth towards becoming a US$30 trillion economy by 2047. He added that the bond market would be essential to bridge the financing gap by providing patient, long-term capital.
The summit also witnessed the release of the ASSOCHAM-NSE Knowledge Report on the corporate bond market. The report highlighted the need for deeper liquidity, wider investor participation, technology-driven innovation and stronger financial infrastructure.
Industry leaders at the event agreed that strengthening India’s corporate bond market would complement traditional banking channels and create new avenues for businesses to raise funds. The discussions reaffirmed the importance of building a resilient debt market to support infrastructure growth, sustainable development and the vision of Viksit Bharat@2047.
Subscribe Deshwale on YouTube
