At this point, most firms have likely implemented the lower withholding schedules that have been released by the Treasury, and advance rebates of child tax  2  BIS Review 33/2003  credits are being mailed beginning later this month. The Joint Committee on Taxation estimates that these and other tax changes should increase households’ cash flow in the third quarter by $ billion.
Of course, aspirations notwithstanding, the question is whether bond markets can realistically emerge as an alternative channel of financing, for infrastructure certainly, but also for investment in other sectors. Chart 17 provides a cross-country comparison. It would appear that even in the context of emerging economies, Indian bond markets do have some headroom available. VI.