 "bond markets, bonds, bond market")
India’s total credit outstanding —government borrowings, corporate and municipal bond market, securitisation, money market and gross bank credit — stood at 163 per cent of gross domestic product (GDP) in 2023-24 (FY24). In comparison, it was 266 per cent of GDP for the US at the end of calendar year 2023. Our government borrowing and bank credit, at 87 per cent and 56 per cent of GDP respectively, are relatively well-developed. However, the bond market accounts for only 19 per cent of GDP, and significantly trails that of the US, which stands at 119 per cent of GDP.
Interestingly, our
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