This highlights the need for deepening of Indian corporate bonds to meet the funding requirement of the infrastructure sector, particularly by insurance companies and pension funds. Despite interest-rate cuts, the 10-year Indian government bond yield was at 7.4 per cent till recently, only to slip to sub-7 per cent now. Banking sector and bond markets reforms were soft-pedalled when the global economy was in a better shape. But the Trump-disruption era, of uncertain duration, is upon us and the finance ministry needs to be pro-active.
R Narayanan, Navi Mumbai
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