The $1.5-trillion Indian debt market has grown rapidly over the past decade, largely due to issuances by the central and state governments. The government securities to corporate issuances ratio is about 75:25, reflecting the nascent and subdued state of corporate bond markets in India. With lack of comprehensive participation, the debt market remains smaller than the Indian equity market, which is an anomaly from other large global markets where the debt market size outstrips the equity market.
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