Publication of 'ASSOCHAM-NSE Knowledge Report' during the conference
A strong corporate bond market will be equally important, as will the banking system
Government of Maharashtra fully committed to support all reforms
Mumbai: India urgently needs a deeper, transparent and diversified corporate bond market to strengthen long-term capital formation, accelerate infrastructure development and achieve the national goal of 'Developed India @2047', the country's leading policymakers, financial institutions and industry veterans unanimously asserted. These views were expressed at the 9th National Conference organized by Assocham on the theme “Building a Strong Corporate Bond Market: A Critical Component of Developed India@2047”. During the conference, the 'Assocham-NSE Knowledge Report' was released, which included increasing liquidity in the secondary market, retail investors (Business) with particular emphasis on increasing participation and the use of digital technologies.
Maharashtra Minister of State for Finance, Planning, Agriculture, Relief and Rehabilitation, Law and Justice and Labor, Advocate, speaking as the chief guest at the conference. Ashish Jaiswal Said, “As India moves towards becoming a developed nation, a strong corporate bond market will be as important as a strong banking system for long-term economic growth. This market will play an important role in financing the next phase of India's growth. Municipal bonds can be a great option for infrastructure, public transport, water supply, affordable housing and waste management in fast-growing cities in Maharashtra like Mumbai, Pune, Nagpur, Nashik and Thane. The government is fully committed.”
K. Rajaraman, Chairman, International Financial Services Center Authority said, “Our main objective is to reduce the cost and increase the ease of doing business. A viable bond market can be created through the collective efforts of regulators, investors, exchanges and policymakers to meet India's financial needs as we move towards Agenda 2047.”
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Amarjit Singh, Whole Time Member, Securities and Exchange Board of India said, “SEBI aims to create a corporate bond market that is deeper, liquid, accessible and most importantly reliable. SEBI will continue to engage with all market players to create a bond market that suits the country's aspirations.”
Neepa Sheth, Chairperson, Assocham National Council for Corporate Bond Markets and Founder-Director, Trust Group said, “A functioning corporate bond market will play an important role in meeting the financing needs of India's fast-growing economy and maintaining sustainable growth. While the overall bond market in the country has grown, increasing trading volumes in the secondary market should be our priority.”
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Vijay Chandok, MD & CEO, National Securities Depository Limited said, “India's aspiration to become a developed economy requires an unprecedented amount of long-term capital. This will require strengthening the bond market by overcoming challenges such as limited retail participation and liquidity.”
Krishnan Iyer, Head (Issuer Relations), National Stock Exchange of India, said, “A deep corporate bond market provides businesses with new avenues to raise capital by complementing banks' lending. With increasing use of online bond platforms, even retail investors are now easily connected to this market.” A strong market infrastructure, technology-driven innovation and better integration with global financial markets can create a viable corporate bond ecosystem, which will be critical to realizing the dream of 'Developed India @2047', the conference said.