Traditionally, Indian companies have been highly dependent on bank loans and stock markets as a funding source and the use of the bond market was limited to some major companies.
However over the last 10 years, this has changed significantly. Corporate bond volumes in the primary market have reached INR 7.6 lakh crore in FY 2021 compared to INR 2.28 lakh crore in FY 2011. The market is expected to grow at a brisk pace as the financialisation of the Indian economy continues.

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