New Delhi, Jan. 1 -- Vishal Goenka, the co-founder of IndiaBonds.com, highlights that bonds are gradually gaining popularity among retail investors. "In 2025, bonds started being discussed less as a static yield instrument and more as an active, tradable part of India's capital markets." In an interview with Mint, Goenka underscored that increased tariffs, volatility in oil and other commodity prices and any stress in the NBFC sector due to slower economic growth are the key risks for bond markets. Here are edited excerpts of the interview:

2025 helped shift bonds from an 'institution-only' product to a more widely used 'retail-friendly' portfolio allocation.

That change is visible in secondary market activity: FY25 saw nearly 11.9 lakh...