By – Nikhil Aggarwal, Founder & Group CEO, Grip Invest
“The proposed market-making framework for corporate bonds and the introduction of Total Return Swaps mark a decisive push to deepen India’s bond markets. These steps will improve liquidity, price discovery, and access to a wider investor base, while the ₹100 crore incentive for large municipal bond issuances encourages cities to adopt market-led financing. Collectively, the measures strengthen India’s fixed-income ecosystem and reduce long-term dependence on bank-led credit. Alongside broader reforms aimed at strengthening banking and NBFCs and improving access to risk capital for MSMEs, the Budget lays the foundation for a more diversified, resilient, and market-driven credit ecosystem.”