India’s corporate bond market has grown to nearly ₹59 trillion, but experts say the bigger challenge is not supply. It’s making bonds easier to buy, sell and understand for ordinary investors.
India doesn’t have a bond shortage. It has ₹59 trillion in outstanding corporate bonds, up from ₹17.5 trillion a decade ago, growing at roughly 12% a year. The capital is there. What is missing is the plumbing to move it. This distinction sounds small. It is not. “Illiquid” implies scarcity, where there simply isn’t enough to trade. “Friction-filled” implies something fixable. The supply exists, but the connection between buyers and sellers leaks at every joint. And SEBI data makes the second case, not the first: only around 700 issuers tap the bond market out of more than 5,900 listed companies. The money is sitting there. The pathways to move it are broken.
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