We had the R H Patil Committee Report on corporate bonds and securitization of 2005 which has served as a reference point for all of us. However, the progress in the growth of the corporate debt segment has not been too satisfactory and there is evidently a pressing requirement to revisit this subject.
Furthermore, comfort can be drawn from the fact that the Indian economy has demonstrated considerable resilience to exogenous shocks in recent years. The optimism reflected in business confidence surveys at the time of Mid-Term Policy Review seems to have been further enhanced and the credit rating agencies have taken positive note of recent developments.