National Stock Exchange (NSE) Managing Director and CEO Ashish Chauhan emphasized the urgent need to deepen India's corporate bond market during the Inaugural Pan-India Outreach Program for Corporate Bonds. According to reports from The Hindu BusinessLine, Chauhan stated that India's growth ambitions demand a strong, liquid debt market alongside its globally respected equity ecosystem. He noted that 'for years, we have all been discussing the need to deepen the corporate bond market--but now the time for action is more pronounced because India's growth ambitions and financing needs will not wait.'
Chauhan outlined the essential role of debt markets for long-term national priorities, distinguishing them from traditional banking services. As reported by The Hindu BusinessLine, he explained that 'banks are good for working capital and shorter-tenor credit. Bonds are essential for long-duration nation-building: infrastructure, housing, energy transition, and manufacturing.' He emphasized that 'deepening debt markets is no longer optional. This initiative matters today, because deepening bonds is not a ''''nice-to-have'''' anymore, it is a national financing necessity.'
According to the report, NSE has enabled significant fund mobilization since FY22, with ₹76 lakh crore raised through various platforms. Chauhan highlighted that ₹60 lakh crore of this amount was raised through the debt platform, demonstrating the growing importance of debt financing in India's capital markets. He noted that 'since FY25, NSE has enabled fund mobilisation of about ₹76 lakh crore, of which about ₹60 lakh crore has been raised through the debt platform.'
The NSE CEO pointed out significant imbalances in India's debt market structure, as reported by The Hindu BusinessLine. He noted that 'in 2025, public NCD issuances accounted for barely 0.15% of total debt raised,' indicating a heavy reliance on private placements. Chauhan emphasized the need for 'more listed public issuances, repeat issuers, and active secondary trading, so price discovery becomes continuous, not episodic.'
Despite recent progress, India's corporate bond market remains shallow by global standards, with market size at only about 15-16% of GDP, well below global benchmarks. According to the report, NITI Aayog projects this market can grow to ₹100-120 lakh crore by 2030. Chauhan highlighted NSE's commitment to supporting transparent and liquid debt markets through efficient primary issuance, stronger secondary-market access, and sustained issuer engagement. He concluded by drawing a distinction between equity and debt financing, stating that 'equity finances aspirations, but debt finances commitment,' emphasizing that when savings flow through trusted bond markets, 'capital does more than earn returns, it builds the nation.'