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Economic Importance of Popularizing Corporate Bond Market in India

If we want to see India as a stronger economy with above 8 percent GDP growth per year, then huge funds are required to push forward the growth rate of the economy. This is possible only when reasonably good activity in the corporate bonds market is ensured. Corporates will not differentiate between raising money through debt market and banks, provided both the cost of borrowing and convenience of borrowing are low. Several novel steps taken by the Government and the regulatory authorities doesn’t seem to help developing the Corporate Bond Market due to underlying problems in transaction structures. Going by the data provided by Economic Survey 2012-13, for the year 2012-13, public issue under corporate debt category was Rs.4,974 crore as against Rs.35,611 crore in 2011-12. This shows that, in-spite-of the economic function that Corporate Bond market is to play for a developing country like India, its importance is less realised. Though deep and broad Corporate Bond market is the objective of the policy makers and market participants but achieving this objective needs much determination and coordinated effort by the stakeholders.