New Delhi, Dec. 11 -- NITI Aayog, in its recent report, underscored the urgent need to deepen India's corporate bond market, calling it a critical pillar of the country's long-term economic vision of Viksit Bharat @ 2047.

As India aspires to scale a USD 30 trillion economy by around 2047-2050, the report stresses that traditional reliance on bank lending and equity will be insufficient to meet massive funding needs across infrastructure, MSMEs, and emerging technology sectors.

India's corporate bond market remains underdeveloped despite steady growth, it said.

Outstanding corporate bonds have expanded from Rs 17.5 trillion in FY15 to Rs 53.6 trillion in FY25. Yet they account for only 14% of GDP, far below South Korea (79%), Malaysia (...