Based on recommendations of a Working Group set up under the aegis of FSDCSC, certain measures have been announced in the Union Budget for 2016–17 for development of the corporate bond market: •  Setting up of a dedicated fund to provide credit enhancement to infrastructure projects by the Life Insurance Corporation (LIC);  •  Issue of guidelines by the Reserve Bank of India to encourage large borrowers to access a certain portion of their financing needs through market mechanism instead of the banks;  •  Expansion of investment basket of foreign portfolio investors to include unlisted debt securities and pass through securities issued by securitisation SPVs;  •  Introduction of electronic auction platform for developing an enabling eco system for the private placement market in corporate bonds by SEBI for primary debt offer;  •  Development of a complete information repository for corporate bonds, covering both primary and secondary market segments; and  •  Development of a framework for an electronic platform for repo market in corporate bonds.
1 Economic activity and monetary policy First, however, I would like to reflect briefly on the economic developments of the past year and venture a look at what the new year will bring. Economic growth in Germany remained weak last year, as the downturn in export-oriented industry persisted.