Over the past two decades since we began the financial sector reforms, Indian government bond markets have come a long way. The annual gross market borrowing of the Government of India and the State Governments increased from ₹ billion in 1991–92 to ₹ billion in 2011–12.
10  For an example see Duca, J. and J. Muellbauer (2014), ‘Tobin lives: Integrating evolving credit market architecture into flow of funds based macro-models’, in A Flow-of-Funds Perspective on the Financial Crisis, Vol. II, Palgrave Macmillan, Basingstoke. We also draw from Muellbauer J. (2016), Macroeconomics and consumption: Why central bank models failed and how to repair them, Vox.eu, 21 December.